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