REGISTERED CHARrrY NUMBER: 291967 REPORT OF THE TRuEEs AND FINANCIAL sfATEME14TS FOR THE YEAR ENDED 5 APRIL 2024 FOR EXCEL FUND Hartley Fowler LLP Chartered Accountants 4th Fl¢x)r Tuition House 27-37 St George's Road Wimbledon London SW19 4EU
EXCEL FUND CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Page Report of the Truste I to 3 Independent Exjminer'i Report ststemeDt of Flnantlal Actfvltles st•tsment of Flnanclal Position r4otss to the Flnancljl St•tsmonts 7 to 12 Detalled Ststement of Fln•nclal Actlvltle• 13
EXCEL FUND REPORT OF THE TRusfEES FOR THE YEAR ENDED 5 APRIL 2024 The trustee5 present their report with the financial sfAtements of the charV for the year ended S April 2024. The trustees have adopted the pmmsions of Accounting ané Reporting by Ch3rthes.' Ststement of Recommended Praciice apicable to charlties preparing their accounts in accordance with the Financial Repjrting Standard appllcable in the UK and Rewbllc of Irekind IFRS 102) {effectlve l January 2019). OBJECTIVES AND ACtIVlTIES Trust Provision The Excd Fund was set up as a charltsble trust, the capital and incoff from whlch would be available for appointment to (i) any rSOn$ who being ex-employees or dependants, widows or orphans of ex-employees, of The Excel Company Limtted who are, owing to povetty, in need of financial asgstance (511 any chamty or charltsble purpose5 a5 the tru5tee5 shall from rne tu t(me determlne. Publlc benefit The trustees have complied vlth the duty in sectlon 17 of the Charities Art 2011 tt> have due regard to public benefit gukjance publlshed by the Charities Commlssion. Grant maklng The Deed of the Excd Fund allows the trustees to make charltable grants to Fersons and to a wlde range of charf(les. natIal and Internallonal. ACHIEVEMENT AND PERFORMANCE Ch•ritsble Jrtivities The Excel Fund Is a general charltsble fund that make5 grants lo UK reglstered charltles and prOveS flnanclal support to Indlvlduals in need, The trustees evaluate each charity and request in determlnbng grant allocatjons each year. Ex1 Fund continues to make 9rants to a varlety of UK charliies that provide a wide spectrum of Kuvbtles and servites. The trustees were able to maintain a simllar level of grants during this financial year, by using some reserves in additSon to investment Incorne. No grants were made by Excd Fund direct to indidalS dur6ng thls nnanckil year. However, some grants made to other charits'e5 wue for restrltted use to support individuals in financial need. Fundralslng actlvltle The trustees do not undertake any fvndralsing atIes. All funds are generated through investments. Investment perforrn•nc¢ The fund's investment portfdio contlnues to be managed by dlscretbnary Investment managers. The value of the investment F(rtfolio remained essentialty ststk wth an increase in income. The investment portfollo has contlnued to l Impacted by globjl events. Inflab'¢)nary pressures remalned. Central banks imF*)sed high intsrest rates seeking to curb Inflatlon wlth )me success being seen towards the end of the flnanoal year. Global trade suffered frorn geopolitical tensions and depressed tsjtput, partlcularly In Chino. The US stock markets saw record Increases dren laryely by tech companies. The picture for the ne financial year is uncertain, a5 the global finan(ial ¢t0k remains challenging. The trustees currendy use income generated In prfor financial years to make grants in later flnanclal years. Conw]uentlyi totsl cash at the end of each fiftancial year is usually hSgh¥ than al other times. as It includes income receipts for that financial year, prior to the making of grants.
EXCEL FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APIUL 2024 FINANCIAL REVIEW Financial position The incoming resources fcf the year We E37.165 (2023 - £29,924). Excd Fund made charltable donations of £34.3CK) (2023 £32,000). At the year end the charity unrestrfrted reserve5 L £1,373,565 (2023.. £1.325,218). In fubjre years, the key rsks to the charity are a fall in income. The tNstees have a series of measures to control, mltigate and minimise the effects of a fall in income, induding a prudent reseNes lICY. Prlnclpal fvnding sources The Ex1 Fund holds investments in a dWrIed porffollo of stocks, shares and other investments to generate Investment return5 which are used to make grants. Invertment pollcy and obJectl¥e$ The trustees, Snvestment policy Is so far as possible, to maintsin and increase the real value of capital, whilst generating a stable and sustainable relum to fund grant activitie5. R4servas pollcy The trustees have adopted a reserves polky which they conshler approprlate hang regard to the fact that all prlmary beneficiaries have now passed away. Thls allow5 for the Continuan of some grants to be made. sTRUURE, GOVERNANCE AND MANAGEMENT Governlng document The charity is controlled by Its governin9 dCument, a deed of trust and constr(utes an unlncorprated charlty. Setdor The Excel Staff Penslon fund Date of Settlement of Deed 21 May 1985 RecNltment •nd ?ppolntment of new trustees The charity must have a minimum of three and a maxlrnum of four tW5tees. A new trustee may te appjlnted by a resolutlon of the trustees and g9ned ty the new trustee. OrganItIOnal structure Ojrrently there are three trustees whlch Include tsyo AdmInIstran9 Trustees. The trustee5 have equal status. Rlsk management The trustees have a duty hlentify and review the risks to whlch the charity 45 eyposed and to ensure apwoprlate controls are Sn place lo prowde reasonab assurance agalnsi fraud and error. The trustees have a rlsk managemert pollcy, whlch encompasses financial, operatlonal, legallregulatoryi Strateglc and reputstion and public interest. The is an annual revlew of the risks the tharity may fa. Although the charity faces few risks thls reeW has all¢)wed the trus to Idenufy these risks and set up nece55ary procedures. REFERENCE AND ADMINISTRATIVE DETAILS Registered Charlty number 291967 Prlncipal address 5 Paddock Drive Dorridge West Mldlands B93 88Z P R J05eph LC Hofton C H Joseph
EXCEL FUND REPORT OF THE TRUSTEES FOR THE YEAR ENDED S APIUL 2024 REFERENCE AND ADMINIsfRATIVE DEfAILS Independent Examiner Jonathan Askew FCA Harfjey Fowler LLP Chartered Accountsnts 4th Hoor Tuluon House 27-37 st George's Road wimb0 London SW19 4EU Bankers CAF Bank Llmited 25 KlrwJs Hlll Avenue Kings Hill West Malllryj Kent ME19 4JQ Barclays Bank Ptc Leicester LE87 2BB Approved by order of the board of trustees on 8 Juty 2024 and slgnèj on Its behalf by.. L C Hijfton - Trustee
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXCEL FUND Independent amIner'S report to the trustee5 of Excel Fund I report tct the charity trustees on my examination of the accwnts of Excd Fund (the Trust) for the year eNled 5 Apxll 2024. Re5ponslbllities Jnd basis of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordan wlth the [8]uIrents of the Charities Act 2011 {'the ACVI. I report in respect of my examination of the Trust's accounts carrd out under Section 145 of the Act and in cèrybng out my examinat6on I have folk)wed all applicab DIrln5 gThien by the Charity Commission under Sectlon 145{5){b) of the Art. Independent examiner's statement I have completed my examlnation. I confirm that no materlal matters have come to my attention In connetti¢)n wf(h the exarnlnatlon giving me cause to belleve that in any materfal respect.. accounting recor(Is wtre not kept in respect of the Trust as requlr&J by Sethon 130 of the Act; or the accounts do not accord wlth those records; or the accounts do not cornply wbth the applicable requirements nCern1rj the fomi and content of accounts set out In the Chaiitles (Accounts and Reports) Regulations 2008 other than any requlrement that the accounts glve a true and fair view which is not a matter considered as part of èn independent examinatlon. I have no concerns and have come acr055 no other maifrrs in connection with the examlnatlon to which attentlon should be drawn In this repK)rt In order to enable a proper understanding of the accounts to be reached. knathan Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 Sl George's Road Wimbledon Lon¢Jon SW19 4EU 8 ju 2024
EXCEL FUND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024 2024 Unrestritted fund 2023 Total funds Notes IMCOME AP4D Et4DOWMEfs FROM Investment income 37,165 29,924 EXPENDrnJRE ON Rawng funds 7,532 7,671 Ch•ritable actlvltle# CharStsble Expenditure 36,692 34,267 Totsl 44,224 41.938 Net galnsl(losses) on Investsnents 55,406 1105,079) NET INCOMEI(EXPENDITURE) 48,347 {117,0931 RECONCILIATION OF FUNDS Totsl funds brought forward 1,325,218 1,442,311 TOTAL FUNDS CARIUED FORWARD 1,373,565 1,325,218 The notes fom pat ofth2¥e finanaal ststEmÉnts
EXCEL FUND srATEMENT OF FINANCIAL POSITION 5 APRIL 2024 2024 Unrestricted fund 2023 Totsl fijnds Notes FIXED ASSEts Investments io 1,304,107 1,244,651 CURRENT ASSETS Debtors Cash at bank li 6,188 65,538 17,146 65,591 71,726 82,737 CREDrroRS Amounts falllng due wthSn one 12 (2,268) (2.170) NEf CURRENT ASSErs 69,458 80,567 TOTAL ASSEfs LESS CURRENT UABIUTIES 1,373,565 1,325,218 NEf ASSETS 1,373,565 1,325,218 FUP4DS Unrestrlcted funds 13 1,373,565 1,325,218 TOTAL FUNDS 1,373,565 1.325,218 The financial statsments wwe approved by the Board of Trustees and authorlsed for Issue on 8 July 2024 and were sl9nèJ on Its beha by., P R Joseph - Twstee L C Hofton - Trustee The nrts fom part of these financkl staknents
EXCEL FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 GENERAL INFORMATION The charity is a UK based charftalle trLtst. The a(kJress of its reglsiered office is 5 Paddock Drfve, Dorri¢kJe, Solihull, West Midlands, B93 8BZ. The registered number of the charlty Is 291967. The financial information presented is for the year ended 5 April 2024. The finandal information 15 presented In sterting. ACCOUNTING POLICIES BJ$is of preparing the fiTranclJl statements The financial statements of the charity, which is a publlc benefit entlty under FRS 102. have been prepare(l in accordance with the Charities SORP IFRS 1021 'Accountlng and Reportbng by Charities: Staternent of Recommended Practi applicable to tharStle5 preparlng their accounts in occordance with the FInCIal Reportlng Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2019}', Financial RepK)rting Standard 102 'The Flnanckil Reporting Standard £pplScatAe in the UK and Republlc of Iland, and the Charitses Act 2011. The financlal ststements have treen prepared under the historical cost conventlon, wlth the exceptlon of Snveqtments which a Included at market value. as modified by the revaluation of cwtsin assets. Golng concern The trustees consider that there are no material uncertalntles about the charity's abillty to continue as a going concern. In future years, the key rfsks lo the charity are a fall In income. The trustees have a series of measures to control, mits'gate and minimise the effects of a fall in income, including a prudent reseryes pollcy. FlnJnclJl reportlng stsndard 102- r•duced dlsclosurn exemptlons The charity has taken advantage of the following disclosure exernpbon in preparfng these flnancial statements, as permltted by FRS 102 The Flnanclal Reportin9 Stsndard appllcoble In the UK and Republlc of Ireland,: the requSrements of Section 7 Stat¥nent of Cash Flows, Income All income is recognlsed In the Slaternent of Financbal ActItIeS On the charity ha5 entldement to the funds, It is probable that the income wlll be received and the amounl can be meagJred reliably. Expendlture Liabllitles are recognlsed as exFendlture 05 saon as there Is a legal or constructfve obllgaVon commlttlng the charlty to that expenditure, It is probable that a transfer of t*CffjOrniC tenefits wlll be required in settlement and the amount of the obllgat5on can measured reliably. Expenditu is accounted for on an accruals basis and has been ckisslfled under headings that aggregate all cost related to the category. Where costs cannot be dlrectly attrSbut&J to particukir headlngs they have been allocated to activities a basis consistent wlth the use of resour. Grants offered subject to ttfiditlons whlch have not been met at the ar end date are noted as a Comment bui not accrued as expenditu. Charltable actlvltles Charitabqe exFenditure Includes grants payable to individuals and charitie5 by Excel Fund in undertaking 5 char1table attlvilies. Taxation The chaiity is exempt from tax on ts charitsble avles. Fund •ccounting Unrestrirted funds can be us8J In accordan with the charitsble objettlves at the discretlon of the trustee& Restricted fiJnd5 can only be used for partrcular re5trict&l purSeS wthin the obiects of the charity. Restricti5 arise when specifi1 by the donor or when funds are raised for partiojlar restricted purwses. Further explanatlon of the nature and purp)se of each fund is included in the notes to the financlal statements.
EXCEL FUND NOTES TO THE FINANCIAL sfATEMENTS- continued FOR THE YEAR ENDED 5 APRIL 2024 ACCOUNTING POUCIES- contlnued Fin•nci)l instruments The charitable company only has financial assets and financlal liabilities of a kind that qualify as basic financial Instruments. Bagc financial instruments a iniually recc4Jni5ed at transattion value and suljsequently measured at their settlement value. Invethents Investments are stated at fèlr value. Income arfslng on the InVesnts Ss shown under Investment Income in the Statement of Financial Attivities. Gains and losses on investment assets disposed of Sn the year are shown 05 reallsed galns and losses In the Statement of Financial ALtivities. Gains and losses on Investsnent assets held at the year*nd are unreallsed and are also shown in the Statement of Financlal Actlvlties. Cash at bank and In hand Cash al bank and in hand includes cash and shtr( temi highly liquid inve5tsnents with a maturSty of three months or less from the date of acqUItion or openlng of the deposf( or slmllar acccrtjnt. Debtorn DebtS are recognlsed * the settlement amount due. Prepayments are valued at the invoke amount prepald. Cr•dltors Creditor5 are recognlsed Whe the charlty has a present obligation resuldn9 from a past event that wlll probably re9Jlt in the transfer of funds to a thbrd party and the amount due to s&Ue the obligation can be me35urèJ OT eskn"mated rellably. Creditors are recognlsed ot their setilement v?lue. INVESTMENT INCOME 2024 2023 Dlv(dend Sncome DepOt account Interest 35,458 I,707 29,344 37,165 29,924 RAISING FUNDS Inve•tment management ¢oJts 2024 2023 Investment managers fee5 7,532 7.671
EXCEL FUND NOTES TO THE FINANCIAL STATEMEKfs - continued FOR THE YEAR ENDED 5 APIUL 2024 CHARITABLE ACTIVITIES cosrs Grant funding of activities (see note 6) sUprt costs (see note 7) Totals CharftstrAe Expenditure 34.300 2,392 36,692 GRANTS PAYABLE 2024 2023 Charftatle EXdIture 34,300 32,000 Grants to paSd to charitles durlng the year Include the following PayTnents', 2024 2023 AlZhmerS Soclety £thrna and Lung UK Blesma (limbless) Blind Veterans UK Britlsh Red Cross Cancer Research UK Changlng Faces Combat Stre55 Cornwall Ambulance Cornwall Mlnd Dementla UK Dogs for Gwd FSght for Sight Hospltsllty Actlon Ustenlng B¢)oks Macmillan Canctt Support MIND Nadonal Star Foundation Northurntfla Calvert Trust Noood Ravenswood RNU Royal UK 8eneficent AsscKlatlon SSAFA Wallace Collectlon Young Minds 1,500 1,500 1,500 1,500 1,400 1,400 1,400 1,400 1,500 1,400 I,oDo 1,400 1,000 3,000 1.000 1,500 1,500 1,500 1.500 1,500 1,500 1,500 I,0 1,500 1,400 1,400 1,500 1,000 1,400 1,400 1,400 1,500 800 1,500 1,500 1,500 1,500 1,500 1.500 1,400 1.40D 1,400 1,400 1,400 1,400 34,300 32,000
EXCEL FUND NOTES TO THE FINANCIAL STATEMEIUS - continued FOR ThE YEAR ENDED 5 APIUL 2024 SUPPORT cosrs Governan costs Finance Totals CharftsÈ4e Expa)diture 89 2,303 2,392 Induded in Governan costs are fee5 (Includln9 Irrecoverable VAT) to the IndeFendent Examlner of £2,268 (2023 £2,160) for the Independent Examlnauon. TRUSTEES, REMUNERATION AND BENEFITS No reMUnern0n dlrethy or Indirecty out of the funds of the charSty was pald or payable for the year to any trustee or to any person or petsons known to be connected with any of them. rrurtees, experwe¥ Durlng the year the trustees were reIn}r5ed expenses of £38 12023 - £Nil) incurred In connectlon with thelr rc4e as trustee. As at the year end the trustees were owed £NII (2023: £10) COMPARATIVES FOR THE ATEMENT OF FINANCIAL ACTzvfTIES Unrestricted fijnd INCOME AND ENDOWMENTS FROM Investment Income 29,924 EXPENDrnIRE ON Ralsing funds 7,671 Charlt•ble Jrtlvltle• Charltable Expendliure 34,267 Tot•1 41,938 Net galnsl(lossesl on Investments {105,079) NEf INCOMEI(EXPENDITURE} (117,0931 RECONCILIATION OF FUNDS Total funds brought forward 1,442,311 TOTAL FUNDS CARIUED FORWARD 1.325,218 -i(
EXCEL FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024 io. FIXED ASSET fNVESTMENTS sted investments MARKET VALUE At 6 Aprll 2023 Additions Dlsposa15 Revaluations L,244.651 220,919 (217,637) 56,174 At 5 Aprll 2024 1,304,107 NET BOOK VALUE At 5 April 2024 1,304,107 At 5 Aprll 2023 1,244,651 Lnve5tments We held In a dlverslfled F4)rtfollo, comprlslng individual stocks, securities and managed funds, The trustees con51der that it would not be practicable to provide a split of the assets held In the UK and elsewhere. All of the Investments at the year end were rnanaged by a dlscretlonary Snve5thent manag. The cost of Investments held at the year end was El,275,080 ii. DEBTORS: Amoumfs FALUNG DUE virrHIN ONE YEAR 2024 2023 Investment manager CO1 account Investment mana9er InCe account 3,627 2,561 14,728 2,418 6,188 17,146 12. CREDrroRS: AMOUNTS FALLING DUE wmiiN ONE YEAR 2024 2023 Other creditors 2,268 2,170 13. MOVEMENT XN FUNDS Net movement In funds At 514124 At 614123 Unrestrlcted fun General fund 1,325,218 48,347 1,373,565 TOTAL FUNDS 1,325,218 48,347 1,373,565 -li-
EXCEL FUND NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR ThE YEAR ENDED 5 APRIL 2024 13. MOVEMENT IN FUNDS- conilnued Net movernent in fijnds, included in the above are as follows: Incoming resour5 Resour5 expended Galns and losses Movement in ftjnds Unrestrlcted fvnds General fund 37.165 {44.224) 55,41JS 48,347 TOTAL FUNDS 37,165 (44.224) 55,406 48,347 ComparJtive$ for movement In funds Net movement in funds At 514123 At 614122 Unrestrlcted funds General fund 1,442,311 (117,093) 1,325,218 TOTAL FUNDS 1.442,311 (117,093) L,325,218 Comporatlve nei movement in funds, Sncluded In the aljove are as follows: Incomlng resources Resour$ expended Gains a1 losse5 Movement In funds Unveltrlcted fund• General fund 29,924 (41,9381 (105.079) 1117,093) TOTAL FUNDS 29,924 141,938) <105,079) {117.093) 14. RELATED PARTY DISCLOSURES There were no related party transathons for the year ended 5 April 2024. -12-