THE XEROX (UK) TRUST (A Company Limited by Guarantee) Governors, Report and Financial Statements for the year ended 31 December 2024 •AEAP022Z* 0910912025 COMPANIES HOUSE A06
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Company Registration Number: 01625848 Charity Registration Number: 284698
The Xerox (UK) Trust- A Company Limited by Guarantee Finaneial Statements CONTENTS Governor's Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Note io Ihe Accounls 8-13 Govemors, Report And Aecotsrtts 2024 Page i
The Xerox (UK) Trust- A Company Limited by Guarantee Financial Statements Governors, Report and Financial Statements for the year ended 31 December 2024 Governors J Mcmahon C Walsh M Godber Secretary C Walsh Registered Office Building 4 Uxbridge Business Park Sanderson Road Uxbridge Middlesex UB8 IDH Independent Examiner Richard Weaver Haysmac LLP 10 Queen Street Place London EC4R IAG Bank HSBC Bank plc 8 Canada Square London E14 5HQ Fund Manager Ruffer LLP 80 Victoria Slreet London SWIE 5JL Registered Iyumbers Company No.. 01625848 Charity No: 284698 Governing Instrument Articles of Association daled 30 March 1982 Approved by the Charity Commission and updated by Special Resolution 14 June 2023 Govemors, Rewrt ond A¢¢ounls 2024 Pa8e I
The Xerox (UK) Trust- A Company Limited by Guaranlee 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 2024. The results of activities for the year under review are set out in the accounts on page 6. Legal and administrative infomlation set oui on page I fornis part of this report. The financial statements have been prepared in accordance with the accounting policies set out in Note I to the financial statements and comply with the Current statutory requiremenls, the memorandum and articles of &ssociation and the Statement of Recommended Practice, 'Accounting and Reporting by Charities" (Charities SORP- FRS 102 second edition, effective I" January 2019). STRUCTURE AND OBJECTIVE The Trust is a privale company limited by guarantee and does not have share capital. 11 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 olher support exclusively for charilable purposes, according to the laws of England currently in force, by making donations lo various charitable organisations. detailed in Nole The Governor5 are employees of Xerox who are selecled and appointed for iheir 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 respeclively). RELATED PARTIES The Trust has a very close relationship with Xerox (UK) Limited (company regislration number: 00330754). The Xerox (UK) Trust is owned by Xerox Limited (see Note 10). REVIEW OF ACTIVITIES During ihe period, the Trust generated income of £33,290 (2023: £19,940) the increase being largely attributable to ihe fund manager transition from St James Place Management to Ruffer LLP part way through 2023 to a fund with accumulation units where the income is retained and added to the fund net asset value. The Xerox (UK) Trust made charitable disbursements totalling £15,590 (2023: £10,000) (see Note 5). Income was generated from investments totalling £33,290 (2023: £19,940) reflecting a full year with Ruffer LLP. The assets of the Trusl on 31 December 2024 amounted to £1,088.686 (2023.. £1.128,253). 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 Ruffer LLP. The investment is intended lo generate income and provide capital growlh lo support the objective of the Trust going forward. Going CoDcern The Govemors will continue to monitor the perforniance of its investment portfolio which are managed by Ruffer LLP and ensure that it does not commit to grants Ihat it cannot afford. The level of income provided by distributions is sufficient to meet donation requests paid in the last 2 years. After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable fulure. For this reason, they continue lo adopi the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern ba515 can be found in the accounting policies, Governors. R¢port and Aecounts 2024 Page 2
The Xerox (UK) Trust - A Company Lim ited by Guarnntee Financial Statements BOARD OF GOVERNORS The Governors, who served throughout the year except as noted, were as follows: Governors.. J Mcmahon C Walsh M Godber Secrelary.. C Walsh GRANT MAKING POLICY The Trusl 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 requ¢5ts supporting iangibl¢ projects and to charilics recommended by Xerox (UK) Limited employees. During the year £15,590 (2023.. £10,000) of grants were made, which includes a cancellation of £1,500. INVESTMENT POWERS, POLICY, AND PERFORMANCE Under ihe memorandum and articles of association, the Trust ha5 the power to make any investment, which the Governors see fil. Investments resulted in a net loss of £38,087 (2023: nei gain of £18,821). See Nole 6. PUBLIC BENEFIT The Trustees have considered the Charity Commission's guidance on public benefit and confinn that they have given due regard to this guidance. The Trust provides a wide range of public benefits (see Note 5) with a particular emphasis on education and well-being and various health-relaled causes for children and young people. RESERVES POLICY The Policy outlines the approach taken by The Xerox (UK) Trust to manage its reserves in a way thal supports operational continuity, slrategic investment, and financial resilience in accordance wilh the Charities SOIIP (FRS 102) and regulatory guidance. Reserves refer to the portion of the Trust's unrestricted funds that are freely available to be spent on any of its charitable purposes. These funds are not earn)arked for specific projerts or restricted by donors, allowing the trust flexibility in their use. However, certain funds are excluded from this: Restricted Funds: Donations or grants that are designated for specific purposes and cannot be used general activities Designated Funds: Unrestricted funds that the Trusts governors have set aside for a particular project or purpose. Currently the Xerox (UK) Trust does not have Restricted Funds or Designated Funds policies. as the main charitable activity of the Trust is Grant Making Policy. As of 31 DecembeT 2024, the total unrestricled reserves of the Trust amounted to £1,088,686 (2023: £1,128,253). 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 TTUSt are to be retained to generate income for its future activities. As of 31 December 2024, investments total £1,075,095 (2023.. £1,095,915) leaving free reserves of £13,591 (2023: £32,338) to cover 6 tnonths of charity donations in 2025. The Governors aim to maintain free reserves equivalent to 6 months of charity donations currently calculated at £15,000, this will be achieved by releasing funds from our investment portfolio. Govemors, Repoff and Account$ 2024 Page 3
The Xerox (UK) Trust - A Company Limited by Guaranlee Financial Statements The Governors are of the opinion that the current level of reserves whilst adequate is not excessive. The Governors review the reserves quarterly and the policy annually. RISK REVIEW The Governors have examined the major strategic, business, and operational risks, which the charity faces and confims 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 io the continued perfonnance of investment assels to provide a regular income stream for the charity. To manage this risk the Trust have appointed Ruffer LLP as our fund manager who reports to the board regularly on performance matters. The Governors will conlinue to review the investment strategy on the advice of its fund manager to mitigate risk where necessary. RESPONSIBILITIES OF GOVERNORS The Governors, as directOTS of the charitable company, are responsible for preparing the Governor5, Report and the financial sialemenls 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 lo prepare the financial slatements in accordance with United Kingdom Generally Accepted Accounling Praclice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial slalements unless they are satisfied that they give a true and fair view of the situation of the company and of ihe profit or loss of the company for that period. In preparing ihese financial statements. the directors are required to: select suitable accounting policie5 and then apply them consistently. observe ihe methods and principles in the Charities SORP. make judgrnents and accounting eslimates that are reasonable and prudent; and prepare the financial stalements on the going concem basis unless it is inappropriale lo 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 asseis of the company and hence for taking reasonable sleps for the prevention and delection of fraud and other irregularilies. Mark Godber Governor By Order of the Board of Governors 27th August 2025 Governors. Report and Accounts 2024 Page 4
The Xerox {UK) Trust- A Company Limited by Guarantee Financial Slatements INDEPENDENT EXAMINATION REPORT TO THE MEMBERS AND TRUSTEES OF THE XEROX TRUST I 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 of the Company (and also ils director5 for the purpose5 of Gompany law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('Ihe 2006 Act.). Having salisfied 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 ('Ihe 2011 Acl,). In carrying out my examination I have followed the Direclions given by the Charity Commission under section 145(5) (b) of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT I have completed my examination. I confinn ihat no matters have Come to my attention in conncclion wilh the examination giving me cause to believe.. l. accounting records were not kept in respe¢l of Ihe Company as required by s¢¢¢ion 386 of the 2006 A¢t' or 2. Ihe accounls do not accord with those records- or Ihe accounis do not comply wiih the accounting requirements of section 396 of the 2006 Act other than any requiremeni that ihe accounts give a 'true and fair view which is noi a matter considered as part of 8n independent examination. or 4. the accounts have not been prepared in accordan¢¢ with the meihods and principles of the Stalemenl of Recommended Praclice for accounting and reporting by charities applic8blc 10 charities preparing Iheir &c¢ounls in accordance with the Financial R¢porting Siandard applicable in Ihe UK and Republic of Ireland (FRS 102). I have no concerns and have come across no oiher matters in connection wilh the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounis to be reached. Richard Weaver FCA Haysmac LLP Chartered Aceountants 10 Queen Street Place London EC4R IAG Date; 0810912025 Governors. Report and Ac¢ounls 2024 Page 5
The Xerox (UIQ Trust- A Company Limited by Guarantee Financial Statements STATEMENT OF FINANCIAL ACTIVITIES (Including the Summary Income and Expenditure Account) for the year ended 3 1 December 2024 2024 2023 Unrestricted Funds Unrestricted Funds INCOME FROM: Investment Income (Note 3) 33,290 19,940 Total Income 33,290 19,940 EXPENDITURE ON: Raising Funds (Note 4) Charitable Expenditure.. Grants Paid / Payable (Note 5) Support Costs {15,646) (7,058) (15,590) (3,534) (10,000) (3,300) Total Expenditure (34,770) (20,358) Net Expenditure before Net Cainl(Lo$s) on Investments (1,480) (418) Net Gain l (Loss) on Investments (Note 6) (38,087) 18,821 Net Movement in Funds (39,567) 18,403 Fund Balances Brought Forward 1,128,253 1,109,850 Fund Balances Carried Fonvard 1,088,686 1,128,253 The Statement of Financial Activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. All comparative figure5 were also unrestricted. The notes on pages 8 to 13 fomi part of these accounts. Governors, Report and Accounts'2024 Pa8e 6
The Xerox (UK) Trust- A Company Limited by Guarantee Financial Statements BALANCE SHEET as of 3 1 December 2024 Company Registration Iyumber: 1625848 2024 2023 FIXED ASSETS Investments (Note 6) CURRENT ASSETS 1,075,095 1,095,915 Cash at Bank and in Hand 20,115 39,138 CREDITORS: Due Within One Year Creditors (Note 7) Grants payable (Note 7) (3,534) (2,990) (3.300) (3,500) (6,524) (6,800) Net Current Assets 13,591 32,338 Net Assets 1,088,686 1,128,253 FUNDS Unrestricted 1,088,686 1,128,253 Total Funds 1,088,686 ,128,253 For the financial year in question the company was entitled 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 accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounls have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. th Approved and authorised for issue by the Board of Governors on 27 August 2025. Mark Godber Governor The notes on pages 8 to 13 fomi part of these accounts. Governors, Reprt and A¢counis 2024 'Page7
The Xerox (UK) Trust- A Company Limited by Guarantee Financial Statements NOTES TO THE ACCOUNTS GENERAL INFORMATION The Xerox (UK) Trust is a company limited by guarantee with the charity registration number 284698 and the company registration number 01625848. The registered office is Building 4. Uxbridge Business Park, Sanderson Road, Uxbridge, Middlesex, UB8 IDH. The principal objectives of the charity are set out within the Trustees Report, on page 2. I. PREPARATION OF THE ACCOUNTS 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 wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102} (Charities SOIIP - FRS 102 second edition, effective 1st January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The financial statements are presented in UK Sterling. which is the Charity's functional currency, and rounded to the nearest pound. The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transact(on value unless otherwise stated in the relevant accounting policy note. The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. 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. Expenditure is included on an accrual basis. Grants payables 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. 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. 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 Ststement of Financial Activities. Financial Instruments. Basic financial instruments are initially recogni5ed at transaction value and subsequently measured at amortised except for 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 exclude5 prepayments. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working Governors, Report and Accounis 2024 Page 8
The Xerox (UK) Trust - A Company Limited by Guarantee Financial Statements NOTES TO THE ACCOUNTS capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. 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. h) Cash and cash equivalents. Includes cash at bank, cash in hand and other short temi highly liquid investments. 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 duc to settle the obligation can be measured or estimated reliably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. i) 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. k) Going Concern. The Governors will continue to monitor the perfom]ance of its invested portfolio which are managed by Ruffer LLP and ensure that it does not commit to grants that 1¢ ¢annot afford. The level of income prnvidcd hy diglrihi Itinns 1$ 118llA Ily qiiffir,ip.nt tn meet the donation requests for a particular year. After making appropriate enquires, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. 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. INVESTMENT INCOME 2024 2023 Distributions 32,913 £18,301 Bank Interest £377 £1,639 Total £33,290 £19,940 Governors, Rekx)rt and Accounts 2024 PBge 9
The Xerox (UK) Trust- A Company Limited by Guarantee Financial Statements NOTES TO THE ACCOUNTS 4. RAISING FUNDS 2024 2023 Investment Management Fees - St James Place Investment Management Fees - Ruffer Total £2,541 15,646 £4,517 15,646 £7,058 S. GII4NTS PAYABLE Grants approved by the Trust during th¢ period were as follows: 2024 £2,000 2023 £2,000 Helping Disabilities Disabled Sailors Association Belvoir Cricket & Countryside Trust SNOOSC The Sequal Trust Resolve Now Sparks of Success Make Them Smile Our Hidden Treasure Dravet Syndrome UK Ipswich Community Play bus Young People Taking Action River Boat Trust Handicapped Children's Action Group The School Bank West Lothian Transforniing Autism Project Sparks of Success £2,000 £1,500 £2,000 £1,000 £1,000 £2,600 £1,000 £1,000 £2,500 £2,000 £1,500 £2,000 £1,550 £1,440 (1,500) TOTAL PAYABLE 2024 £15,590 TOTAL PAYABLE 2023 £1 0,000 The grants The School Bank West Lothian and Transfomiing Autism Project are included in creditors in note 7. These grants are payable during 2025 and have no perforniance-related conditions attached. Governors, Report and Accounts 2024 Pa8e 10
The Xerox (UK) Trust- A Company Limited by Guarantee Financial Statements NOTES TO THE ACCOUNTS 6. INVESTMENTS Ruffer LLP Invested in unit trusts managed by Ruffer LLP. 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 l January 2024 Additions Management fee Net ain on investments 1,095,915 32,913 (15,646) 38,087 Market Value on 31 December 2024 1,075,095 The value of listed investments at the year-end wa5 £1,075,095 with a historic cost of £1,082,764, and since the year end the investment markets have been volatile due to the rise in interest rates. As of 30th April 2025, the inveslment portfolio valuation was £1,134,311. 7. CREDITORS: DUE WITHIN ONE YEAR 2023 2023 Independent Examiner's Fees, Grants Approved in 2023 (paid in 2024) Grants Approved in 2024 (paid in 2025) 3,534 £3,300 £3,500 £2,990 Total Creditors £6,524 £6,800 Governors, Report and A¢U¢s 2024 Pagell
The Xerox (UIQ Tru$t- A Company Limit¢d by Guarantee Finaneial Statements NOTES TO THE ACCOUNTS 8. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Unrestricted Funds Total Funds Investments 1,075,095 20,115 (6,524) 1,075,095 20,115 (6,524) Current Assets Current Liabilities 1,088,686 1,088,686 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Unrestricted Funds Total Funds Investments 1,095,915 39,138 (6,800) 1.095,915 39,138 (6,800) Current Assets Current Liabi lities £1,128,253 £1,128,253 Governors, Report and Accounts 2024 Pa8e 12
The Xerox (UK) Trust- A Company Limited by Guarantee Financial Statements NOTES TO THE ACCOUNTS 9. FUNDS 2024 At the start Income of the year Expenditure Net realised At the end and unrealised of the year gains l (losses) Unrestricted Funds 1,128,253 33,290 (34,770) (38,087) 1,088,686 FUNDS 2023 At the start Income of the year Expenditure Net realised At the end and unrealised of the year gains l (losses) Unrestricted Funds 1,109,820 19,940 (20J58) 18,822 1,128,253 10. RELATED PARTY TIL4NSACTIONS 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 constitule Directors of the Company for the purposes of the Companies Act 2006. None of the Govemors received any remuneration or reimbursed expenses from the Trust during the period under review {2023: £Nil). There were no other related party transactions during the year (2023: Nil), and there are no balances outstanding with any related parties at the Balance Sheet date {2023: Nil). Governors, Report and A¢¢ounts 2024 Page 13