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
#158
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
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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