2025-04-05-accounts - Excel Fund

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REGISTERED CHARITY NUMBER: 291967

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

FOR EXCEL FUND

Hartley Fowler LLP Chartered Accountants 4th Floor 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 2025

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Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Statement of Financial Position 7
Notes to the Financial Statements 8 to 13
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EXCEL FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

The trustees present their report with the financial statements of the charity for the year ended 5 April 2025. 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 2019).

OBJECTIVES AND ACTIVITIES

Trust Provision

The Excel Fund was set up as a charitable trust, the capital and income from which would be available for appointment to (i) any persons who being ex-employees or dependants, widows or orphans of ex-employees, of The Excel Company Limited who are, owing to poverty, in need of financial assistance

(ii) any charity or charitable purposes as the trustees shall from time to time determine.

Public benefit

The trustees have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charities Commission.

Grant making

The Deed of the Excel Fund allows the trustees to make charitable grants to persons and to a wide range of charities, national and international.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Excel Fund is a general charitable fund that makes grants to UK registered charities and may also provide financial support to individuals in need.

The trustees evaluate each charity and request in determining grant allocations each year.

Excel Fund continues to make grants to a variety of UK charities that provide a wide spectrum of activities and services. These charities operate in sectors including, Community Support, Emergency Services, Heritage, Medical Research, Mental Health, Special Needs Education and Assistance and Veterans.

No grants were made by Excel Fund direct to individuals during this financial year. However, some grants made to charities were for restricted use to support individuals in financial need.

Fundraising activities

The trustees do not undertake any fundraising activities. All funds are generated through investments.

Investment performance

The fund's investment portfolio continues to be managed by discretionary investment managers.

The value of the investment portfolio decreased this financial period with income remaining stable.

The investment portfolio has continued to be impacted by global events geopolitical events, including possible trade wars, inflationary pressures and the backdrop of potential recession.

The picture for the next financial year is uncertain as the global financial outlook remains challenging.

The trustees currently use income generated in prior financial years to make grants in later financial years. Consequently, total cash at the end of each financial year is significantly higher than at other times, as it includes income receipts for that financial year, prior to the making of grants.

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EXCEL FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

FINANCIAL REVIEW

Financial position

The incoming resources for the year were £38,028 (2024 - £37,165). Excel Fund made charitable donations of £35,500 (2024 - £34,300). At the year end the charity had unrestricted reserves of £1,318,709 (2024: £1,373,565).

In future years, the key risks to the charity are a fall in income. The trustees have a series of measures to control, mitigate and minimise the effects of a fall in income, including a prudent reserves policy.

Principal funding sources

The Excel Fund holds investments in a diversified portfolio of stocks, shares and other investments to generate investment returns which are used to make grants.

Investment policy and objectives

The trustees' investment policy is so far as possible, to maintain and increase the real value of capital, whilst generating a stable and sustainable return to fund grant activities.

Global financial markets experienced significant volatility in this financial period, especially towards the end of the period, and the investment portfolio value suffered a decrease from the prior financial period.

Reserves policy

The trustees adopted a revised reserves policy, which they consider appropriate, having regard to the fact that all primary beneficiaries have passed away.

The trustees have determined that it is both unnecessary and undesirable to establish a fixed reserve amount, as the charity is able to control most charitable expenditure with grants being discretionary in nature, the charity also has minimal operating costs and sufficient unrestricted funds.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

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Settlor The Excel Staff Pension fund
Date of Settlement of Deed 21 May 1985
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Recruitment and appointment of new trustees

The charity must have a minimum of three and a maximum of four trustees. A new trustee may be appointed by a resolution of the trustees and signed by the new trustee.

Organisational structure

Currently there are three trustees which include two Administrating Trustees. The trustees have equal status.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustees have a risk management policy, which encompasses financial, operational, legal/regulatory, strategic and reputation and public interest. Whilst the charity faces few risks, this policy has allowed the trustees to identify these risks and set up necessary procedures.

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EXCEL FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 291967

Principal address 5 Paddock Drive Dorridge Solihull West Midlands B93 8BZ

Trustees P R Joseph L C Hofton C H Joseph

Independent Examiner Jonathan Askew FCA Hartley Fowler LLP Chartered Accountants 4th Floor Tuition House 27-37 St George's Road Wimbledon London SW19 4EU

Bankers CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Barclays Bank Plc Leicester LE87 2BB

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EXCEL FUND

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2025

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees 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) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charity SORP;
make judgements and estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity 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 charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 5 July 2025 and signed on its behalf by:

L C Hofton - Trustee

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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXCEL FUND Independent examiner'5 report to the trustees of Excel Fund I rep)rt to the charity trustees on my examinathjn of the accnts of Excd Fund TNsi) for the year ended 5 April 2025. Re5ponsibllltles and ba$ls of report As the charity trustees of the Trust you are reSrIsIble for the YeparaOn of the accounts In accordance with the requirements of the Chanties Art 2011 {Ihe ACV). I report in ie5peLt of my examination of the Trust's accounts carried out under Sethon 145 of the Att and in carying out my examination I have followed all applicable Directlons given by the Charfty Commlssknn urKlef ktion 14515)(bl of the Act. Independent examln¢r's statement I have completed my examination. I confirm that no material matters have come to my attention in connethon the examination giwng me cause to believe that in any material respett: atcountlng records were not kept in respect of the Trust as required by Settjon 130 of the Act; or the accounts do not with those records; or the accounts do not comply wth the appllcable requirements concemlng the form and content of accounts set out In the Charftie5 (Accounts and Reports) Regulations 2008 other than any requirerr*nt that the accounts give a true and falr vkw whlch 15 not a matter cOndered as Part of an independent examinadon. I have rK) concerns and have come acro55 no other matters In connection wlth the examlnatSon to vthlch attention should be drawn Sn thls report In order to enabk a prIr understanding of the accounts to te reached. Jonathan Askew Hartley Fowler LLP Chartered Accountsrlts 4th Floor TU.on House 27-37 st George's Road Wimbledon London SW19 4EU 9 July 2025

EXCEL FUND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2025

Notes INCOME AND ENDOWMENTS FROM Investment income 3 Other income Total EXPENDITURE ON Raising funds 4 Charitable activities 5 Charitable Expenditure Total Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	2025 Unrestricted fund £ 37,978 50 38,028 7,997 37,826 45,823 (47,061) (54,856) 1,373,565 1,318,709	2024 Total funds £ 37,165 - 37,165 7,532 36,692 44,224 55,406 48,347 1,325,218 1,373,565

The notes form part of these financial statements

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EXCEL FUND

STATEMENT OF FINANCIAL POSITION 5 APRIL 2025

Notes FIXED ASSETS Investments 10 CURRENT ASSETS Debtors 11 Cash at bank CREDITORS Amounts falling due within one year 12 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 13 Unrestricted funds TOTAL FUNDS	2025 Unrestricted fund £ 1,238,796 16,302 65,890 82,192 (2,279) 79,913 1,318,709 1,318,709 1,318,709 1,318,709	2024 Total funds £ 1,304,107 6,188 65,538 71,726 (2,268) 69,458 1,373,565 1,373,565 1,373,565 1,373,565

The financial statements were approved by the Board of Trustees and authorised for issue on 5 July 2025 and were signed on its behalf by:

P R Joseph - Trustee

L C Hofton - Trustee

The notes form part of these financial statements

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EXCEL FUND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

1. GENERAL INFORMATION

The charity is a UK based charitable trust. The address of its registered office is 5 Paddock Drive, Dorridge, Solihull, West Midlands, B93 8BZ. The registered number of the charity is 291967.

The financial information presented is for the year ended 5 April 2025. The financial information is presented in sterling.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, 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 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. 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.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. In future years, the key risks to the charity are a fall in income. The trustees have a series of measures to control, mitigate and minimise the effects of a fall in income, including a prudent reserves policy.

Financial reporting standard 102 - reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

Income

All income is recognised in the Statement 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.

Charitable activities

Charitable expenditure includes grants payable to individuals and charities by Excel Fund in undertaking its charitable activities.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance 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.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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EXCEL FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

2. ACCOUNTING POLICIES - continued

Financial instruments

Investments

Investments are stated at fair value. Income arising on the investments is shown under Investment Income in the Statement of Financial Activities.

Gains and losses on investment assets disposed of in the year are shown as realised gains and losses in the Statement of Financial Activities.

Gains and losses on investment assets held at the year-end are unrealised and are also shown in the Statement of Financial Activities.

Cash at bank and in hand

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

Debtors are recognised at the settlement amount due. Prepayments are valued at the invoice amount prepaid.

Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are recognised at their settlement value.

3. INVESTMENT INCOME

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|||| |---|---|---| |2025|2024| |£|£| |Dividend income|36,745|35,458| |Deposit account interest|1,233|1,707| |37,978|37,165| |RAISING FUNDS| |Investment management costs| |2025|2024| |£|£| |Investment managers fees|7,997|7,532|

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4. RAISING FUNDS

5. CHARITABLE ACTIVITIES COSTS

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||||| |---|---|---|---| |Grant| |funding of| |activities|Support| |(see note|costs (see| |6)|note 7)|Totals| |£|£|£| |Charitable Expenditure|35,500|2,326|37,826|

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EXCEL FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

6. GRANTS PAYABLE 2025 £ Charitable Expenditure 35,500 Grants to paid to charities during the year include the following payments: 2025 £ Alzheimers Society 1,500 Asthma and Lung UK 1,500 Blesma (limbless) 1,500 Blind Veterans UK 1,500 British Red Cross 1,000 Cancer Research UK 3,000 Changing Faces 1,000 Combat Stress 1,500 Cornwall Air Ambulance 1,500 Cornwall Mind 1,500 Dementia UK 1,500 Dogs for Good 1,500 Fight for Sight 1,500 Hospitality Action 1,500 Listening Books 1,000 MacMillan Cancer Support 1,500 National Star Foundation 1,500 Northumbria Calvert Trust 1,000 Norwood Ravenswood 1,500 RNLI 1,500 Royal UK Beneficent Association 1,500 SSAFA 1,500 Wallace Collection 1,500 Young Minds 1,500 35,500 7. SUPPORT COSTS Governance Finance costs £ £ Charitable Expenditure 23 2,303	2025 £ 35,500	2025 £ 35,500	2024 £ 34,300	2024 £ 34,300
		2025 £ 1,500 1,500 1,500 1,500 1,000 3,000 1,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,000 1,500 1,500 1,000 1,500 1,500 1,500 1,500 1,500 1,500 35,500		2024 £ 1,500 1,500 1,500 1,500 - 3,000 1,000 1,500 1,500 1,500 1,500 1,500 1,500 1,500 1,000 1,500 1,500 800 1,500 1,500 1,500 1,500 1,500 1,500 34,300
			Totals £ 2,326

Included in Governance costs are fees (including irrecoverable VAT) to the Independent Examiner of £2,268 (2024 - £2,268) for the Independent Examination.

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EXCEL FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

8. TRUSTEES' REMUNERATION AND BENEFITS

No remuneration directly or indirectly out of the funds of the charity was paid or payable for the year to any trustee or to any person or persons known to be connected with any of them.

Trustees' expenses

During the year the trustees were reimbursed expenses of £Nil (2024 - £38) incurred in connection with their role as trustee.

As at the year end the trustees were owed £11 (2024: £Nil)

9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

10.

INCOME AND ENDOWMENTS FROM
Investment income
EXPENDITURE ON
Raising funds
Charitable activities
Charitable Expenditure
Total
Net gains on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
FIXED ASSET INVESTMENTS
MARKET VALUE
At 6 April 2024
Additions
Disposals
Revaluations
At 5 April 2025
NET BOOK VALUE
At 5 April 2025
At 5 April 2024

Unrestricted
fund
£
37,165
7,532
36,692
44,224
55,406
48,347
1,325,218
1,373,565
Listed
investments
£
1,304,107
338,619
(349,308)
(54,622)
1,238,796
1,238,796
1,304,107

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EXCEL FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

10. FIXED ASSET INVESTMENTS - continued

Investments were held in a diversified portfolio, comprising individual stocks, securities and managed funds. The trustees consider 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 managed by a discretionary investment manager. The cost of investments held at the year end was £1,274,578

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Investment manager capital account Investment manager income account 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors 13. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Incoming resources £ Unrestricted funds General fund 38,028 TOTAL FUNDS 38,028 Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS	At 6/4/24 £ 1,373,565 1,373,565 Resources expended £ (45,823) (45,823) At 6/4/23 £ 1,325,218 1,325,218	2025 £ 13,880 2,422 16,302 2025 £ 2,279 Net movement in funds £ (54,856) (54,856) Gains and losses £ (47,061) (47,061) Net movement in funds £ 48,347 48,347	2024 £ 3,627 2,561 6,188 2024 £ 2,268 At 5/4/25 £ 1,318,709 1,318,709 Movement in funds £ (54,856) (54,856) At 5/4/24 £ 1,373,565 1,373,565

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EXCEL FUND

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2025

13. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds General fund	Incoming Resources Gains and Movement resources expended losses in funds £ £ £ £ 37,165 (44,224) 55,406 48,347
TOTAL FUNDS	37,165 (44,224) 55,406 48,347

14. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 5 April 2025.

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