THE XEROX (UK) TRUST
(A Company Limited by Guarantee)
Governors’ Report and Financial Statements
for the year ended
31 December 2020
Company Registration Number: 1625848 Charity Registration Number: 284698
The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
| CONTENTS | |
|---|---|
| Governor’s Report | 1-4 |
| Auditor’s Report | 5-7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Statement of Cash Flows | 10 |
| Note to the Accounts | 11-16 |
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
Governors’ Report and Financial Statements for the year ended 31 December 2020
Governors
J McMahon C Walsh P Watson M Godber
Secretary
C Walsh
Registered Office
Building 4 Uxbridge Business Park Sanderson Road Uxbridge Middlesex UB8 1DH
Auditors
Haysmacintyre LLP 10 Queen Street Place
London EC4R 1AG
Bank
HSBC Bank plc
Fund Manager
St James’ Place Wealth Management
Registered Numbers
Company No: 1625848 Charity No: 284698
Governing Instrument
Memorandum & Articles of Association dated 30 March 1982
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
GOVERNORS’ REPORT
ACCOUNTS
The Governors, who act as directors for the purposes of company law, present the report and financial statements for the year ended 31 December 2020. The results of activities for the year under review are set out in the accounts on page 8.
Legal and administrative information set out on page 1 forms part of this report. The financial statements have been prepared in accordance with the accounting policies set out in Note 1 to the financial statements and comply with the current statutory requirements, the memorandum and articles of association and the Statement of Recommended Practice, “Accounting and Reporting by Charities” (Charities SORP – FRS 102 second edition, effective 1[st] January 2019).
STRUCTURE AND OBJECTIVE
The Trust is a private company limited by guarantee and does not have share capital. It is registered with the Charity Commission (No: 284698) and is managed by the Board of Governors. The sole objective of the Trust is the provision of financial and other support exclusively for charitable purposes, according to the laws of England currently in force, by making donations to various charitable organisations, detailed in Note 6.
The Governors are employees of Xerox who are selected and appointed for their suitability and experience within the Company. Governors are elected at Annual General Meetings or appointed in accordance with the articles of association (articles 30 and 32 respectively).
RELATED PARTIES
The Trust has a very close relationship with Xerox (UK) Limited (company registration number: 330754). The Xerox (UK) Trust is owned by Xerox Limited (see Note 13).
REVIEW OF ACTIVITIES
During the period, the Trust generated income of £37,133 (2019: £60,250) and made charitable disbursements totalling £10,164 (2019: £23,780) (see Note 6). The source of income resulted from investment income totalling £36,898 (2019: £45,052), fundraising activities totalling £235 (2019: £15,198) with NIL donations in the year (2019: NIL) based on the future strategy set out below.
Since 2016, Xerox graduates and industrial placements students have been engaged by the Governors to assist with fund-raising on behalf of The Trust. Due to Covid-19 fund raising activities have halted and the Governors are considering if fund raising activities are possible going forward.
The assets of the Trust at 31 December 2020 amounted to £1,210,665 (2019: £1,195,389). These assets are available and adequate to fulfil the obligations of the Trust. There have been no changes in policies since the last report.
FUTURE STRATEGY
Investments are managed by St James’s Place Wealth Management. The investment is intended to generate income and also provide capital growth to support the objective of the Trust going forward. The assets of the Xerox (UK) Trust were transitioned to a less risky strategy at the end of 2019 as advised by St James’ Place Wealth Management.
There has been very little impact as a result of COVID-19 to the asset value to the Trust year to date in 2021.
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
BOARD OF GOVERNORS
The Governors, who served throughout the year except as noted, were as follows:
Governors:
J Hopwood (Resigned 31 December 2020) J McMahon C Walsh P Watson M Godber Secretary: C Walsh
GRANT MAKING POLICY
The Trust invites written applications for funding from external parties and Xerox employees. The applications are reviewed by the Governors with a view to making grants of up to several thousand pounds to small charities concerned with the provision of direct aid to children and young people. Preference is given to requests supporting tangible projects and to charities recommended by Xerox (UK) Limited employees.
During the year £10,164 (2019: £23,780) of grants were made.
INVESTMENT POWERS, POLICY AND PERFORMANCE
Under the memorandum and articles of association, the Trust has the power to make any investment, which the Governors see fit. Investments resulted in a net gain of £47,077 (2019: net gain of £106,051). See Note 7.
PUBLIC BENEFIT
The Trustees have given careful consideration to the Charity Commission’s guidance on public benefit and confirm that they have given due regard to this guidance. The Trust provides a wide range of public benefits (see Note 6) with a particular emphasis on education and well-being and various health-related causes for children and young people.
RESERVES
As at 31 December 2020, the total reserves of the Trust amounted to £1,210,665 (2019: £1,195,389). The policy is to distribute all income received and provides sufficient funds to cover management, administration and support costs each year. The investments of the Trust are to be retained to generate income for its future activities. As at 31 December 2020, investments total £1,169,653 (2019: £1,139,976) leaving free reserves of £41,012 (2019: £55,413). The Governors are of the opinion that the current level of reserves whilst adequate is not excessive. The Governors will review the reserves policy annually.
RISK REVIEW
The Governors have examined the major strategic, business and operational risks, which the charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to mitigate these risks.
The key risk relates to the continued performance of investment assets to provide a regular income stream for the charity. To manage this risk the Trust have appointed a fund manager who reports to the board regularly on performance matters. As stated in our future strategy, the assets of the Xerox (UK) Trust were transferred into a less risky strategy as advised by its fund manager, St James’ Place Wealth Management at the end of 2019. There has been very little impact as a result of COVID-19 to asset value year to date and the Governors will continue to review the investment strategy on the advice of its fund manager to mitigate risk where necessary.
FUNDRAISING
Due to Covid-19, fund-raising activities were halted and as a result only one fundraising activity took place in 2020 which was a charity bake sale where the total amount raised was £235 (2019: £15,198).
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
RESPONSIBILITIES OF GOVERNORS
The Governors, as directors of the charitable company, are responsible for preparing the Governors’ 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 the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors 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 company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Governors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
So far as each of the directors is aware at the time the report is approved:
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there is no relevant audit information of which the company's auditors are unaware; and
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the directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
AUDITORS
In accordance with Section 485 of the Companies Act 2006, a resolution for the re-appointment of Haysmacintyre LLP as auditors of the Trust is to be proposed at the forthcoming Annual General Meeting.
In preparing this report, the Trustees have taken advantage of the small companies’ exemptions provided by Section 415A of the Companies Act 2006.
…………………………………………………. ………….………15 July………… 2021 Governor J McMahon By Order of the Board of Governors
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF THE XEROX (UK) TRUST
Opinion
We have audited the financial statements of The Xerox (UK) Trust Limited for the year ended 31 December 2020 which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
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give a true and fair view of the state of the charitable company’s affairs as at 31 December 2020 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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Governors’ Report and Accounts 2020
The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees’ Report (which includes the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the directors’ report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept by the charitable company; or
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the charitable company financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees’ remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies’ regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.
Responsibilities of trustees for the financial statements
As explained more fully in the trustees’ responsibilities statement set out on page 4, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those
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Governors’ Report and Accounts 2020
The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included:
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Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud;
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Review of minutes of Trustees’ meetings; and
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Evaluating management’s controls designed to prevent and detect irregularities.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Weaver (Senior Statutory Auditor) 10 Queen Street Place For and on behalf of Haysmacintyre LLP, Statutory Auditor London EC4R 1AG Date: 28 July 2021
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
STATEMENT OF FINANCIAL ACTIVITIES (Including the Summary Income and Expenditure Account) for the year ended 31 December 2020
| 2020 2019 £ £ Unrestricted Funds Unrestricted Funds |
|
|---|---|
| INCOME FROM: Other Trading Activities (Note 3) 235 15,198 Investment Income (Note 4) 36,898 45,052 |
|
| Total Income 37,133 60,250 |
|
| EXPENDITURE ON: Raising Funds (Note 5) (17,400) (17,503) Charitable Expenditure: Grants Paid / Payable (Note 6) (10,164) (23,780) Grants Cancelled 1,350 - Support Costs – Audit Fee (7,260) (7,020) Other Expenses - - |
|
| Total Expenditure (33,474) (48,303) |
|
| Net Income /(Expenditure) before NET Gain/(Loss) on Investments 3,659 11,947 Net Gain / (Loss) on Investments (Note 7) 11,617 106,051 |
|
| Net Movement in Funds 15,276 117,998 Fund Balances Brought Forward 1,195,389 1,077,391 |
|
| Fund Balances Carried Forward 1,210,665 1,195,389 |
The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
All comparative figures were also unrestricted and have been represented under FRS (SORP 2019) on the Statement of Financial Activities.
The notes on pages 11 to 16 form part of these accounts.
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
BALANCE SHEET as at 31 December 2020
Company Registration Number: 1625848
| 2020 £ £ |
2019 £ £ |
|
|---|---|---|
| FIXED ASSETS Investments (Note 7) 1,169,653 |
1,139,976 | |
| CURRENT ASSETS Debtors (Note 8) 11,007 Cash at Bank and in Hand 42,329 |
14,042 124,251 |
|
| 53,336 | 138,293 | |
| CREDITORS: Due Within One Year Creditors (Note 9) (7,260) Grants payable (Note 9) (5,064) Purchase of Investments (Note 9) - |
(7,020) (5,860) (70,000) |
|
| Net Current Assets 41,012 |
55,413 | |
| Net Assets 1,210,665 |
1,195,389 | |
| FUNDS Unrestricted 1,210,665 |
1,195,389 | |
| Total Funds 1,210,665 |
1,195,389 |
The accounts have been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.
Approved and authorised for issue by the Board of Governors on …………………15 July 2021 .
………………………………………………….…..
Governor P Watson
The notes on pages 11 to 16 form part of these accounts.
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
STATEMENT OF CASH FLOWS for the year ended 31 December 2020
| 2020 | 2019 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | (83,360) | 49,818 |
| Cash flows from investing activities | ||
| Dividends and interest from investments | 36,898 | 45,052 |
| Purchase of investments | (87,634) | (1,139,450) |
| Proceeds from sale of investments | 52,174 | 1,069,450 |
| -------------------- | ------------------ | |
| Net cash provided by/(used) in investing activities | 1,438 | (24,948) |
| -------------------- | ------------------ | |
| Change in cash and cash equivalents in the reporting period | (81,922) | 24,870 |
| Cash and cash equivalents at the beginning of the reporting period | 124,251 | 99,381 |
| -------------------- | ------------------ | |
| Cash and cash equivalents at the end of the reporting period | 42,329 | 124,251 |
| ========== | ========= | |
| NOTES TO THE CASH FLOW STATEMENT | 2020 | 2019 |
| £ | £ | |
| Reconciliation of net income to net cash flow from operating | ||
| activities | ||
| Net income for the reporting period | 15,276 | 117,998 |
| (Gains)/losses on investments | (11,617) | (106,051) |
| (Increase)/decrease in debtors | 3,035 | 56 |
| Increase/(decrease) in creditors | (70,556) | 65,364 |
| Dividends and interests | (36,898) | (45,052) |
| Investment management fees | 17,400 | 17,503 |
| -------------------- | ------------------ | |
| Net cash provided by/(used) in operating activities | (83,360) | 49,818 |
| ========== | ========= | |
| Analysis of cash and cash equivalents | ||
| Cash at bank and in hand | 42,328 | 124,251 |
| -------------------- | ------------------ | |
| 42,328 | 124,251 | |
| ========== | ========= |
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
NOTES TO THE ACCOUNTS
1. PREPARATION OF THE ACCOUNTS
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a) The financial statements have been prepared in accordance with 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) (Charities SORP – FRS 102 second edition, effective 1[st] January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.
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The Trustees considered a period of at least 12 months and concluded that there are no material uncertainties about the Charity’s ability to continue as a going concern.
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b) Donations receivable and investment income receivable are included in the accounts when the charity has entitlement it is probable income will be received and the amount can be measured reliably.
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c) Expenditure is included on an accrual basis. Grants payable are charged in the year when approved and notified to the recipient. Where the offer of grant is conditional, such grants are recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions, which have not been met at the year end, are noted as a commitment, but not accrued as expenditure. The Charity had no employees during the current or prior year.
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d) Unrestricted funds are donations and other income receivable or generated for the objects of the Trust without further specified purpose and are available as general funds.
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e) Quoted investments are stated at fair value (Bid Price). Realised and unrealised gains and losses on revaluation and disposals occurring in the year are reported in the Statement of Financial Activities.
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f) Financial Instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors but excludes prepayments. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions.
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g) Debtors. Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
NOTES TO THE ACCOUNTS
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h) Cash and cash equivalents. Includes cash at bank, cash in hand and other short term highly liquid investments.
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i) Creditors and provisions. Creditors and provisions 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 and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
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j) Judgements and estimates. The trustees do not consider that any significant judgements or estimates have been used by the charity in the preparation of these financial statements.
2. STATUS
The Xerox (UK) Trust is a private company limited by guarantee and does not have share capital. It is registered as a charity with the Charity Commission. Every member of the Trust undertakes to contribute to the assets in the event of the Trust being wound up whilst they are a member, or within one year after they cease to be a member, for payment of the liabilities of the Trust contracted before they cease to be a member, such amount as may be required, not exceeding £1.
3. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | ||
|---|---|---|
| 2020 | 2019 | |
| Fundraising | £235 | £15,198 |
| Total | £235 | £15,198 |
Fundraising income for 2020 is stated net of gross expenditure of £nil.
4. INVESTMENT INCOME
| INVESTMENT INCOME | ||
|---|---|---|
| 2020 | 2019 | |
| Distributions | £36,846 | £44,848 |
| Bank Interest | £52 | £204 |
| Total | £36,898 | £45,052 |
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
NOTES TO THE ACCOUNTS
5. RAISING FUNDS
| RAISING FUNDS | ||
|---|---|---|
| 2020 | 2019 | |
| Investment Management Fees | £17,400 | £17,503 |
| Total | £17,400 | £17,503 |
6. GRANTS PAYABLE
Grants approved by the Trust during the period were as follows:
| 2020 Strongbones Children’s Charitable Trust £2,000 Rainbows Hospice for Children & Young People £3,100 Handicapped Children’s Action Group £2,064 Young & Free The Future of Integration £3,000 TOTAL PAYABLE 2019 £10,164 |
2019 A Child of Mine £1,200 Brockworth Link £2,000 Children’s Heart Foundation £300 Phase £2,020 NARA – The Breathing Charity £1,400 Fight Against Blindness (FAB) £550 Friends of Priestley School £1,500 Levi’s Star £2,000 Young Urban Arts Foundation £1,900 Bexley Mencap £2,000 Crackerjacks Children Trust £2,050 Daisy’s Dream £1,000 S.N.O.O.S.C £1,000 The Children’s Charity £1,500 Mind Angels £350 The Gifted £2,000 Hope 4 Kidz £1,010 |
|---|---|
| TOTAL PAYABLE 2019 £23,780 |
The grants to Handicapped Children’s Action Group and Young & Free The Future of Integration are included in creditors in note 9. These grants are payable during 2021, and have no performance-related conditions attached.
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
NOTES TO THE ACCOUNTS
7. INVESTMENTS
(a) St James’s Place Wealth Management
Invested in unit trusts managed by St James’s Place Wealth Management.
All realised and unrealised gains and losses on investments are included in the Statement of Financial Activities. Movements during the year in the value of listed investments were as follows:
| Market Value at 1 January 2020 Additions Proceeds from disposals Management fee Netgains on investments |
£ 1,139,976 87,634 (52,174) (17,400) 11,617 |
|---|---|
| Market Value at 31 December 2020 | £1,169,653 |
The value of listed investments at the year end was £1,169,653 and since the year end the investment markets have been volatile as a result of COVID-19. As at 9th June 2021, the investment portfolio valuation was £1,200,855.
8. DEBTORS
| DEBTORS | ||
|---|---|---|
| 2020 | 2019 | |
| Accrued Investment Income | £11,007 | £14,042 |
| Total Debtors | £11,007 | £14,042 |
Governors’ Report and Accounts 2020
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The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
NOTES TO THE ACCOUNTS
9. CREDITORS: DUE WITHIN ONE YEAR
| CREDITORS: DUE WITHIN ONE YEAR | ||
|---|---|---|
| 2020 | 2019 | |
| Audit Fee | £7,260 | £7,020 |
| Grants Approved in 2019 (paid in 2020) | - | £5,860 |
| Grants Approved in 2020 (paid in 2021) | £5,064 | - |
| Purchase of Investments Approved in 2019 (paid in | - | £70,000 |
| 2020) | ||
| Total Creditors | £12,324 | £82,880 |
10. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2020
| Investments Current Assets Current Liabilities |
Unrestricted Funds Total Funds £ £ 1,169,653 1,169,653 53,336 53,336 (12,324) (12,324) |
|---|---|
| 1,210,665 £1,210,665 |
ANALYSIS OF NET ASSETS BETWEEN FUNDS 2019
| Investments Current Assets Current Liabilities |
Unrestricted Funds Total Funds £ £ 1,139,976 1,139,976 138,294 138,294 (82,880) (82,880) |
|---|---|
| £1,195,390 £1,195,390 |
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Governors’ Report and Accounts 2020
The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements
NOTES TO THE ACCOUNTS
11. FUNDS 2020
| FUNDS 2020 | |||||
|---|---|---|---|---|---|
| At the start | Income | Expenditure | Net realised | At the end | |
| of the year | and unrealised | of the year | |||
| gains / (losses) | |||||
| £ | £ | £ | £ | £ | |
| Unrestricted Funds | 1,195,389 | 37,133 | (33,474) | 11,617 | 1,210,665 |
FUNDS 2019
| FUNDS 2019 | |||||
|---|---|---|---|---|---|
| At the start | Income | Expenditure | Net realised | At the end | |
| of the year | and unrealised | of the year | |||
| gains / (losses) | |||||
| £ | £ | £ | £ | £ | |
| Unrestricted Funds | 1,077,391 | 60,250 | (48,303) | 106,051 | 1,195,389 |
12. RELATED PARTY TRANSACTIONS
Xerox (UK) Limited is owned by Xerox Capital (Europe) Limited which in turn is owned by Xerox Limited. The Xerox (UK) Trust is owned by Xerox Limited.
All staff are employed by Xerox and Xerox provides office space for The Xerox (UK) Trust. No fee is charged from Xerox for these services/ facilities.
The Governors constitute Directors of the Company for the purposes of the Companies Act 2006. None of the Governors received any remuneration or reimbursed expenses from the Trust during the period under review (2019: £NIL).
There were no other related party transactions during the current and prior year.
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Governors’ Report and Accounts 2020