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 C￿dit 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 V￿rk we have performed, we have not identif￿d 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