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 SeCt￿n 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 G￿V 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 a￿10ft 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 F￿edrnaft and have been 5￿med on behall of the Tnslees.
The charity woduces rEceipts and pa￿￿nt 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 auCt￿n 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
re￿ived.
The costs of the Trurt are minimal a￿1 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 £37￿27.

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. ex￿pt 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 ￿ntrIbutk￿s In
future Yea￿ from t￿e 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 pa￿ents in re5erve5 at the yearend. At the end of
the current financial year, we w￿1 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 exCha￿e rdte and {b} the value of investments
Stays the same as it was at the end of 2025.
8. LeKacies
Many Peop￿ find it dIff￿1t to fflake donat￿nS 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 ad￿SirE 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
p￿jud￿e 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 teaCh￿g
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 resol￿10￿ of a majority of
current tnJ5tee

4. The Foundaknn is managed by the tnksteeson a ¥oluntary basis in KCorda￿e 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 li￿ng in the UK and Europe. who have sUPPOrted this
bursary programrne. ThrO￿h 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
Ol￿Tr25
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 olaf￿n￿rI￿
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
un￿trIcted
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 al￿￿n￿ 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