REGISTERED COMPANY NUMBER: 00755906 REGISTERED CHARITY NUMBER: 243817 Re ort of the Trustees and Audited Financial Statements for the Year Ended 31 March 2024 for The E. Alec Colman Charitable Fund Limited Know Tax Limited Chartered Accountants and Registered Auditors Suite 106, Denning House 1A George Street Wolverhampton WV2 4DP
The E. Alec Colman Charitable Fund Limited Contents of the Financial Staternents for the Year Ended 31 March 2024 Page Report of the Trustees 1to3 Report of the Independent Auditors 4t06 Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9t013 Detailed Statement of Financial Activities 14
The E. Alec Colman Charitable Fund Limited Re ort of the Tnjstees for the Year Ended 31 March 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees 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 2015). OBJECTIVES AND ACTIVITIES Objectives and aims The charitable company is a registered charity whose objectives are the relief of povety, the advancement of education and the advancement of religion. The members of the Council of Management confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the aims and objectives of the charity and in planning future activities. STRATEGIC REPORT Achievement and performance Charitable activities Net realised incoming resources for the year amounted to £13,138 (2023.. £7,556) and the gain on investments for the year amounted to £537 (2023.. loss of £36). The surplus of £13,675 (2023: £7,520) has been added to the accumulated fund of the charitable company. Financlal review Reserves policy The trustees have eslablished the level of reserves that the charity ought to have access to. The reserves policy is reviewed on an annual basis. The actLJal reserves at 31 March 2024 were £1.006,614. Flnancial and risk management objectives and policles The charity uses various financial instruments which principally comprise cash and investments. The main purpose of these financial instruments is to generate income in order to make grants in furtherance of the charity's objects. The existence of these financial instruments exposes the charity to a number of financial risks, which are described in more detail below: Interest rate risk The charity deposits its funds in only recognised banks with a high Cdit rating which provide a good return on its funds. Future plans The charity aims to continue distributing its resources in pursuit of its charitable objectives. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee. as defined by the Companies Act 2006. Recruitment and appointment of new trustees Members are appointed by the Council of Management. Page 1
The E. Alec Colman Charitable Fund Limited Re ort of the Trustees - continued for the Year Ended 31 March 2024 Organisational structure The members of the Council of Management. who are also the directors of the charitable company. are listed below. The following members have served on the Council throughout the year. Mr R G Stone Mrs S R Stone REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 00755906 (England and Wales) Registered Charity number 243817 Registered Office 1 Vine Terrace High Street Harborne Birmingham England B17 9PU Trustees Mr R G Stone Mrs S R Stone Company Director Solicitor Company Secretary Mr P J Stone Auditors Know Tax Limited Chartered Certilied Accountants and Registered Auditors Suite 106, Denning House 1A George Street Wolverhampton WV2 4DP Page 2
The E. Alec Colman Charitable Fund Limited ort of the Trustees - continued for the Year Ended 31 March 2024 STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees (who are also the directors of The E. Alec Colman Charitsble Fund Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial ststements for each financial year which give a true and fair view of the state cf affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing those financial ststements, the trustees are required to select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charirty SORP: make judgements and estimates that are reasonable and prudent; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financi81 statements comply with the Companies Act 2006. They are also responsible for safeguarding Ihe assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. In so far as the trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware: and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish Ihat the auditors are aware of that infonnation. AUDITORS The auditors, Know Tax Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company's directors, on li" (£>J-6 2025 and signed on the board's behaSf by: Mrs S R Stone - Trustee Page 3
Re ort of the Inde endent Auditors to the Members of The E. Alec Colman Charitable Fund Limited Oplnion We have audited the financial statements of The E. Alec Colman Charitable Fund Limited (the 'charitable company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitable companls members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work, for this report, or for the opinion5 we have formed. In our opinion the financial statements.. give a true and fair view of the state of the charitable companys affairs as at 31 March 2024 and of its outgoing resources and application of resources, including its income and expenditure, for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethica5 Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions ralating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the Vrk we have performed, we have not identifd any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months from when the financial ststements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other inft)miation comprises the information included in the annual report, other than the financial statements and our Report of the Sndependent Auditors thereon. Our opinion on the financial ststements does not cover the other infomation and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otheNise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that facl. We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Report of the Trustees has been prepared in accordance with applicable legal requirernents. Page 4
ort of the Inde endent Auditors to the Members of The E. Alec Colman Charitable Fund Limited Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misststements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns- or certain disclosures of trustees, remuneration specified by law are not made", or we have not received all the information and explanations we require for our audit- or the trtjstees were not entitled to take advantage of the small companies exernption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees (who are also the directors of the charitable Company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Our responsibilities for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non<ompliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below.. discussions with management regarding known or suspected instances of non-compliance with laws and regulations-, evaluation of controls designed to prevent and detect irregularities., and Our audit procedures were designed to respond to risks of material misstatements in financial statements. recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for exarnple, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures perfomied and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uklauditorsresponsibilities This description forms part of our auditorfs report. Page 5
Re ort of the Inde endent Auditors to the Members of The E. Alec Colman Charitable Fund Limited Use Of Our Report This report is made solely to the company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pennitted by law, we do not accept or assume responsibility to anyone other than the company and the companls members as a body, for our audit work, for this report. or for the opinions we have fonned. Purdip Singh Shcker FCCA (Senior Statutory Auditor) For and on behalf of Know Tax Ltd Statutory Auditors Chartered Accountants & Registered Auditors Suite 106, Denning House 1A George Street Wolverhampton WV2 40P Date.. Page 6
The E. Alec Colman Charitable Fund Limited Statement of Financial Activities - Income and Ex for the Year Ended 31 March 2024 enditure Account 31.3.24 31.3.23 Unrestricted Unrestricted fund fund Notes INCOME AND ENDOWMENTS FROM Investment income 33,959 14,077 Total 33.959 14,077 EXPENDITURE ON Charitable activlties Grants 19.050 4,690 other 1,771 1,831 Total 20,821 6,521 Net gainsl(losses) on investments 537 (36) NET INCOMEI(EXPENDITURE 13,675 7,520 RECONCILIATION OF FUNDS Total funds brought forward 992,939 985.419 TOTAL FUNDS CARRIED FORWARD 1,006,614 992,939 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 7
The E. Alec Colman Charitable Fund Limited Balance Sheet At 31 March 2024 31.3.24 31.3.23 Unrestricted Unrestricted fund fund Notes FIXED ASSETS Investments 831,629 831,092 CURRENT ASSETS Debtors Cash at bank 17,417 159,308 10,264 155,093 176.725 165,357 CREDITORS Amounts falling due within one year NET CURRENT ASSETS (1,740) (3,510) 174,985 161,847 TOTAL ASSETS LESS CURRENT LIABILITIES 1,006.614 992,939 992,939 NET ASSETS 1,006.614 FUNDS Unrestricted funds 992,939 10 1,006.614 1,006,614 992.939 TOTAL FUNDS These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2Q06 relating to charitable small companies. The financial statements were approved by the Board of Trustees on 11 frKgJLI 2025 and were signed on its behalf by: Mrs S R Stone - Trustee The notes form part of these financial statements Page 8
The E. Alec Colman Charitable Fund Limited Notes to the Financial Statements for the Year Ended 31 March 2024 1. ACCOUNTING POLICIES Basls of preparing the financial statements The financial statements of the charitable company, 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 l January 2015),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. 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. Income All income is recognised in the Ststement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. Taxation The charity is exempt from corporation tax on its charitable acts'vities. Fund accounting Unrestricted funds can be used in accordan with the charitable objectives at the discretion of the trustees. 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. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 2. INVESTMENT INCOME 31.3.24 31.3.23 Investment income Other fixed asset investments - Fll Interest receivable - trading 20,968 39 12,952 7,383 161 6,533 33,959 14,077 Pagè g
The E. Alec Colman Charitable Fund Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 3. GRANTS All grants were made to institulions in fvjrtherance of the charItS objectives as follows: Amount granted in the year 2024 2023 Name of Rècipient Boys Town Jerusalem C.A.S.E. Chevras Ezras Nitzrochim Crackerjacks Children's Trust Mary's Meals Ohel Sara UK SOFA Projed St Francis Leprosy Guikl Strongbones Children's Trust ZSV TrustlFood Lifeline Blind Veterans UK Brainwave Dodford Children's Farm Feed The Nation IMPACT Foundation JNF UK Practical Action Project Harar Resolve Now St Mungo's The English Heritage Trust World Jewish Relief 2,000 1,100 600 1,000 500 1,000 500 540 500 500 500 500 500 500 250 500 400 1,lJOO 500 500 250 500 2,500 1.000 5QO 250 250 100 5,000 19,050 4,690 4. NET INCOMEI(EXPENDITURE) Net incomel(expenditure) is stated after chargingl(crediting): 31.3.24 31.3.23 Auditors, remuneration 1,740 1,740 5. TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees. expenses There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 10
The E. Alec Colman Charitable Fund Limited Notes to the Financial Statements- continued for the Year Ended 31 March 2024 6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted fund INCOME AND ENDOWMENTS FROPJI Investment income 14,077 Total 14,077 EXPENDITURE ON Charitable activities Grants 4,690 other 1,831 Total 6,521 Net galnslllosses) on investments (36) NET INCOMEI(EXPENDITURE) 7,520 RECONCILIATION OF FUNDS Total funds brought forward 985.419 TOTAL FUNDS CARRIED FORWARD 992,939 7. FIXED ASSET INVESTMENTS Listed investments Unlistsd investments Totals MARKET VALUE At 1 April 2023 Additions Disposals Revaluations 2.092 829,000 771.000 (771.000) 831,092 771,000 (771,000) 537 537 At 31 March 2024 2,629 829,000 831,629 NET BOOK VALUE At 31 March 2024 2,629 829,000 831,629 At 31 March 2023 2,092 829,000 831092 There We no investment assets outside the UIQ Page11
The E. Alec Colman Charitable Fund Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Prepayments and accrued income 17,417 10,264 9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Accruals and deferred income 1,740 3,510 10. MOVEMENT IN FUNDS Net movement in funds At 1.4.23 At 31.3.24 Unrestrlcted funds General fund 992.939 13,675 1,006,614 TOTAL FUNDS 992,939 13.875 1,006,614 Net movement in funds, included in the above. are as follows: Incoming Resources resources expended Gains and losses Movement in funds Unrestricted funds General fund 33,959 {20,821) 537 13,675 TOTAL FUNDS 33,959 20,821 537 13,675 Comparatives for movement in funds Net movement in funds At 1.4.22 At 31.3.23 Unrestrlcted funds General fund 985,419 7,520 992,939 TOTAL FUNDS 985.419 7,520 992,939 Comparative net movement in funds, included in the above, are as follows: Incoming Resources resources expended Gains and losses Movement in funds Unrestricted funds General fund 14,077 (6.521) (36) 7,520 TOTAL FUNDS 14.077 6,521 36 7,520 Page 12
The E. Alec Colman Charitable Fund Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 11. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. Page 13
The E. Alec Colman Charitable Fund Limited Detailed Statement of Financial Actbvities for the Year Ended 31 March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Investment income Investment income Other fixed asset investments - Fll Interest receivable - trading 20,968 39 12,952 7,383 161 6.533 33,959 14,077 Total incoming resources 33.959 14,077 EXPENDITURE Charitable activities Grants to institutions 19,050 4,690 Support costs Management Sundries Finance Bank charges Governance costs Auditors, remuneration 13 13 18 78 1.740 1,740 Total resources expended Net expenditure before gains and Ios8es 6.521 13,138 7,556 Reallsed recognised gains and losses Realised gainsl{losses) on fixed assel investments Net expenditure 537 (36) 7,520 13,675 This page dS not fomi part of the statutory financial statements Page 14