**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** **----- Start of picture text -----**
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
**----- End of picture text -----**
**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. -1- **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. **----- Start of picture text -----**
Settlor The Excel Staff Pension fund
Date of Settlement of Deed 21 May 1985
**----- End of picture text -----**
## **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. -2- **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 -3- **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 -4- 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 acc￿nts 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 reS￿rIsIble for the Yepara￿On 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 cOn￿dered 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 prI￿r 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 -6- **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 -7- **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. -8- **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** **----- Start of picture text -----**
|||| |---|---|---| |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| **----- End of picture text -----**
## **4. RAISING FUNDS** ## **5. CHARITABLE ACTIVITIES COSTS** **----- Start of picture text -----**
||||| |---|---|---|---| |Grant| |funding of| |activities|Support| |(see note|costs (see| |6)|note 7)|Totals| |£|£|£| |Charitable Expenditure|35,500|2,326|37,826| **----- End of picture text -----**
-9- **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. -10- **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| |---|---| -11- **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| |---|---|---|---| -12- **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. -13-