THE XEROX (UK) TRUST (A Company Limited by Guardnlee) Governors, Report and Financial Statements for the year ended 31 December 2022 ' Company Registration Number: 1625848 Chvdrity Registratlon Number: 284698
The Xerox (UK) Trnst- A Company Limited by Guaraniee Financi Statements CONTENTS Governor's RetKyrt 14 Independeni Examiner's Rewrt Siaiemeni of Financial A1VIlieS Balance Sheet Statement of Cash Flows Note to the Accounls 9-14 GoVth, Report and Acc(Amis 2022 P•8e i
The Xerox (UK) Trnst- A Company Limited by Guaranl¢e FinaD¢i*l Statements Governors, Report and Financial Statements for the year ended 31 December 2022 Governors J Mcmahon C Walsh P Watson M Godber Secretary C Wa15h Registered Office Building 4 Uxbridge Business P Sanderson Road Uxbridg¢ Middlesex UB8 IDH Independent Examiller Richard Weaver Haysmacinlyre LLP lo een Stteei Place London EC4R IAG Bank HSBC Bank plc Fund Manager Si James. Place Wealth Managanent Rtgtstered Numb¢rs Company No: 1625848 Charily No: 284698 GoverDing Instrument Articles of ASlatIOn dated 30 March 1982 Approvcd by the Charily Cotnmi55ion and updaled by Special Resolution 14 Junc 2023 Gov¢rn(¥5' RqM)rt and Accounts 2022 Pase I
The Xerox (UK) Trust- A Company Limited by Guardnlee Fin#n¢lal Statements GOVERNORS. REPORT ACCOUNTS The Governors. who act as directors for the purtM)ses of company law, present the report and financial statements for the year ended 31 Dernber 2022. The results of tiVItIeS for the year under review are set out in the accounts on page 8. Legal and administrative infom)alion set out on pagc I fom)s part of this report. The financial statements have been prepared in accordance with ihe accounting policies set out in Note I to the financial st&temenls and comply with lh¢ rrent alUtOry requir¢m¢nts. the memoraTrJum aThJ articles of association and the Siatetnenl of Recommended Practice. "Accounting and RertIng by Charities" (CE)arilics SORP - FRS 102 second edition, eff¢ctivc 151 January 2019). STRUCTURE AND OBJECTIVE The Trust is a private company limited by guarantee atyj does noi have share capital. It is registered with the Charity Commission (No: 284698) and is rnanag by the Board of GoverrK)rs. The sole obJIlve of the Trust 15 the provision of financial and other support exclusively for ¢haritable purposes, accord&ng to the laws of England currently in force, by making donalions io various charitable organisaiions, detailed In Note The Governors are employees of Xerox who are seleded and apTted for iheir suitability experience within the Company. Governors are cle¢l¢d at Annual General M¢<lings or appointed in accordance with the articles of association (articles 30 and 32 respeetively). RELATED PARTIES The Trust has a very close relatiorLship with Xerox (UK) Limited (company registration number. 330754). Thc Xerox (UK) TTUSI is owned by Xerox Limit (s¢c Note 13). REVIEW OF AcrIvrriES During the period, the generated income of £53.30] (2021: £38.042) and madc chariiable disbursemenls lotalling £14,950 {2021: £15,2(Ki) (see Nol¢ 6). The source of income resulted from investment income tolalling £53.301 {2021= £38.042), fjjndrdising activities totalling NIL (2021: NIL) with NIL donalions in Ihc year (2021: NIL) based on ihe future stTategy set out below. The assds of ihe TnLSt at 31 December 2022 arnnIcd to £1.109.850 (2021.. £1,245,267). These assels are available and adquate lo fijlfil the obligations of ihe Trust. There have been no changes in policias since the last rq)ort. FUTURE STRATEGY Investments are managed by St James's Place Wealth Managevnent (SJP). The investment is intended lo generate an agreed level of income and also provide the opportunity for Capital growth to support the objective of ihe Trust going forward. ID mid-February 2022. following advice from SJP that the prospect of rising interest rdles and intlation would have a twiive impact on the value of the Trust'5 fixed income investments ihe Trust sold its Gilt and Investment Grade Corporate Bond Funds (216k). The pr(Keeds from these sales w¢r¢ invested in Iwo of SJP'5 quily income fiu]ds. Going Concern The Governors will continue 10 monitor the performance of its investment portfolio whith are managed by Si James, Place Management and ensure ihal it dS Th)t commit to grants Ihal il cannol alTord. The Ivel of income provided by distributions is su1¢1¢nt to meet donaiion requests paid in ih¢ last 2 years. Governors. Rwrt and A¢CoW 2022 Pale 2
The Xerox (UK) Trust- A Company Limited by Guargnlee Flnan¢ial Stalements BOARD OF GOVERNORS The Governors, who served tlwoughout ihe year except as Th)ted were as follows: Governors.. J Mcmahon C Walsh P Walson M Godber Secpaary.. C Walsh GRANT MAKING POLICY The Trust invites written applications for funding from extemal parties aThl Xerox employees. applications are reviewed by th¢ Governors with a Vie+Y to making grants of up io several Ihousand pounds to small charitics rKern wilh the provision of direct aid to children and young p¢opl¢. Preference is given to r¢quests supporting langible projects and to charities recommended by Xerox (UK) Limited ¢mployee5. During ihe year £14.950 (2021: £15.2¢} of granis wu¢ mad¢. INVESTMENT POWERS, POLICY AND PERFORMANCE Under th¢ manorandum al articles of a&s(Kiation. the Twst has the power to make any AnveslmeN, which the Gov¢mors fit. Investments resulted in a net loss of £1 51.940 (2021: net gain of £38.558). See Not¢ PUBLIC BENEFIT The Trusltts have given careful co81deratIon to the Charity Commission's guidance on public benefit and eonfirni that Ih¢y have given due regard io this guida¢. The Tnt provides a wide range of public benefits (see Note 6) with a particular emphasi5 on ¢dallOn and well-being and various health-related causes for children and young people. RESERVES As al 31 December 2022, the total reserves of the Tn amounted to £l.109.850 (2021: £1,245,267). The policy is to distribute all iOrne rec¢iv¢d and provides sufficient funds to cover management. administration and supp)rt costs each year. The invcstments of the Tntst are lo be retained io generate income for its future activities. As at 31 December 2022, investments iotal £1.089,244 (2021: £1.228,780) leaving free resoves of £20.606 {2021: £16.487). The Governors are of the opinion that the curr¢ level of reserves whilst adequate is not excessiv& The Govemors will review the rceS p)licy annually. RISK REVIEW The Governors hav¢ ¢xamin¢d lh¢ major stralegiq I$1$ and opational risks. which the charity faces and confirm that 5y5tems have been established to enable regular rqK>rts lo bc OdUCed so that the necessary sleps can be takez] to mitigate these risks. The key risk relateg to the continued pcrfomiance of Invent assets to provide a regular income stream for ihe charity. To manage this risk the Trust have appointed a fund manager who rqx)rts to the board regularly on perforniance matters. The Gov¢mots will continue lo review ihe investment strategy on the advice of ils fimd manager to mitigate risk wh¢r¢ necessary. Governors. Report 2nd A¢¢ounts 2022 P•bY 3
The Xerox (UK) Trn5t- A Company Limiied by Guarantee Financial Statements RESPONSIBILITIES OF GOVERJYORS The Govcmors, as direetors of the charitablc company. arc responsible for preparing the Governors, Report and the financial sialements in accordance wilh applicabl¢ law and regulations. Company law requir¢s the directors to prepare finatKial statements for each financial year. Under that law the directors have ¢l¢¢ted to prepare ihe finalla1 statements in accordance wilh Unitd Kingdom Generally Accepted AoUntIng Practice (Uniied Kingdom Accounting Standards and applicable law). Under company law ihc directors must not approve th¢ financial statemeNs unless they ar¢ satisfied that they give a In and lair view of the state of affoits of th¢ company and of the profit OT lo&s of the company for Ihal period. In preparing th&se finala1 statements. the directors are required to: • se11 suitable accounling wlicics and then apply ihan consistenily- obsetve the methods a1 principles in the Charities SORP. make judgmenls and aCllting cstimaies that are reasonable and prudenL and prepare the financial 51aiema)Is on the going Coern basis unless it 15 inappropriale lo presum¢ th the company will continu¢ in busine&s. The Govemors are r¢sp)nsible for keeping adequate accounting records that are sufficient to Show and explain the company's transactio5 and disc105e with reasonable accuracy ai any lime the financial position of Ihc company and enable thern io ertsure that the financial slalements cowly with the Companies Act 2006. They are also rcsFK)nsible for safeguarding the assets of the company and hence for taking reasonablc steps for th¢ prevention and ddeclion of fraud and other irrcgularitics. So far as each of the direcloTS is awar¢ at ihc time ihe rep)rt is approved: • there is no relevant audil Infoml10n ofwhich companS auditor5 are unaware" and the directors have taken all siq)s that they ought to have lk¢n lo make tInselVeS aware of any relevant audit infortnation a1 ¢0 ¢stsblish that the audiiOTS aff aware of thal inf<Mmation. AUDITORS During ihe year, following amendmenl to the governing d(Kumcnls. the requirement for audil was removed and auditors resigned. Under Part 16 of the Compani&s Act there is no requirement for as audit. The Trust appointment Richard Wvdver as Indepent Examiner. IZ(a/ Cheryl Walsh Governor By Order of the B074rd of Governors 22. September 2023 GTrv¢mws' ReEM and Acc¢)unts 2022 Pa¥¢4
The Xerox (UK) Trn$t- A Company Limited by Guarnntee FinAncial Statemettts INDEPENDENT EXAMINATION REPORT TO THE MEMBERS AND TRUSTEES OF THE XEROX (UK) TRUST I report to lh¢ ¢hari¢y trusiees on my examination of the acC(Mts of the Company for the year ended 31 De¢ember 2022. RFSPONSIBtLITIES AND BASIS OF REPORT A5 the Gharity's lrnsiees of ihe Company {and also its direthoTs for the pU•se$ of company law) you aTe responsible for th¢ preparation of the accounts in accordance with the Jrquirements of the Companies Act 2006 ('the 2006 Aci,). Having satisfied myself ihai ihe accounts of the Company rcquired w be audited under Part 16 of the 2006 Aci and ar¢ eligible f(¥ independeni examination. I irt res1 of my examinaiion ofyour charily's acwunts as carried out under section 145 of Ihe Chariiies Act 2011 ('the 2011 Act.). ITh carying out my examination I have followed ihe Directions given by ihe Charity commi10 unthr se¢tion 145(5) (b) of the 2011 Aci. INDEPEIIDENT EXAMINER'S STATEMENT I have coMpled my examination. I cfflfm thai Do matta5 have come io my atteTEtion in connecuon with the examination givin8 me cause lo beli¢ve-. l. accouniing records were n¢X kept in re$F¢ of the Company &$ reqed by sectM)n 386 of the 2(M)6 Act. or 2. the aoounts do noi accord with those records" or 3. the accounts do llol comply with the accounling requimnenis of section 396 of the 2006 Act other Ihan any requirement that ihc accounts ve a 'tru¢ a1 fair vtew which is not a mattercon5idered as pan of an indepertd¢nt examinaiion. or 4. Ihe aecounts have nol been prepared in accordance with the metlmkts and principles of the Stsiement of Recommended Practic¢ for a¢¢ouniinB and rewning by chaniies applicable io chariiies preparin8 their ac¢ounts in accordance w2th the Financial Reponing SwKlard applicable in ihe UK and Republic of Ireland (FRS 1021. I have no eoncerns and have come across no oiher maiiets in connection with the examinaiion io which atlention should be drawn in this report in order w enable a proper undentsrtdirtg of the accounts to be reach Rlchard Weaver FCA Haysmacintyre LLP Chartered Accountants 10 Queen Street Plaee London EC4R IAG Dale.. 27, September 2023 G)vrmors' Rqjort and A¢¢ounts 2022 Pa8¢ 5
The Xerox (UK) Trust- A Company Limited by Guardnlee inAnclil Siatements STATEMENT OF FINANCIAL ACTIVITIES (Including the Summary Income and Expenditure Account) for the year ended 31 December 2022 2022 2021 Unrestrfieted Fund$ Unrestricted Funds INCOME FROM= Other Trading Activities (Note 3) Investment Income (Note 4) 53.301 38,042 Total Inctsme 53JOI 38,042 EXPENDITURE ON: Raising Funds (Nol¢ 5) Charitable Expenditure: Grants Paid I Payable (Note 6) Grants Cancelled (18,828) (19,028} (14.950) (15.2} Support Costs Audit Fee Other Expense5 (3,000) (7,770) Totsl Expendithre (36.778) (41,998) Net Income l(Expendithre) before NET GAinl{Loss) on Investment5 I623 (3,956) Net Gain l (Loss) on Investments (Note 7) (151.940) 38.558 Net Movement in Funds (135,417) 34,602 Fund Balances Brought Foard 1245.267 ,210,665 Fund Balances Carried Forward 1,109,850 1,245.267 The Statement of Financial Activities includes all gains and losses recognised in th¢ y¢ar. All income and expenditure deriv¢ from continuing activitie5. All comparative figures were also unrestricted and have been represented under FRS (SORP 2019) on the Statement of Financial Activiti&8. The notes on pages 9 to 14 fomi part of these accounts. Govornors Rcpon and AOunt$ 2022 Page 6
The Xerox (UK) TTh5¢ - A Company Limited by Guarantee Flnanclal Statements BALANCE SHEET as at 31 December 2022 Company Registration Number: 1625848 2022 2021 FIXED ASSETS Inv¢stments (Nole 7) 1,089244 1,228,780 CURRENT ASSETS Debtors (Note 8) Cash at Bank and in Hand 16,4911 9.449 14366 22.308 28,856 31,757 CREDITORS: Due Within One Year Creditors (Note 9) Grants payable (Note 9) Purchase of Investments (Note 9) Net Current Assets (3,000) (7,770) (5250) (7,500) 20,606 16,487 Tr4et Assets 1,109,850 1,245,267 FUNDS Unr¢strict¢d 1,109,850 1,245,267 Total Funds l.Ilb9,850 1.245,267 For the financial year in question the company was entitlttj to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordanc¢ with section 476 of the Companios Act 2006. Thc directors acknowledgc their rK)nSibilIty for complying with the requirements of the Act with respect to accounting records and for th¢ preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companics subject to the small companies, regime. Approv and auth0ri5ed for issue by th¢ Board of Governoz5 on 22 September 2023. Paul Watson Governor The notes on pages 9 to 14 forn) part of these accounts. )rn5. Rwt Accoutlts 2022 P•se 7
The Xerox (UK) Trn5t- A Company Limited by Guarant¢e Finin¢ial Statement5 STATEMENT OF CASH FLOWS for the year ended 3 1 December 2022 2022 2021 Cash flows from operatlng activities (32,011) (17,116) Cash floivs from investing activities Dividends and interest from investments Purchase of investTnenls Proceeds from sal¢ of investments 53JOI (46232) 15,0( 38,042 39,597 Net c•$h provided byl(used) In Investing activities 22,069 77,639 Change in cash and cash equivalents in the reporting period Cash and cash equival¢nls at the beginning of th¢ reporting period (9,943) 22J08 {20,020) 42,328 Cash and cash equivalents at the end of the reporting period 12J66 22,308 NOTES TO THE CASH FLOW STATEMEN[ 2022 2021 Reconciliation of net income to net Cash flow from operating activitie5 Net income for the rewrting p¢riod (Gainsllosses on investments (Increaseydecrease in debtors Increase {decr¢ase) in creditors Dividends and interests Investment management fccs (135.41D 151,940 (7,041) (7,020) (53,301) 18,828 36,602 (38,558) .558 4,296 (38,042) 19,028 Net cash provided byl(used) in operating activities {32,011) (17,116) Analysls of Cash and cash equivalents Cash al bank and in hand 12J66 22,308 12,366 22,308 Governors. R¢p)ft and Accouftts 2022 P4e8
The Xerox (UK) Trnsl- A Company Limited by Guarantee Flnincial Statements NOTES TO THE ACCOUNTS I. PREPARATION OF THE ACCOUNTS The financial statements have been prepar in accordanc¢ with Accounting and Reporting by Charities: Siat¢ment of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial R¢p)rting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP- FRS 102 second edilion. effective 1° January 2019). Ihe Financial ReFK)rting Standard applicable in the UK and Republic of Ireland (FRS 102). The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilitie5 are initially recognised at historical cost or transaction value unless othcrwise stated in the r¢l¢vant accounting FK)licy note. The Tnlstees consider that the are no material uncutainties aLK)ut the Charity's ability to wntinuc as a going concern. b) Donations re1Vable and investment income receivable are included in the accounts when the charity entitlement it is probabl¢ income will be received and the amount can be measurcd reliably. Expenditure is includuj on an accrnal basis. Grnnts 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 eKpenditur¢ when the conditions attaching are lfill&j. Grants Offer subject to conditions, which have not been met at the year end, are notcd as a (x)mmitmffll but not accrued as cxpenditure. The Charity had no employees during the curTht or prior year. d} Unrestricted funds are donations and other in(y)me receivabl¢ or generated for the objects of the Trust without further specifled purwse and are available as general funds. Quoted investments ar¢ statd at fair value (Bid Price). Realised and unrealised gains and losses on revaluation and dissaIS occurring in the year are reFK)rt&J in the Statement of Financial Activities. Financial Instruments. Basic financial instruments are initially recognised at transaction value aThd subsequently measured at amortIs 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 acce55 bank ac¢owits and used as working capital. Financial liabilities held at amorti5cd cost compris¢ all craitOTS except social security and other taxas and provisions. g) Debtors. Trade and other debtors ar¢ recognisd at the settlemenl amount due after any trade dIOunt offered. Prepayments are valued at the arnount prq)aid net of any trade discounts due. Govemors. Rryort and Accounts W22 Page 9
The Xerox (UK) Trust- A Company Limiia by Guardnl¢¢ Finan¢ial Ststement5 NOTES TO THE ACCOUNTS h) Cash and cash equivalents. Includes cash at bank, cash in hand and other short term highly liquid investm¢nt& Creditor5 and provisions. CreditOf5 and provisions are recognised wher¢ thc Charity has a present obligation resulting from a past event that will probably result in the transfer of fiinds to a third party and the amount due lo settle the obligation can be measured or estimated reliably. Creditors and Provisions are nomially recognised at their settlement amount after allowing for any trdde diSuntS due. i) Judgements and e5timales. The trustees do not consider that any significant judgements or estimates have b¢¢n 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 a5 a charity with the Charity Comrni5sion. Every m¢mb¢r of th¢ Trusl undertakcs lo contribute to the assets in the evenl of the Trust being wound up whilst they are a member, or within one year after they cease to be a mernber, for payment of the liabilities of the Trust Contract before they cease to be a member. such amount as may be required, not exceeding £ l. 3. 1yfHER TRADING A1VITIEs 2022 2021 Fundraising Total Fundraising income for 2022 is stated net of 8SS expenditure of £nil. 4. INVESTMENT INCOME 2022 2021 Distributions £53373 £38,039 Bank Interest £28 £3 Total £53JOI £38.042 VCrnOTS' Rewrt 81 A¢¢ouh¢$ 2022 Page 10
The Xerox (UK) Trust- A Company Limiicd by Guaranlee Flnancial Statements NOTES TO THE ACCOUNTS 5. RAISING FUNDS 2022 2021 Investment Management Fecs £1&828 £19,028 Total £14828 £19,028 6. GRANTS PAYABLE Grants approved by the Trust during the perlod werc as follow5: 2022 2021 Buddy's for Children with Autism Ruddington Riding for the disabled Children's Heart Foundation Guy's Gift Crackaiack5 Children's TNst Ditch the Label Social Square {UK) Little Hiccups Strength & Learning Through Horses {SLTH) £1,000 £2,2(M) Kids Spac¢ £2,000 £51X) SNAPS £1.500 £2,lJ)O City Escape £2,200 £2,(K Youth on the Move £1.500 £2.0 Leeds Weekend Care Association £1,000 £3.750 Bentley Beginnings £2,000 £1,5 The Forest of Avon TNst £1,5(X) Building for the Future £5(Kl EP Youth £1,000 TOTAL PAYABLE 2022 £14,950 TOTAL PAYABLE 2021 £15,200 The grants to Social Squar¢ (UK) and Little Hiccups are includcd in creditors in note 9. These grdnts are payable during 2023 and have no perfornwice-related conditions attached. Governor5 Rewrt and Account$ 2022 P48ell
Tbe Xerox (UK) Trust- A Company Limiied by Guarantee FinanciAI Statements NOTES TO THE ACCOUNTS 7. INVESTMENTS (a) St James's Place Wealth Management Invested in unil trusls 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 valuc of listed investments were as folEows.' Market Value ai l January 2022 Additions Proceeds from disposals Management fee Net loss on investments 1,228,780 46,232 {15.000) (18,828) 151,940 Market Value at 31 December 2022 £1,089,244 The value of listed inveslments at the year end w&$ £1,089,244 and since the year end the investment markets have been volatile due to the rise in interest rat&s. As at 30th June 2023, the investment portfolio valuation was £l.112,260. 8. DEBTORS 2022 2021 Acced Inve5trnent Income £16,490 £9,449 Total Debtors £16,490 £9,449 Govem¢xs Report and A¢tounts 2022 Page 12
The Xerox (UK) Trnst- A Company Limited by Guararfee Financial Statements NOTES TO THE ACCOUNTS 9. CREDITORS: DUE WITHIN ONE YEAR 2022 2021 Audit Fee 3,000 £7,770 Grants Approval in 2021 (paid in 2022) Grants Approved in 2022 (paid in 2023) £7,500 £5350 Total Creditors £8,250 £15,270 10. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2022 Unrestricted Funds Total Funds Investments 1.089244 28.856 1,089,244 28.856 Current Assets Current Liabilities (8350) (8.250) 1,109,850 £1.109,850 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021 Unrestrleted Funds Total Funds Investments 1,228.780 31,757 (15,270) 1.228,780 31,757 (15.270) Current Assets Current Liabiliti&s £1245,267 £1,245,267 Gov¢mor5' RqxKt and Acoiunts 21)22 PagE 13
The Xerox (UK) Trust- A Company Limiied by Guarantee FlnAnell Stlem¢Dt$ NOTES TO THE ACCOUNTS 11. FUNDS 2022 At the start of the yeAr Intome Expenditure Net realised At the end and unrealised of the y¢ar gafins l (losses) Unrestricted Funds 1,245.267 53JOI (36.778) (151,940) 1,109,850 FUNDS 2021 At the stsrt of the yur Income Expenditure Net realised At Ihe end and unrealised of the year gains l Oosses) Unrestricted Fund5 1,210.665 38,042 (41,998) 38,558 1,245,267 12. RELATED PARTY TRANSAcfioNS Xerox (UK) Limited is owned by X¢rox Capital {Europe) Limited which in turn is owned by Xerox Limited. The Xerox (UK) Tn is owned by Xerox Limited. All slaff are employed by Xerox and Xcrox provid¢s office space for The Xerox (UK) Trusl. No fee is charged from Xerox for these strvices/ facilities. Th¢ Govetnors constitute Directors of the Company for the purposes of the Companies Act 2006. None of the Governors received any remuneration or r¢imbursed expense5 from the Trust during the period under r¢view {2020: £NIL). There were no other related party transactions during the year. 13. POST BALANCE SHEET EVENTS In June 2023 the Governors held a IK)ard meeting to approve a change in investment manager, currently the portfolio is managed by St James Place W¢alth Management (STJP), the company approved to take over ihe management of the investment wjrtfolio was Ruffer LLP. vemors. Report and AcCots 2022 Page 14