THE GREY ThE GREY FOUNDATION TRUSTEES. ANNUAL REPORT FOR 2025 l. Introdtsction l am pleased to present my report forthe year ended 31 December 2025. As in previous years. a SeCtn on the latert bursary awards is induded. In summary. receipts were £35.046 aftd payments wefe £4L829. This PreSents a return to normal leve[5 after the completp)n of the new Music and Arts Centre, which significantly increased the receipts and payments in 2024. Payments for s¢hool and l¥)stel fees were ctr)se to 2024 levels. In 2025 we 5UPPOrted 11 tw5 cornpafEd to the 12 in 2D24. We continue to work closely with The Grey F(wndation in Port Elizabeth ("Grey Foundation SA"). sharir* ideas and adoptlng a common approach to communicatKm and fundraising. This alignment is very important in buikling an engaged and spOnSive communty of Old Greys Slobally and helpin8 to ensure that The GV remains atthe forefront of education in South Africa while also providing opportunities for talented boys from f3rnilies in financial need. who would otherwise not be able to attend the s(lKx. In November 2025. we held a dinner in lonqlo whith was attended by the Rector. As has now become usual. thls induded an a10ft to rnise fiJnds for the Foundation. A golfday was reinstated bythe Okl Grew Unim Europe and well supwrted This will be repeated in 2026. along ¥th a summer drinks event. 2. 2025 Fmancial kcounts The Financial Accounts forthe period ended 31 December 2025 have been Rndependent]y examlned by Simone Fedrnaft and have been 5med on behall of the Tnslees. The charity woduces rEceipts and pant accourrtk Total receipts forthe year were £35.LM6. of this. £16.305 came from Individual donations. £12.(XXJ was transferred from Investments. £930 carne frorn auCtn and raffle proceeds and £1,5 from the Old Greis. Union Europe. £4,207 was Gift Aid from UK Revenue ènd there was E104 of interest reived. The costs of the Trurt are minimal a1 in 202S they were onty £635. This was for bank charges. an insurance premium and the cost ofthe indepEndert exarninatK)n. The l)ur5ary programme cost £3727.
The tash deficit for the yearwas E6.783 after the transfer of £.(Xm) from Investments 12024 a deficit of £3491. Accumujated cash funds at the end of the year were £16.692 . £11.126 in a current account and £5.566 in a deposit account. both at Barclays. In addition to the cash accounts. Ihe charity an invesknent account with Har8reave5 Lansdown, invested in 3 fvnds las in 2024}. At 31 December 2025 the value of the portfolio w35 £117.582 (2024- £119.0891, a decrEase of £1.$07 in the yeaf. The cosr ofthe investments was £llJO.I)IXI. Total funds WKdilable to the charityat 31 December 2025 were £134275. 3. 202S 8w5aries In 2025 bursaries were awarded to- Iviwe Maiomba (Grdde 12) Lim¥oli Mti IGrade 121 Artley Madzikanda {Grade 11) Dale Jennings (Grade 111 fibanathi Grawana (Grade 10) Dunon Hudek (Grade 101 Indiphile Nonqane (Grade 101 Kumnandi Buwa IGrade 91 Abongile Sonwdbo (Grdde 8) Johan Ferylera (Grade 81 Sinalo tenkoe IGTrde 8) The boys perforn)ed well dLtring 2025. and it is good that both who were in Grade 12 achieved 3 National Senior Certificate with the requirements for admission to a 8atheh)rfs Degree. The totsl amount pa¥J was £37.827. This was d3761owerthan the previou5 year. 2026 8u15aries We have renewed the awords tt>the 2025 recipients. expt for the two who finished Grade 12 and have leftthe 5th001. In addition. we have agreed to award bursèries to Zac Truter, Esethu SonseKva and Erik Goedhals who have started in Grade 8. The nurnber of bursaries awarded is now twefve. It is our intent¥)rn to help a5 many boy5 a5 we can. Our current funds allow us to do this again for the current cohort. However, if we are to continue at this pace. wle will need to seEk an increased level of ntrIbutks In future Yea from te who are willing to suptxrt the T¥usL S. 1Tr4e5tmtyits and fundrdi5ing
Equity rnarkets have continued to be strong and thE value of our invEStment portfolio at the end ofthe financial year stands at £117.582. The primary objective of our Investment Poficy is preserntion of capital and balanced investment approach ha5 paid off. As has been consistently described. the sile of our reserves IS Somewhat mi51eadm8 as it 15 our intention to increase the number of bursaries in accordènce with the wishes of major donors. However. we c3nnot surtain this over the bnE.term untess we irKrease revenue. This 15 a strategic objective and we are worknng closely with the Grey Foundation 5A to encourage Old Greys to Sup[ the Trust ihroueh lump sum donations. rtandin8 orders and legacy 8Ning. It s hoped that. with the encouraging OrganisatK and effort corni from ihe Grey Foundation S4, we shall see posrti¥e SU1[5 thlsyear and in the future. 7. Re5eThes We target to have one yearof bursary paents in re5erve5 at the yearend. At the end of the current financial year, we w1 have sufflcienr reserves to cover our current level of bursary payments for al)oth a (urther 3 year& This assumes that lal any increase school fees will be offset by irnprovements in the exChae rdte and {b} the value of investments Stays the same as it was at the end of 2025. 8. LeKacies Many Peop find it dIff1t to fflake donatnS in iheir fifeiime and ? legacrf can be an easier way to make a contribution forthe benefft of the sctrwl. Ifyou woukl like to discuss legaoes in more detail. please contart me and l or Me of my fellow trustees will be happy to discuss this wrth you In person. PJSO. please note that one may leave a leEacy for speclfic purpose5 leg the bursary programmesl Of for one of the Pillars set out in the Grty Foundation web5ite- The 5 Pillar5- The Gre 9. Trustees During 2025 Leslie Bergman retired as a trustee of the Foundation. Lesfie wa5 one of the early trustee5 armj we are extreJnely grateful for his contribution. In addrfcion to working to ise funds for the Foundauon. Leslie led the project to build the Music and Arts Centre which wa5 opened In May 2025. a remarkable achknEmenL Paul Wiseman has decided to step down as a truslee. Paul has Managed the investment portfolio and in 50 doin8 played a wtal role. Even though Paul is wrtlxlrawing. has agreed to continue adSirE u5 in the firtu. We wish to encourage Old Gr to considerjoin•ngthe Foundation 35 a trustee. This very rewarding role that has a impaa Improvi live The cur¥eni trustees are pa Budge. PatTick FleminL Keith Butler-wheelhouse. Mark Motyneuk Marft Satchel, Andrew Morton and Grant StrydL Grdnt Strydcrfn has advised that ho WTII sh(xtfy be rncvding aTxI will no longer be resident in the UL 50 will have to step down a5 a trustee.
Chris Forsyth has a£ed to join the FouNlatK)n a5 a truY(ee. The board continues to be organised accordin8 to portFoli05 and the leads for the drfferent portfolios are- Bursaries rinance Governance Liaison with Grey Foundaiion Liaison with the Schools Lia1% with OG Union Europe Keith Buthr-wheelhouse Mark Molyneux Patrid¢ Fleming Andrew Morton Andrew )rt0th Paul Budge IIL Grey Foundation The Foundation is in effect the UK and Europe arni of the Grey Foundation &4 and, as trustees, we work ck)sety wtth the Chairrnan, and the Foundation Manager based at the Hi8h School. The Old Grey community global. and ihbs requires a Èlobal appr03ch to bTandinL communication and fundraising strategy. We fully support this approach which results in a llronger and more cohesNe Old Grey community which. in turn. will help the Sthools to maTntoin their wsittons as leaders ui education in South Africa. IL Charity Commission requirements It is nece55ary to record the followify. l. The address ofthe Foundation is- Carrnel, Manor Way. Oxshott, Surrey Kf22 OHU and the a)arity Registration nurnber 1117296. 2. The Objects ofthe Foundation are- To advance the edLKation of the pupils at Gw High School and Grey Junlor School. Port Elizabeth. S04rth Africa and in partKular but without pjude to the generdlity of the fore80ill8: o to provide or a55iSt in the prwsion of S¢larShIpS or bursaries or prizes to be awarded to pupils at Grey High School and Greyjuniorschool or persons inieNJlng to become pupils at Grey High School or Greyjunior School.. o by providing and assisting in the pr(wision of teaChg factlities. teachin2 equipment and books: by providing and assirt#l8 in the provision of schoolmasters: and by providing and assistin8 in the matntenonce and management of Grw High School and Gfey Junior School. 3. Trustees have to bE Old G¥5 in the United Klngdom. They are selerted by current trurtees and are appointed for thre&year terms try resol10 of a majority of current tnJ5tee
- The Foundaknn is managed by the tnksteeson a ¥oluntary basis in KCordae with the Objects. 11 Thanks The bursary kYr6Trmme has enabl 44 YOU men to ber*fft from a Grey education. some are currently at universty and some have already graduated and are doing well in their careets. is dear that the bursarie5 have had a signifKant impact on their lives. I want to thank you. the Old Greys ling in the UK and Europe. who have sUPPOrted this bursary programrne. ThrOh yourcDntributions you have made a difference to the 5choo15 and to the Irves of some very trdlented boys who would not otherwise have been able to benefit from an education at Grey. Paul Budge Chairmart April 2026
i CHARITY COMM15510N ' FOR ENGLAND WALES Receipts and ments accounts CC16a Fortho perltxl OlTr25 To 31-Dec-25 Section A Receipts and payments lunds funds Tot•1 funds Last y¢ar A1 Rrtoi 11MO .37¥ 1&C4JO 17.935 173.85 TrJn51er (Xd Grty Iniere51Terkn*d 104 101 ARJ 21W7 an 24.171 10.875 214537 A3Pa ent5 11429 37 Ebtnt5 Ii¥tyoJs Tox cn rtere5t 175.750 IrtSLuanr IM olafnrI 1$3 43) D33 1B3 Sub tDfal 15,796 214JQS Sub total 26.033 15.796 214.886 Net of rBceiptslfpaymentsJ . A5 Transfvrs bEknn funds A6 Cash funds last year gnd Cash funds this ypar end 4.921 349 11. 1&693 CCYX R1 accounls ISSI 2fffjY2026
Section B Statement of assets and liabilities at the end of the period untrIcted Restricted funds to nEavEsi£ Endowment lunds GdieiJoriv& B1 Cash funds 11.455 5.238 fund5 lunds lunds IDDearE¥t£ Dctsils n•a¢¥sit Detsils IOD.U 11T.5B3 IQ ¥rt*h CuThEniv•I Dèiails 84 Assets rntsinèd fi)r the charitys oym Fund to whKh Details BS Liabilities Spjnaure Date ol 7A Tli( FLG44 QI IG514 CCXX R2 aln ISSI
CHARITY COMMISSION FOR ENGLAND AND WALES Independent examiner's report on the accounts Section A Independent Examiner's Report Report to the trusteesl members of THE GREY,FOUNDATION On accounts for the year ended 31 DECEMBER 2025 Charity no lif any) 1117296 Set out on pages 1&2 I report to the trustees on my examination of the accounts of the above charity I'the Trust } for the year ended 3111212025. Responsibilities and As the charity trustees of the Trust, you are responsible for the preparation basis of report of the accounts in accordance with the requirements of the Charities Act 2011 1"the Act"). I report in respect of my examination of the Trust's accounts carried oul under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 14515)Ibl of the Act. I have completed my examination. I confirm that no material matters have come lo my attention (other than that disclosed below '} in connection with the examination which gives me cause lo believe that in. any material respect.. accounting records were not kept in accordance with section 130 of the Act or the accounts do not accord with the accounting records Independent examiner's statement I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in order to enable a proper understanding of the accounts to be reached. Signed.. Date: 0510512026 Name: SIMONE FREEDMAN Relevant professional qualifi¢ationls) or body (if any): CHARTERED TAXATION ADVISER Address: NOWER END, NOWER ROAD DORKING, SURREY RH4 3BX IER October 2018
Section B Disclosure Only complete if the examiner needs lo highlight m(Illerb Jl cci)bei. Independent examination of charity accounts.. directions and guidance lor examiners). Give here brief details of any items that the examiner wishes to disclose. NONE IER October 2018