**REGISTERED CHARITY NUMBER: 291967** ## **REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2026** **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 2026** **----- 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
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**EXCEL FUND** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2026** The trustees present their report with the financial statements of the charity for the year ended 5 April 2026. 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. ## **ACHIEVEMENTS 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. Whilst the value of the investment portfolio at the financial year end was higher than at the prior financial year end,the amount of income received from investments during the period decreased. The investment portfolio has continued to be impacted by global events geopolitical events; including trade tariffs introduced by the US at the beginning of the period causing a sharp global sell off of equities, war in the Middle East with closure of the Strait of Hormuz reducing oil and liquid gas supplies, resulting in increased energy prices and on-going inflationary pressures. 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 2026** ## **FINANCIAL REVIEW** ## **Financial position** The incoming resources for the year were £32,614 (2025 - £38,028). Excel Fund made charitable donations of £34,000 (2025 - £35,500). At the year end the charity had unrestricted reserves of £1,490,114 (2025: £1,318,709). In future years, the key risks to the charity are a continuing fall in income. The trustees have a series of measures to control, mitigate and minimize 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, both at the beginning and towards the end of the period, though by the year end the investment portfolio overall value had increased from the prior financial period. ## **Reserves policy** The trustees have a reserves policy which they consider appropriate, having regard to the fact that all primary beneficiaries have passed away, grants are discretionary in nature, and the charity has minimal operating costs. 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 2026** ## **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** Barclays Bank Plc Leicester LE87 2BB -3- **EXCEL FUND** **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2026** ## **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". Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charity law the trustees must not approve the financial statements unless they are satisfied that they 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 Charities 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 and The Charity (Accounts and Reports) Regulations 2008. 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 25 June 2026 and signed on its behalf by: L C Hofton - Trustee -4- INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF EXCEL FUND Indepwdent examther's report to the trustees of Excel Fund I report to the charity tr(￿ on my exanlnation of the accounts of Ex￿4 Fund (the Trust) fcf the year ended 5 Aprfl 2026. Responslbllltle5 and basls of report As the tharity trustee5 of the Trust you are re5Wslble for the p￿paratIOn of the xcounts In accordano wlth the r￿U1remthts of the Charities Act 2011 {'the ACV). I report In reSp￿t of my examlnatkn of the Tru*s acccunts carried out under SeLthn 145 of the Att and In Carl￿ng out my examinauon I have followed all appllcable DlrKtk*n5 glven by the Charlty Commission under Sethon 145(5Kb) of the kt. Independent examlnerfs statement I have completed my examination. I conflrm that rK) material Matte￿ have come to my attentbn in conneciion wlth the examination giving me cause to believe that ¥1 any mateTial re5￿t.. accountlng records were not kept in respect of the Trust as by S¥ilon 130 of the Act; or the accounts do not accord with those records,. OT the accounts do not comply with the applicable requlrements COr￿emIng the fcm and content of accounts Set out In thè Charltles (Accounts and Reports) Regulations 2008 other than any requIrem￿t that the accounts glve a true and Pdlr vlew whlch15 not a matt¥ considerdl as part Df an IndeFendent examinatlon. I have no concerns and have come acY055 no other rnatteTS In conneLtlon wlth the examlnatSon to whlch atmuon should be drawn In this report In order to enabk a prcyer underthndlng of the accounts to te reached. Jonatha skew FC4 Hartley Fowler LLP Charterej Accountants 4th Hoor Tuldon House 27-37 st G8)rge's Roa Wlmbledon Lon(k)n SW19 4EU 9 July 2026 **EXCEL FUND** **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2026** |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**|2026
Unrestricted
fund
£
32,614
-
32,614
8,159
36,315
44,474
183,265
171,405
1,318,709
1,490,114|2025
Total
funds
£
37,978
50
38,028
7,997
37,826
45,823
(47,061)
(54,856)
1,373,565
1,318,709| |---|---|---| The notes form part of these financial statements -6- **EXCEL FUND** **STATEMENT OF FINANCIAL POSITION 5 APRIL 2026** |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**|2026
Unrestricted
fund
£
1,414,662
13,456
64,275
77,731
(2,279)
75,452
1,490,114
1,490,114
1,490,114
1,490,114|2025
Total
funds
£
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| |---|---|---| The financial statements were approved by the Board of Trustees and authorised for issue on 25 June 2026 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 2026** ## **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 2026. 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 2026** ## **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** |2026
£
Dividend income
31,647
Deposit account interest
967
32,614
**4.**
**RAISING FUNDS**
**Investment management costs**
2026
£
Investment managers fees
8,159
**5.**
**CHARITABLE ACTIVITIES COSTS**
Grant
funding of
activities
Support
(see note
costs (see
6)
note 7)
£
£
Charitable Expenditure
34,000
2,315|2025
£
36,745
1,233
37,978
2025
£
7,997
Totals
£
36,315| |---|---| -9- **EXCEL FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2026** ## **6. GRANTS PAYABLE** |Charitable Expenditure
Grants to paid to charities during the year include the following payments:
Alzheimers Society
Asthma and Lung UK
Blesma (limbless)
Blind Veterans UK
British Red Cross
Cancer Research UK
Changing Faces
Combat Stress
Cornwall Air Ambulance
Cornwall Mind
Dementia UK
Dogs for Good
Fight for Sight
Hospitality Action
Listening Books
MacMillan Cancer Support
National Star Foundation
Northumbria Calvert Trust
Norwood Ravenswood
RNLI
Royal UK Beneficent Association
SSAFA
Wallace Collection
Young Minds
**7.**
**SUPPORT COSTS**
Charitable Expenditure|2026
£
34,000|2026
£
34,000|2025
£
35,500|2025
£
35,500| |---|---|---|---|---| |||2026
£
1,500
1,500
1,500
1,500
1,000
3,000
-
1,500
1,500
1,500
-
1,500
1,500
2,000
1,000
1,500
1,500
1,000
1,500

1,500
1,500
1,500
2,000
1,500
34,000||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| |||Governance
costs
£
2,315||| Included in Governance costs are fees (including irrecoverable VAT) to the Independent Examiner of £2,268 (2025 - £2,268) for the Independent Examination. -10- **EXCEL FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2026** ## **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 (2025 - £Nil) incurred in connection with their role as trustee. As at the year end the trustees were owed £11 (2025: £11) ## **9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** |**INCOME AND ENDOWMENTS FROM**
Investment income
Other income|Unrestricted
fund
£
37,978
50| |---|---| |**Total**|38,028| |**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable Expenditure|7,997
37,826| |**Total**|45,823| |Net gains/(losses) on investments|(47,061)| |**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward|(54,856)
1,373,565| |**TOTAL FUNDS CARRIED FORWARD**|1,318,709| -11- **EXCEL FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2026** ## **10. FIXED ASSET INVESTMENTS** |**MARKET VALUE**
At 6 April 2025
Additions
Disposals
Revaluations
At 5 April 2026
**NET BOOK VALUE**
At 5 April 2026
At 5 April 2025|Listed
investments
£
1,238,796
616,133
(542,548)
102,281
1,414,662
1,414,662
1,238,796| |---|---| 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 £1,306,722 ## **11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** ## **12.** |Investment manager capital account
Investment manager income account
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Other creditors|2026
£
13,120
336
13,456
2026
£
2,279|2025
£
13,880
2,422
16,302
2025
£
2,279| |---|---|---| ## **13. MOVEMENT IN FUNDS** |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 6/4/25
£
1,318,709
1,318,709|Net
movement
in funds
£
171,405
171,405|At
5/4/26
£
1,490,114
1,490,114| |---|---|---|---| -12- **EXCEL FUND** **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2026** ## **13. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
32,614
32,614|Resources
expended
£
(44,474)
(44,474)
At 6/4/24
£
1,373,565
1,373,565|Gains and
losses
£
183,265
183,265
Net
movement
in funds
£
(54,856)
(54,856)|Movement
in funds
£
171,405
171,405
At
5/4/25
£
1,318,709
1,318,709| |---|---|---|---|---| Comparative net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund|Incoming
Resources
Gains and
resources
expended
losses
£
£
£
38,028
(45,823)
(47,061)|Movement
in funds
£
(54,856)| |---|---|---| |**TOTAL FUNDS**|38,028
(45,823)
(47,061)|(54,856)| ## **14. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 5 April 2026. -13-