REGISTERED CHARrrY NUMBER: 291967
REPORT OF THE TRu￿EEs 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 char￿V for the year ended S April 2024. The trustees have
adopted the pmmsions of Accounting ané Reporting by Ch3rthes.' Ststement of Recommended Praciice ap￿icable 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. natI￿al
and Internallonal.
ACHIEVEMENT AND PERFORMANCE
Ch•ritsble Jrtivities
The Excel Fund Is a general charltsble fund that make5 grants lo UK reglstered charltles and prOv￿eS flnanclal support to
Indlvlduals in need,
The trustees evaluate each charity and request in determlnbng grant allocatjons each year.
Ex￿1 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 indi￿d￿alS 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 a￿￿tIes. 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 dr￿en laryely by tech companies.
The picture for the ne￿ financial year is uncertain, a5 the global finan(ial ¢￿t￿0k 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 Ex￿1 Fund holds investments in a dW￿rIed 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 ha￿ng regard to the fact that all prlmary
beneficiaries have now passed away. Thls allow5 for the Continuan￿ of some grants to be made.
sTRU￿URE, GOVERNANCE AND MANAGEMENT
Governlng document
The charity is controlled by Its governin9 dC￿ument, a deed of trust and constr(utes an unlncorpr*ated 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.
OrganI￿tIOnal structure
Ojrrently there are three trustees whlch Include tsyo AdmInIstra￿n9 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 re￿eW
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
wimb￿0￿
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]uIr￿ents
of the Charities Act 2011 {'the ACVI.
I report in respect of my examination of the Trust's accounts carr￿d out under Section 145 of the Act and in cèrybng out my
examinat6on I have folk)wed all applicab￿ DIr￿l￿n5 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 ￿nCern1r￿j 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 Et4DOWMEf￿s 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 FI￿nCIal 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 I￿land, 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 ActI￿tIeS 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 Comm￿ent 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 a￿v￿les.
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 pur￿SeS wthin the obiects of the charity. Restricti￿5 arise
when specifi￿1 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 InVes￿nts 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 acqUI￿tion or openlng of the deposf( or slmllar acccrtjnt.
Debtorn
Debt￿S 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
DepO￿t 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)
sUp￿rt
costs (see
note 7)
Totals
CharftstrAe Expenditure
34.300
2,392
36,692
GRANTS PAYABLE
2024
2023
Charftatle EX￿dIture
34,300
32,000
Grants to paSd to charitles durlng the year Include the following PayTnents',
2024
2023
AlZh￿merS 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
No￿ood 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 reMUnern￿0n 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 CO￿1 account
Investment mana9er InC￿e 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
resour￿5
Resour￿5
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 a￿1
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-