Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 Company Registration No. 08332279 Charity Registration No. 1150338 The Serco Foundation (a company limited by guarantee) Annual Report and Financial Statements forthe yearended 31 December 2024
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Report and Financial Statements 2024 Legal a nd Admi nistrative Details Trustees, Report Statement of Trustees, responsibilities in respect of the Trustees, annual report and the financia I statements Independent examiner's report to the members of The Serco Foundation Statement of Financial Activities (including income and expenditure account} Balance Sheet Notes to the Financial Statements
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Legal and Administrative Details Directorstrrustees David Eveleigh Stephanie Gray-Roberts Christopher May Robert Smith Christopher Sullivan John Weller Secretary David Eveleigh Registered office Serco House 16 Bartley Wood Business Pa Bartley Way, Hook Hampshire, RG27 9UY Company number 08332279 Charity number 1150338 Bankers and investment manager Barclays Bank 11 Melville Crescent Edinburgh, EH37LU Solicitor Farrer & Co. LLP 66 Lincoln's Inn Fields London, WC2A 3LH Independent examiner Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Trustees, Report The Trustees present their annual report on the affairs of the Foundation, together with the financial statements. for the year ended 31 December 2024. This report and the financial statements have been prepared in accordance with the provisions applicable to small companies entitled to the small companies, exemption under Companies Act 2006, and accordingly, exemption has been taken from preparing a Strategic Report. The financial statements have been prepared in accordance with the accounting policies set out on pages 10 and 11. The legal and administrative details set out on page 1 form part of this report. The financial statement5 comply with the current statutory requirement5 of the Companies Act 2006. its Articles of Association and the Statement of Recommended Practice 2019 - Accounting and Reporting by Charities. The financial statements have been prepared under the historical cost convention, in accordance with applicable accounting standards and the Charities Act 2011. Principal activity The principal activity of the Foundation is to work as an independent charity operating within the geographical regions where Serco Group plc I'serco'l operates. Objectives and activities The objectives of the charity are: For the benefit of the public, the promotion and improvement of the efficiency and effectiveness of charities, in particular by the provision of advice and other forms of support to charities. Such other purposes for the benefit of the public as shall be exclusively charitable as the Trustees from time to time may determine. The Foundation's strategy is to support non-profit distributing organisations to enhance public service outcomes for citizens,. Such organisations to be supported include charities, social enterprises, academic organisations and others that do not distribute profit. The Foundation has sought to support these initiatives delivered by chosen charitable partners through grant-making activities or through the donation of Serco employee skills and time. In 2024, the Serco Foundation further enhanced its Trustees, improved the website and application process, and strengthened its administrative processes. This meant that the number of applications was below expectations and the contributions made were lower than expected. However, it has put the Foundation in a stronger position going into 2025. The Foundation remained focused on support for charities and causes sponsored by, and most relevant to, Serco employees, often where Serco employees have given their own time and efforts that could be matched or assisted by the Serco Foundation. Forward Plans The Serco Foundation's drive in 2025 and beyond is to seek to draw more on the resources, capabilities, and intellectual property of Serco Group plc by making management and other employees available, using their professional know-how or volunteering time, and focusing on more strategic and longer-term relationships with targeted charities to increase the impact that the Serco Foundation can have, as well as to continue with financial grants. The intention is to offer charities the opportunity to secure more substantial and enduring benefits derived from improvements in the efficiency and effectiveness with which they deliver their charitable aims and aspirations. This will not always be possible. so, as it did in 2024, it will
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Trustees, Report Icontinuedl continue to prioritise applications for support that are sponsored by Serco colleagues and seek to benefit the public in the areas of charities that are aligned with the markets in which Serco Group operates, such as veterans. prisoner rehabilitation, migrants, and indigenous communities. In 2025, it has focused on greater diversity in its Trustees and enhancing the Trustees, and on improving the communication and visibility of the Foundation. This needs to be a continued focus, as the number of applications has dropped and the communication and awareness of the Serco Foundation need to improve. It will continue to refine its strategy and approach and seek to raise further awareness through improvements in its website and future communications. Structure, governance and management The Serco Foundation was incorporated on 14 December 2012 as a company limited by guarantee, which is governed by its Articles of Association. The operations and running of the Serco Foundation are fully independent from Serco Group plc, however unpaid governance support is provided where necessary. The Articles of Association of the Foundation were updated and finalised at the end of June 2016 and provide for an Ex Officio Chairman, up to three Internal Trustees selected by Serco Group plc from employees of the Serco Group of companies, and three External Trustees who are appointed by the Board of Trustees and are not employees of the Serco Group. No other person or body external to the charity is entitled to appoint Trustees. All Trustees are inducted into the aims and objectives of the Serco Foundation before they are appointed. At one Board meeting each year as an early agenda item there is a reminder to Trustees of their key responsibilities. The Chairman and the Trustees take the strategic decisions and approve the way ahead at formal Board meetings where they also make decisions about applications put to the Serco Foundation. Between Board meetings they delegate the tactical day-to-day decisions to the Secretary, who circulates information to Trustees as necessary, if an Out of Committee decision is required. The Serco Foundation can draw on the expertise from external advisers and the wider Serco Group. The Foundation's policy is to issue grants or support 'in kind, in accordance with our charitable objectives. The primary purpose of the Trustees, grant giving activities is to support charities which align with the Serco Foundation objectives. The Trustees have considered the major risks to which charities are exposed and have established appropriate systems and processes to manage these risks. Three formal Serco Foundation Board meetings took place in 2024: in June 2024, September 2024 and December 2024.
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Trustees, Report Icontinuedl Trustees The Members and Trustees who held office during the year and to the date of this report were as follows.. Keith Archer-Jones (resigned 31 December 20241 David Eveleigh Stephanie Gray-Roberts {appointed 1 November 2024) Christopher May David Richardson (resigned 5 September 2024) Robert Smith (appointed 1 November 2024) Christopher Sullivan John Weller (resigned 31 October 2024) Trustees, indemnities The Foundation has made qualifying third-party indemnity provisions for the benefit of the Trustees which were made during the period and remain in force at the date of this report. Related paty transactions The Serco Foundation had a related party relationship with Serco Group plc (Sercol in 2024 as David Eveleigh, Chair of Trustees, is also an employee of Serco. Additionally, Christopher May, who was appointed as a Trustee in September 2023, remained with Serco until the end of 2024, while Stephanie Roberts, appointed in November 2024, is a current Serco employee. There have been no transactions between the Foundation and any of its related parties or any Trustees during the year. Public benefit The Trustees have relerred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Serco Foundation's aims and objectives and in planning future activities. In particular the Trustees considered how planned activities will contribute to the aims of the Serco Foundation and the objectives they have set and have therefore complied with the duty in section 17 of the Charities Act 2011. Taking into account the achievements and beneficiaries of the Serco Foundation as described below, the Trustees confirm that due regard had been paid to the public benefit guidance published by the Charity Commission. Financial review and reseprfes The Serco Foundation received income of £115,023 12023- £116,835) from investments and bank interest. Along with net gain on investments of £468,165 12023- £345,686) and funds carried over from the previous financial year, this has enabled us to deliver our activities as outlined in the achievements and performance section above and resulted in a surplus in 2024 of £449,869 (2023: surplus of £245,153) for the year. In total, grants of £93,176 were made during the course of 2024. The Trustees consider the results of the Serco Foundation to be satisfaciory. As at 31 December 2024, unrestricted funds for the year were £6,325,993 {2023: £5,876,124}.
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Trustees, Report Icontinuedl Barclays Wealth and Investment Management manage the investments on the Foundation's behalf within guidelines related to ethical investment activities as set by the Foundation, and provide regular updates to Trustees. Reserves policy and going concern The Trustees intend to hold sufficient funds in reserve so as to ensure the charity can continue to meet its long-term objectives. The Trustees will finalise its full fundraising strategy with the ai m of expand i ng its charitable activities in the future. The financial statements have been prepared on a going concern basis which the Trustees consider to be appropriate for the following reasons. The business model of the charity is such that its charitable activities are limited to those which it has sufficient funds and investments held to support from the excess of income received over the costs of administering the charity. The charity therefore has no specific commitments and no committed costs beyond its fixed costs of operation which are detailed in note 3 and 4. The Trustees have considered the cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that the charity will have sufficient funds to meet its liabilities as they fall due for that period. The Trustees consider that even if no fu rther external funding is received in the 12-month period, the charity has sufficient cash reserves and available investments to pay all committed costs. There have been no material post balance sheet date events that would affect this assessment. Consequently, the Trustees are confident that the charity will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the statements. Approved by the Board of Trustees and signed on its behalf by: Svjned br. fj109DQC1DF4X>.. David Eveleigh Serco House 16 Bartley Wood Business Pa Bartley Way, Hook Hampshire, RG27 9UY 13 August 2025
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Statement of Trustees, responsibilities in respect of the Trustees, annual report and the financial statements The Trustees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company 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 charitable company and of the excess of expenditure over income of the charitable company for that period. In preparing these financial statements, the Trustees are required to= select suitable accounting policies and then apply them consistently- make judgements and estimates that are reasonable and prudent; assess the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern,. and use the going concern basis of accounting unless they either intend to liquidate the charitable company or to cease operations or have no realistic alternative but to do so. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to saleguard the assets of the charitable company and to prevent and detect fraud and other irregularities.
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Independent examiner's report to the members of The Serco Foundation report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 December 2024. Responsibilities and basis of report As the charity's Trustees {and also its directors for the purposes of company law} you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061 the 2006 Act"). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Act"). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145 (51 Ibl of the 201 l Act. Independent Examiner's Statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act,. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination,. or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. oc(e Qjckn LLP Adam Fullerton IFCA, DChA} For and behalf of Moore Kingston Smith LLP Chartered Accountants 6th Floor 9 Appold Street London EC2A 2AP 13 August 2025
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 Notes 2024 2023 Income from: Income from investments Total income 115,023 115,023 116,835 116,835 Expenditure on: Investment management fees Charitable activities and governance Total expenditure 135,1231 198,1961 (133.319) 133,209) (184,159) {217,368} Net income/(expenditure) before net gains on investments Net gains/(lossesl on investments Net movement in funds 118,296) 468,165 449.869 {100,5331 345,686 245,153 Total unrestricted funds at start of year Total unrestricted funds at end of year 5,876,124 6.325.993 5,630,971 5,876,124 All amounts represent unrestricted funds. There are no recognised gains or losses for the current period other than as stated in the Statement of Financial Activities. Accordingly, no separate statement of total recognised gains and losses has been presented. The results for the year are wholly attributable to the continuing operations of The Serco Foundation. The accompanying notes form an integral part of the financial statements.
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Balance Sheet As at 31 December 2024 Notes 2024 2023 Current assets Investments Cash held by investment managers Cash at bank and in hand 6,158,778 163,389 44,846 5,727,750 109,264 42,610 Current liabilities Accruals and deferred income Net assets 141,0201 6.325.993 {3,500) 5.876.124 Funds of the charity Unrestricted funds Total funds 6,325,993 6,325,993 5,876,124 5,876,124 All amounts represent unrestricted funds. The accompanying notes form an integral part of the financial statements. The Directors state.. (al For the year ended 31 December 2024, the charitable company was entitled to exemption under Section 477 of the Companies Act 2006. Ibl No notice from Trustees requiring an audit has been deposited under Section 476 of the Companies Act 2006. Ic} The directors acknowledge their responsibilities for-. ensuring that the charitable company keeps accounting records which comply with Section 386 of the Companies Act 2006, and preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year, and of its income and expenditure for the financial year, in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime within Part 15 of the Companies Act 2006. The financial statements of The Serco Foundation (company number 083322791 were approved by the Board of Trustees and were signed on its behalf by.. gCO109DCC10F420 . David Eveleigh Trustee 13 August 2025
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Company no: 08332279 Charity no: 1150338 Year ended 31 December 2024 Notes to the Financial Statements 1. Accounting policies The principal accounting policies are summarised below. They have all been applied consistently throughoutthe current and preceding year. Basis of accounting These financial Statements have been prepared in accordance with the Statement of Recommended Practice- Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 102) issued on October 2019, Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 1021, the Companies Act 2006 and the Charities Act 2011. SORP Update Bulletin 1 which was issued 2 February 2016 ha5 also been adopted, as the charity is a public benefit entity for the purpose5 of FRS 102. The Serco Foundation qualifies as a small company under the Companies Act 2006 and accordingly has taken advantage of the exemption available in the FRS 102 SORP applicable for periods commencing after 1 January 2016 to not prepare a cash flow statement. Going concern The Trustees consider the Serco Foundation to have sufficient reserves to meet its forecast commitments and they believe that the Serco Foundation has adequate resources to continue for a period of at least 12 months from the date of this report. In particular, the Trustees have considered the level of investments held both at 31 December 2024 and at the date of signing these financial statements, together with the value of donations committed but not yet paid. The Trustees have confirmed that sufficient reserves exist to make all committed payments along with other payments required to be made for at least 12 months from the date of this report. Accordingly, the Trustees consider it appropriate to adopt the going concern basis in the preparation of the Serco Foundation's financial statements. Income These are recognised in the Statement of Financial Activities (SOFA) when: The charity becomes entitled to the resources,- b. The Trustees are of the opinion that receipt is probable,- and The monetary value can be measured with sufficient reliability. Where incoming resources have related expenditure las with fundraising or contract income) the incoming resources and related expenditure are reported gross in the SOFA. Donated services and facilities These are only included in the SOFA {with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. It is not possible to reliably measure the value of donated administrative services supplied by Serco Group plc. 10
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Year ended 31 December 2024 Notes to the Financial Statements (continued) Company no: 08332279 Charity no= 1150338 Accounting policies (continued) Expenditure Expenditure is included in the SOFA on an accruals basis when incurred and includes attributable VAT which cannot be recovered. Resources expended comprise the following: Charitable expenditure being those costs incurred by the charitable company in the delivery of its activities and services for its beneficiaries. Governance costs - being costs associated with meeting the constitutional and statutory requirements of the charity. Tax A5 a registered charity, the Foundation is exempt Irom corporation tax under the Corporation Tax Act 2010 or Section 256 of the Taxation for Chargeable Gains Act 1992, to the extent surpluses are appl led to its cha ritable purposes. Fund accounting All funds are unrestricted and are available to be used in accordance with the charitable objects at the discretion of the Trustees. Investments The Foundation invests in a mixture of listed equities, EfFs and non-listed funds with investments in equities and fixed income securities. All investments are initially recognised at their transaction value including fees and duty. They are subsequently measured at theirfair value as at the balance sheet date using the closing quoted market price or NAV per share provided by the fund managers. Changes in fair value are recognised in the statement of fi nancial activities. Realised and unrealised investment gains and losses are combined and shown in the heading "Net gains on investments" in the statement of financial activities. The charity does not use short selling, enter into derivative contracts or other complex linancial instruments. Fees payable in relation to the management of the Foundation's investments are recognised in the statement of financial activities on an accrual's basis. 2. Income from investments 2024 2023 Dividends and distributions Interest on investments Ba n k i nterest 54,197 59,082 1,744 115,023 62,242 53,641 952 116,835 3. Fees 2024 2023 Investment management fees 35,123 35,123 33,209 33,209
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Year ended 31 December 2024 Notes to the Financial Statements (continued) Company no: 08332279 Charity no= 1150338 4. Charitable activities and governance costs Note 2024 2023 Other grants support costs 93,176 5,020 98.196 177,918 6,241 184.159 5. Support costs 2024 2023 Administrative expenses Fees payable to the independent examiner for the examination of the charity's annual accounts Fees payable to the for the audit of the charity's annual accounts 5,020 3,500 1,600 6,241 5,020 6. Trustees, remuneration The Trustees do not receive any remuneration or reimbursement of expenses in respect of their services to the Serco Foundation. Where Trustees are also employees of the Serco Group, their services to the Serco Foundation are incidental in the context of their wider role within the Serco Group and whilst they may be remunerated by other companies in the Group, they do not receive any remuneration specifically in relation to their qualifying services to the Foundation. As such, there is no Trustees, remuneration for the year ended 31 December 202412023.. none). 7. Investments 2024 2023 Fair value at start of year Additions at cost Disposal proceeds Net gain/llossl on change in fairvalue Fair value at end of year 5,727,750 5,399,555 2,378,926 2,895,650 (2,416,064) 12,913,141) 468,165 345,686 6,158,778 5,727,750 Investments comprise.. 2024 2023 UK investments Non-UK investments 195.893 5,962,885 6,158,778 250,268 5,477,482 5,727,750 12
Docusign Envelope ID.. CA14CE20-D01 B4078-9151-3B85526FBEA8 The Serco Foundation Year ended 31 December 2024 Notes to the Financial Statements (continued) Company no: 08332279 Charity no= 1150338 Investments representing over 5% by value of the portfolio comprise: 2024 2023 Barclays Global Corporate Bond ishares Global Corp Bond UCITS ETF PIMCO Fund GIS - Global Investment Grade Credit Fund Fidelity Investment Funds- Asia Fund Robeco QI Emerging Conservative Equities 317,081 488,618 470,690 308,876 304,422 413,750 332,784 1.063.615 1.572.606 1. Investment was held as at 31 December 2024. but did not represent 5% of total assets 2. Investment was held as at 31 December 2023. but did not represent 5% of total assets 8. Creditors: amounts falling due within one year 2024 2023 Accruals Donations payable 4,320 36,700 41,020 3,500 3,500 9. Liabilities of members The Serco Foundation is a company limited by guarantee. In the event of winding up, the maximum amount guaranteed to be contributed by each member is £1. 10. Related party transactions The Serco Foundation had a related party relationship with Serco Group plc (Sercol in 2024 as David Eveleigh, Chair of Trustees, is also an employee of 5erco. Additior)ally, Christopher May, who was appointed as a Trustee in September 2023, remained with Serco until the end of 2024, while Stephanie Roberts, appointed in November 2024, is a current Serco employee. There have been no transactions between the Foundation and any of its related parties or any Trustees during the year. 13