THE XEROX (UK) TRUST (A Company Limited by Guarantee) Governors, Report and Financial Statements for the year ended 31 December 2021 Company Reglstration Number: 1625848 Charity Registration Number: 284698 The Xerox (UK) Trust- A Company Limited by Guarantee maneill Statements G0Ven￿['S Re￿rt 14 Auditor's Rewrt Statcmcnt of Financial Activitics Balance Sheet Statement of Cash Flows io Note to the Aecounts Governors, RerA)rt and Acco￿$202] Post i The Xerox (UK) Trnst- A Company LitniteAI by Gu8Tant¢e FlllAntial Statements Governors, Report and Finallcial Statements for the year ended 31 December 2021 Covernors J Mcmahon C Walsh P Watson M Godber C Walsh Regtsttred Office Building 4 Uxbridge Business Park Sandetson Road Uxbridge Middle￿X UB8 IDH Auditors HaysmacintyTe LLP 10 Queen Street Place EC4R IAG HSBC Bank plc FuDd MAn#￿r St J￿nes. Place Wealih Managematt Regkntered Numbers Company No: 1625848 Charity No: 284698 Governing In5trnmeDt MaTh)randum & Articles of Association dated 30 Match 1982 Governor5, iieport aYMI Accounts 2021 Plse I The Xerox (UK) Trust- A Company LiJnited by Guarantee Flnancial St*tements 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 D￿ernber 2021. The resulis of activities for the year under review aTe set out in the a￿oUntS on pagc 8. Legal and administrative infom]ation sd out on page I fonn5 part of ihis Teport. The financial statements have been prepared in accordance with the accounting policies set out in Note I lo the fiThancial statements and comply with the currcnt statutory requirements. the m¢mornndum and articles of association and the S13tcmenl of Re￿MMe￿I0j Prdctice. -Accounting aNI Rq)ortin8 by ChaTities" (Charitia SORP- FRS 102 second editio￿ e(Yective l¥ January 2019). STRucfuRE AND OWECTIVE The Tjusl is a private company limiied by guorantee and do&s not have share capital. It is r¢gist¢rd 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 suprnrt exclusively for chÈritabl¢ purpo￿. according to the laws of England ¢utr¢nily in force. by Diaking donations to vario￿% charitable organisation5, detailed in Note The Governors are employees of Xerox who ar¢ selected and appOin￿d for their suitability and experience within the Company. Governors are eledol at Atlnual Generdl Medings or appointed in accordance with Ihc articles of ass(tiation (articles 30 and 32 rwttvely). RELATED PARTIES Th¢ Tn￿ has a very ¢lose relatiOA8hip with Xffox (UK) Limited {company regisiration number: 330754). The Xerox (UKI Tn￿1 is owned by Xetox Limiied (see Note 13). REVIEW OF AcrivrTIES During ihe period, the T￿st generdl¢d itKome of £38.IM2 (2020.. £37,133) and made charitable disbursements lotalling £152(M) (2020: £10.164) (stt Note 6). The source of irtome resulted from investmeni income lotalling £38,042 (2020.. £36.898). futhising activitias lolalling NIL (2020: £235) with NIL donaliotks in the year (2020.. NIL) based on the future strategy set out below. The assels of lh¢ Trust at 31 December 2021 amountol io £1245267 (2020: £1,210,665). These assets arc available and adequate lo ￿lfIl thc obligalions of the Tntst. There have been no changes in poli¢i¢s sinc¢ the last report. FUTURE STRATEGY Investmenis are managd by St James's Place Wealth Monag¢mcni (SJP). The investmuit is iniended lo generate an agreed level of i￿Orne and also provide the opportunity for ￿pital growth to support the obje¢liv¢ of the Trust going forward. The assds of ihe Xerox (UK) TtU51 were iransilioned lo a less risky strntegy at the end of 2019 as advised by SJP Ihis helped P￿serVe the value of the Tn￿1 inveslmenls acros5 the COVID-19 pandanic and during 2021. In mid-February 2022. following advice from SJP that the prospect of rising interest rates infl*ion would have a negaiive IMp￿t on the value of the Tru5t'5 fixed income inVe￿mentS the Trnst sold its Gill InV￿lMen( Grade Corporate Bo￿1 Funds (216k). The proceeds from ih¢se sales were invested in two of SJP'S equity i￿Ome fvnds. Going Concern The Governors will continue to monitor the puforn￿ttce of its inv&stment p)rtfolio which are manag¢d by St J8m¢s' Pla¢¢ Management and ensure that it does JKtyt commit to grdnts that it cannot afford. The Icvel of income provided by distrilxrtions is sufficient ¢0 med donation requests paid in the last 2 years. GovmMK5' Rqyjrt ar￿ A¢¢ourtts2021 The Xerox (UK) Trust- A Company Limilal by Guarantee Financial Ststement8 The Governor5, who seryed throughout thc year ¢xW as t¥)teJJ. were as follows: Governors.. J Mcmahon C Walsh P Walson M Godber Secretary." C Walsh GRANT MAKING POLICY The T￿st invites written applications for funding from external parties 8nd Xerox employees. The applications are reviewed by the Governors with a view to tnaking grants of up to several thousand pounds to small ¢haritie5 COnc￿ned with the provision of direct aid to thildren and young people. Preference is given lo requ￿t$ SUP[￿)rtIng I￿gIble proj￿1$ and to elwit1￿ tecommended by Xerox (UK) Limited employees. DutiDg ihe year £15.2(M) (2020: £10,164) of grants were M￿¢. IIYVESTMENT POWERS, POLICY AND PERFORMANCE Under th¢ manorandum and articles of ass(Klatio￿ the Trust has the p)wff lo make any investment, which the Governors see fit. Investments resulied in a gain of £38.558 {2020: net gain of £1 1,617). See Note 7. PUBLIC BENEFIT The TnLslccs hav¢ given careful consideration lo the Charity Commission's guidanc¢ on public benefjt and Conf￿ Ihat they have given due regard to this guIda￿e. The Tn￿1 provides a wide rdnge of public benefits (see Note 6) with a particular emphasis on ed￿tIOn and w¢ll-king and variou5 health-rdated causes for children and young people. RESERVES As al 31 December 2021, the total re5erv&s of the Trust amou￿ed lo £1,245,267 (2020.. £1.210.665). The policy is to distribute all i￿ome received and provits su￿1¢1¢nt ￿[￿1$ to cover managernent, administration and support ￿St$ each year. The investment5 of th¢ Trust are lo bc retaind to generdte income for its ￿tUre aclivities. As at 31 December 2021. investments t(Aal £1228,780 (2020: £1.169,653) leaving free reserves of £16.487 (2020: £41.012). The Governors are of the opinion that the current level of r¢scrves whilst adequate 15 riot excessive. The Governors will review the reservas policy annually. RISK REVIEW The Governors have examined the major strat¢gi¢. Ewsincss atxl Op￿tIonal risks, which ihe charity faces and confimi that systems have been established to enable regular reN)rts to be produ¢¢d so Ihai the nece￿ary slcps can bc taken to mitigate these risks. Th¢ key risk relates io the coniinued perforniance of investmcnt assets to provide a regular income stream for the charity. To manage this risk the Trnst have appoin14Xt a fimd rnanager who reports lo ihe iKTrard regularly on perfoMw￿e matteT5. Th¢ Gov¢mors will coYJtinue to review the invutment slralegy on the advice of its managerto rnitigate risk where necessary. Governors. Report a￿4 AccNttts2021 The Xerox (UK) Trust- A Company Limited by Guarantee Financial Statemettts RESPONSIBILITIES OF GOVERNORS The Governors, as director5 of the charitable company. are res￿nsible for preparing the Governors, R¢port and lh¢ financial statement5 in accord￿ with applicable law and regulations. Company law requires the directots to prepare fjnancial Statema￿ for cach financial yvdr. Under that law the directors have ¢lected io prepare the fjnancial siaiements in accordance with United Kingdom Generally Accepted Accounting Practice Iunited Kingdom Accounting Stsndards and applicable law). Under company law the dIr￿lOTs must not approve thc financial statement5 unl&55 they are satisfied that they give a In￿ and fair view of the slate of affairs of th¢ Company and of the profil or loss of the company for that period. In preparing these financial statements. Ik directors are required to: select suitabl¢ a￿ountIng ￿li¢l¢S atyj then apply them consistently. observ¢ Ihe methods and Principles in the Chan"tie5 SORP: make judgments and accounting estimates that are r￿onable and pn￿ent. and prepare the financial stat¢m¢nts on Ihe going basis un]es5 it l5 inappn)priate to presume that the comwany will continue in bu51[1￿. Th¢ Governors are responsible for keeping adequate accounting records that are sufficient io sly)w and ¢xplain the company's Iran5acli0￿5 and disclose with reasonable at atLy time the financial position of the company al￿ enable them to ensure that the fmancial staiements Comply with th¢ Companies Act 2006. They are also resFK)nsible for safeguarding the assets of ihe company and hence for taking rcasonable steps for the prevention and d¢tection of fraud and ￿her iwlarilies. &) far as each of the directors is aware at the time th¢ rry￿ is appmved. there is Th) relevant audit iThforntstion of which the compan￿$ a￿lI10rS are unam a￿j the directors have taken all ￿ep$ Ihal Ihey ought lo have iaken lo make themselK8 aware of any )Elevant audit inforniation and to establish thai the auditors are aw￿￿ olihal information. AUDITORS In accordance with Section 485 of ihe Compania8 Act 2(KJ6. a resolution for ihe re-appointm￿1 of HaySmacinly￿ LLP as auditors ofthe Trust 15 to be Pro￿sed at the forthcoming Annual General Mttilng. In preparing this r¢port. the Trustees have thken advantage of the small compani&s' exemptions provided by Section 415A of the Compani&s Act 2006. 28" September 2022 Pwul Wat50n Governor By Order of the Board of Governors c￿vernOrs. Rewi and A¢¢ounts 2021 P4e4 The Xerox (UIQ Trust- A Company Limit¢d by Guarant¢¢ Financial Statements INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE XEROX (UK) TRUST OpiDioD We have audit￿ the fmancial statements of The Xerox (UK) Tn￿1 Lirniied for the year ended 31 December 2021 which comprise the Statement of FI[w￿la] A￿1VI￿¢S. Balance Sheet, Ststement of Cash Flows and notes to the financial statements. including a sumw of significant accounting polici&s. Th¢ financial rqiorting framework that has been appli¢d in their pr¢parnlion is applicable law 8nd unit￿ Kingdom Accounling Standards. including FIna￿la1 Re￿rtIng Statthrd 102 Tre Financial Reporling Siandard applicable in ihe UK and Republic oflreland (United Kingdom G￿)￿￿]Y Accept¢d A￿O￿n11n8 Practice). In our opinAon, the finantial statem¢nts: giv¢ a true and fair view of the Stale ofthe ch￿]￿ble company's affairs as at 31 December 2021 and of the chaTitable company's net movement in funds, including the in￿¢ and expenditur4 for the year then end￿. have be£n properly prwed in accorda￿¢ with United Kingdom Generally Aceepted Accounling Practice. and have been pr¢pared in accordance with the requiremeths of thc Companies Act 21M)6. Basis for oplnlon Wc conducted our audit in accordance wilh Iniernational Standard% 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 fuwicial sthtern￿ts section of our rewjrt. We are indepetmlent of the Charity in accordan¢¢ wlih the ethical requirements that are relevant to our audit of the financial staiements Lti the UK, iwluding the FRC'S Eihical Siandard. and we have fulfilleAI our other ethical responsibilities in accordance with ihes¢ rquirements. We believe that the audit evidence we have Obtain￿ is sufficient and appropriate to provide a basis for our opinion. Conclusions reljting to going concern In auditing the financial slatemenls. we have concluded that the trusl¢e5' use of the going concern basis of a￿oU￿11n8 in the preparation of the financial stalemenls 15 appTopriate. Based on the work we have I￿rf0mle4 we have noi identified any material utK¢rtainlies relating to events or conditions that, individually or colleaively. may cast significant doubl on the charitable cornpany ability to continue as a going concern for a puiod of at leasi ttvelve months from when the financial 51atemcnts are authorised for issu¢. Our [￿pOnsIbl1)ll¢S and the responsibilities of the tntste&s with to going concern are described in th¢ relevant seclioAs of this report. Other iDformatiOD The tn￿le¢S are rwnsible for the other iThfornMtion. The other infOrn￿ll0n comprises the information included in the TNslees' Report. Our (yinion on the financial statements does noi cover the other inf0m￿tion and. except lo the extent otherwise explicitly stated in our report. we do not eXp￿SS any forni of assurance conclusion ihereo In connection with our audit of the financial statement4 our res￿￿41b11itY is lo read ihe other infomiation and, in doing so. consider whether the other inforniation is materially inconsistent wilh the financial sta1￿￿enIS or our knowledge obtained in the audit or otherwis¢ appears to Ix materially misstated. If w¢ identify such mAterial inconsistencies or apparent material misststancnts. we are requir￿1 to detetrnine whether there is a material misststanent in the fuwKial stat¢m¢nls or a material mis5talement of the other itiforniation. If. bas￿ on the work we have pttformed. we ￿￿LUde that ther¢ is a material misstatement of thi$ other inf0m￿tIO￿ w¢ are requircd to rep)rt that fact. We have nothmg to rep)rt in this regard. IV￿￿015. Rcport and Aff¥un￿ 2021 The Xerox (UK) Trust- A Comwdny Limiied by GuaraDtee FinaTrclal Statements OpiLlons on otber matters prescribed by the Companies Ad 2W6 In our opinion. based on ihe work undenaken in the course of the audit: the inforniation given in the TrLtstees' Report (which includes the direciors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consisient with the f)nancial slalemenls. and the directors, report includal within the Trustees, Rewrt have been prepared in accordaThce with applicable legal requirements. Matters on which we Are required to report by exception In th¢ light of the knowledge and understanding of the clwitsble company and its environment obtained in the course of the audit. we have not identified malerial mi&stalements in the Trustees. Report (which incorporalu the dir￿¢0[$. rqjort). We have nothing to TeEXYrt in resp￿1 of the following matters in relaiion lo which ihe Companies Act 2¢J)6 requires us to rewt to you if, in our opinion: • adequaie accounting records have t￿1 been kw by the charitable company; or Ih¢ Charitable wmpany fuwicial statements are ry)1 in agreement with the accounting records and returns. or certain disclosures of trustets. remuneratlOD specified by law are nol made: or we have nol received all the inforn)ation and expla1￿110￿$ we require for ouraudit" or the twstees were Tr)1 entitl￿ to prq)ar¢ th¢ financial statements in accordance with the small companies. regime and lake advantage of the small companies. exemptions in preparing the trustees. report and from th¢ requirement to prepare a strategic rcport. Responslbllliles of trnstees for the financ1￿ ￿aterne￿ts As explained more fully in ihe trusiees. reswnsibililies slalcmenl sci oul on page 4, the In￿le¢S (wh) are also the dire¢lors of the charitable company for lh¢ purposes of u)mpany law) ar¢ rwonsible for thc preparation of the financial statements and for being satisfied thai they give a true and fair vlew. atLd for such iniernal control as th¢ twslees determine is necessary to enable ihe prepardtion of financial slatements that are fr¢e from material misstalement. whether due to fraud or error. In preparing the fjnancial slatements. the tntsiees are responsible for assessing the chariiable company's ability to continue as a going Con￿ disclosing. as applicable. matters relaied lo going concem and using the going concern basis of accounting untess the tntslees eiiher iM¢nd to liquidate the charitable company or lo cease operation5. or have no reaListi¢ alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectiv&s are to obtain reasonable assurance aknut whether the financial statements a5 a whole are free from material mi&Statem￿At, whether due to frdud or error. and to issue an auditor's rerA)rt that includes our opinion. Reasonable aSSUTance is a high level of assurance, bui is not a guaraniee ihai an audli conducted in cordancc with ISAS (UK) will always ddect a tnaterial misstatement when it exists. Misstatements can arise from fraud or error and are considered maleria] if. individually or in lh¢ aggregate. they could reasonably be expected lo inAuC￿e the economic decisions of USCTS taken on lh¢ basis of th¢sc financial siaiements. Irregularities. including fraud. are iTh$tanC￿ of non•compliance with laws and regUl￿10nS. We desig procedures in line with our Tesponsibilili4 outlined al>)ve. io detect maierial misstatements in respect of irr¢gulariiies. including fraud. The extent to which our prc￿lUreS are capable of delecting irregulariiie including fraud is detailed below: Based on our understanding of the charitsble company and the environm￿1 in which il operalcs. wc identified that the principal risks of non-￿n￿lIanCe with laws and regulations. and we ¢onsider¢d the ¢xtent to which nonacompliance mighi have a material effect on the fu￿ncial stalement5. We also CO￿51dere￿A those Governors, Rqmmt and Atcounts2021 The Xerox {UK) Trnst- A Company Limited by Guarantee Financi41 St*tements laws and regulations that have a al￿t impact on the prwaraiion of the filla￿la1 st*ements such as the Companies Act 2006 and the Cl]aritias Act 2011. We evaluated managem¢nl's incentives and OPEM)rtiJnities for frauduleJ)t manipulation of the financial staiemenis (including the risk of override of controls). A￿11 procedures perfoTmed by the engagement ieam included: Discussions with management including consideration of kTh)wn or Suspect￿ itLStances of non- compliance with laws and regulation a￿1 fraud. Review of mirLules of Trustees. medings: and Evalualing management's Collirols desiwhcd to prevenl and detcct itregularitie5. Because of the inherent limitations of an audit. there is a risk that we will Tr)t ddect all irregularities, including those leading to a material misstatemenl in the financial 5tat¢menls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflect￿1 in the financial statement& as we will be I￿S likely lo become aware of instatKes of non-compliance. The risk is also great¢r regarding irregulaTitie5 occurring due to fraud rathcr than crror. as fraud involves inteniional ¢0￿￿1M¢nt. forgery, Collusio￿ omission or misrepresentalion. A further descriplion of our r¢sponsibiliti¢s for the audit of the financial statemen15 is located on the Financial Reportlng Council's website at.. www.frc. .uUauditorsres onsibililies. This d￿CriptIOn fornis part of our auditor's re[￿. Use of our report ThAs report is made solely to the charitablc compan￿5 mernbers. as a iy)dy. in accordan¢¢ wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audil work has been undertakcn so that w¢ mighi state to the charitable company's m¢mb¢rE Ihose matters we are required to state to them in an Auditovs report and for no other puTpose. To the fullest extent perniitted by law. we do nol accept or assume responsibility io anyone other than the charitable company and the charitable wmpanys melni￿5, as a b(Mly. for our audit work. for this report, or for the opinions we have fornied. Richard Weavcr (Senior Statutory Auditor) For and on behalf of Haysmacintyre LLP. Statutory Auditor 10 Qu¢en Sire¢t Place London EC4R IAG Date: 28 September 2022 Govenbxs, Ryrt and Accounts 2021 The Xerox (UK) Trust- A Company Limiied by Guarantee FiDaDcial St4temeDts STATEMENT OF FINANCIAL ACTIVITIES (Including the Summary Income and Expenditure Account) for the year ended 3 1 December 2021 2021 202 Unrestricted Funds Unrestricted Funds INCOME FROM: Other Trading Activiti￿ (Note 3) Investment Income {Note 4) 235 3&042 36,898 Total Ineome 3&042 37.133 EXPENDrfuRE ON: Raising Funds (Nole 5) Charitable Expenditure: Grants Paid I Payabl¢ (Note 6) Grants Cancelled (19.028) (17,400) (152lJO) {10,164) 1,350 (7,260) Support Costs- Audit Fee Other Expenses (7,770) Total Expendilure {41,998) (33,474) Net Income l{Expenditure) before NEr Gainl(iA)ss) on Investments (3,956) 3,659 Net Gain / (Loss) on Inv¢stm¢nts (Not¢ 7) 38558 11,617 Nei Movement In Funds 34,602 15,276 Fund Balances Brought Forward 1210,665 1.195.389 Fund Balances C8rried Forw2rd 1245,207 1,210,665 The Statement of Financial Activities includes all gains and losses Tecognis¢d in thc year. All income and expenditure derive from continuing activities. All comparative figures were also unrestricted and have been represented under FRS (SORP 2019) on ihe Statement of Financial Activities. The notes on pages I I to 16 fomi part of these accounts. Govunots, Rep)rt and AC￿￿￿ 2021 Past8 The Xerox (UKI Trust- A Company Limit¢d by Guara￿¢¢ FI￿ncIlI St*temeDts BALANCE SHEET as at 31 December 2021 Company RegistratioD Number: 1625848 2021 2020 FIXED ASSETS Investments (Nole 7) URRENT ASSETS 122&78 1,169,653 Debtors (Note 8) Cash at Bank and in Hand 22J08 I I,(X)7 42,329 9,449 31,757 53,336 CREDITORS: Due Within One Year Creditors {Note 9) (7,770) (7.260) Grants payable (Note 9) (7500) (5,064) Purchase of Investments (Note 9) Net Current Agsets 16887 41,012 Y4et Assets 1,245267 1,210,665 FUNDS Unrestricted 1245,267 1210.665 Total Funds ,245,267 1.210,665 The accounts have bccn prepared in acwrdance with the special provisions relating tQ Small mpanie5 Within part 15 of the Companies Act 21KJ6. th Approved and authorised for issu¢ by th¢ Board of Governors on 28 September 2022. P*ul Watson, Governor The notes on pages I I to 16 forn] p8rt of these accounts. Govmors, Report and Accounts 2021 P88e9 Tbe Xerox (UK) Trnst- A Company Limil¢d by Guarnnt FiDaD¢ial Statements STATEMENT OF CASH FLOWS for the year ended 3 1 December 202 I 2021 2020 Cash flows from operating activities (17.116) (83.360} Cash flows from investlng aetlvliles Dividends and interest from inveslm¢nts Purchas¢ of investments Proceeds from sale of investments 3&042 39597 36,898 (87,634) 52,174 Iyet eash provided byl(used) In investing a¢tivllle5 77,639 1,438 Chang¢ in cash and cash equivalents in the rew)rting period Cash and c&sh equivalents at the beginning of the rq)orting period {20,020) 42J28 (81,922) 124,25 I Cash and eash equivalents at the end of the reporting period 22J08 42,329 NOTES TO THE CASH FLOW STATEMEiYr 2021 2020 Reeonellialion of Det income to net cash flow from operating activities Net income for the reporting period {Gainsllloss&s on investments {Incre&seydecreas¢ in debtors In¢r¢asel(d¢cr¢as¢) in creditors Dividends and interests Investment management fees 34,602 (38,558) 1,558 4,296 {3&042) 19,028 15,276 (11,617} 3,035 (70.556) (36,898) 17,400 Net eash provided byl(used) in operating aclfvfilles (17,116) {83,360) ADalysi$ of ¢a$h and Cash equivalents Cash at bank and in hand 22,308 42,328 22J08 42,328 Governors. Report and Accounts 2021 Page 10 The Xerox (UK) Trust- A Company LIMIt￿ by Guarantee Flnancial Statemtllts NOTES TO THE ACCOUNTS I. PREPARATION OF THE ACCOUNrs The financial statements have been prepared in accordance with Accounting and Reporting by Charitics: Statement of Recommendol Practice applicable to charities preparing theiT accoiints in accordance with th¢ Financial Reporting Standard applicabl¢ in the UK and Republic of Ireland (FRS 102) (Charities SORP - FRS 102 second editio effective I" January 2019), the Financial Rq￿rtIng Standard applicable in the UK and Republic of treland (FRS 102). The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al histori￿1 cosl or Itansaction value unless otherwise stated in th¢ r¢levant accounting ￿lIcY note. The Tn]stees consider that there are no material uncertainties about the ChaTity's ability to continu¢ as a going conccTn. b) Donations receivable and investment income receivable ar¢ includsj in the accounts wh¢n the charity has entitlement it is probable income will be received and th¢ amount can be measured reliably. Expenditure is included on an a￿[Ual basis. Grants payable are charged in the year when approva and notified to the recipient. Where the offer of grant is cotKlitional, such grants are recognised as ¢xpenditure when the conditions atta¢hing are fulfilled. Grants offered subject to conditions. which have not been met at the year end. are noted as a comrnitnicnt, bul not accrued &$ expenditure. The Charity had no employees during the cU￿t or prior year. d) Unrestricled funds are donations and other ino)me rw¢ivable or generated for the objects of the Tntst without fiwther specifial purpose and are available as general funds. ¢) Quoied investments are stated at fair value (Bid Price). Realised and unrealised gains and losses on revaluation and disposals ocCU￿1ng in the year are rewrted in the Statement of Financial Activities. Financial Instnunents. Basic financial instrurnents are initially recognised at transaction value and subsquently Measur￿ at amortlsed with the exception of inv¢stm¢nts which are held at fair value. Financial assets held at arnortised cosl comprise cash at bank and in hand, together with trade and other debtors but exclud¢s prepayments. Cash ai bank and in hand is defined as all cash held in instant acce￿ bank a¢¢ounts and used as working capital. Financial liabilities held at amortis￿l cost comprise creditors excepi social security and other taxes and provisions. D¢btors. Trade and other debtors are recogniscd at the settlement amount due after any trade discount offered. PrepaYm￿ts are Valu￿ at Ihe amount prepaid net of any trade discounts due. vernors. Rwi and ALXX)unts2W21 Page I The Xerox (UK) Trnst- A Company Limiled by Guarantee Financial Statements NOTES TO THE ACCOUNTS h) Cash and cash equivalents. Includes cash at bank, cash in hand and other short tenn highly liquid investments. Creditors and provisions. Creditors and provisions are recognised wh¢r¢ 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. Cr&Jitors and provisions are nonnally t¢wgnised at their settlement amount after allowing for any trade discounts due. Judgements and eslimates. The trustees do not consider that any significant judgements or estimat￿ have beffl by the clwity in the preparation of these financial statements. 2. STATUS The Xerox (UK) Trust is a private company limited by guarantee and does not hav¢ shar¢ capital. It is registered as a charity with the Ch￿lty Commission. Every member of the Trust undertakes to contribute to the a55cts in the event of the Tn￿1 being wound up whilst they are a member, or within one year after they cease to be a member, for payment of the liabilitie5 of the Trnst contracted before they cease lo b¢ a m¢mb¢r, such amount as may be required, not excealing £1. 3. OTHER TRADING AcfiviTIES 2021 2020 Fundraising Total £235 £235 Fundraising income for 2020 is stated net of gross expenditure of £nil. 4. INVESTMENT INCOME 2021 2020 Distributions £3&039 £36.846 Bank Interest £52 TotAI £3&042 £36,898 (kjvernors. Rcport and Arctyjnts 2021 Ptsge 12 Tbe Xerox (UK) Trust- A Company Limited by Gu8raDtee FiDYdnelal St*tem¢nts NOTES TO THE ACCOUNTS S. RAISING FUNDS 2021 2020 Investment Management Fees Total £19,028 £17,41M) £19.028 £17,400 6. GRANTS PAYABLE Grants approved by the Trust during thc period were as follows: 2021 2020 Strength & learning Through Horses (SLTH) Strongbones Childrcn's £2.(KM) Charitabl¢ Trust Rainbows Hospice for Children & Young People Handicapped Children's Action Group Young & Free the Future of Integration Kids Space £2,0(M) £3.100 SNAPS £1,5 £2,064 City Escape £2.2(M) Youth on the Move £1,500 L¢eds Weekend Care Association £l,¢XK) Bentley Beginnings £2,(MX) Th¢ Forest of Avon TThst £1.5(X) Building for the Future £5(X) EP Youth £i,(KK) £3,000 TOTAL PAYABLE 2020 £15200 TOTAL PAYABLE 2020 £10,164 The grants to Youth on th¢ Move, Leajs Weekend Care A&sociation, Bentley Beginnings, The Forest of Avon Tnlst, Building for the Future and EP Youth are included in creditors in note 9. Thes¢ grants are payable during 2022 and have no pcrforniance-related conditions attached. Governors. and A¢