Charity number: 1160318
THE GREIG TRUST
TRUSTEES. REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

THE GREIG TRUST
CONTENTS
Page
Reference and administrative details of the Charity, its Trustees and advisers
Trustees. report
Independent auditors, report on the financial statements
9-12
statement of financial activities
13
Balance sheet
14
Statement of cash flows
15
Notes to the financial statements
16-27

THE GREIG TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024
Trustees
A M Bakeri
Rev B Batstone2
Dr V Brown {appointed 1 September 2024)
E C Griffith (Resigned 4 February 2024)
T J Hammett (Resigned 4 February 2024)1
Archdeacon J E l Hawkins
J Manyan (Resigned 4 February 20241
P C Roberts MBE2
l R M Woolfi
R Dyer (appointed 1 September 2024)
P Harnett (appointed 10 June 2024)
C Adlam (resigned 22 September 2023)
Members of the Investment Committee
Ex Officio Trustees
Charity registered
number
1160318
Principal office
34 Dalkeith Grove
Stanmore
Middlesex
HA7 4SG
Independent auditors
BKL Audit LLP
Chartered Accountants
Statutory Auditor
35 Ballards Lane
London
N3 1XW
Bankers
Natwest
Muswell Hill Branch
190 Muswell Hill Broadway
London
N10 3SD
Investment managers
Barclays Private Bank
1 Churchill Place
Canary Wharf
London
E14 5HP
Page 1

THE GREIG TRUST
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together V￿th the audited financial statements of the Charity for the
year 1 April 2023 to 31 March 2024.
The Greig Trust is a lasting memory to the generosty and philanthropic concems of the Greig family through the
late David Greig. The three original trusts, The David and Mary Greig Trust Fund, The Hannah Susan Greig and
Samuel Victor Greig Fund and The David Greig Educats-onal Trust. have a long and illustrious history of
haritable support, with the earliest estsblished in 1933.
The Greig Trust was established as a CIO on 4th Febnjary 2015 V￿th the Charity Commission charity number
1160318, incorporating and amalgamating the three fomier charities, each associated with the Greig family. The
vesting declaration approved by the Trustees and the Charity Commission was executed on 22nd July 2015,
following which the Trustees transferred the assets of the three fomier charities into the CIO. This now includes
the Site of the Greig City Academy. formerly the Trusts of the Site of the School of St David and St Katharine.
Objectives and activities
a. Policies and objectives
The objects of the charity are to promote education in accordance wtth the principles and practices of the
Church of England in the followng order of priority..
{1) by payments to the govemors of St Mary's Church of England Primary School, Homsey, in the London
borough of Haringey.
(2) by payments to the governors of the Greig City Academy in the said London borough.
{3) by payments to the governors of Church of England Schools which educate children resident in the said
London borough and who are on roll at the time the grant is applied for,. and
(4) amongst children and persons under the age of 25 (or such other age as the Twstees feel is appropriate in
the circumstances) in the said London borough.
b. Strategies for achieving objectives
Each year, the Trust invites Church of England schools which educate children living in Haringey to submil
applications for grants. Applications are supported by reports from the beneficiary schools on how previous
grants have impacted on and benefitted their pupils. Schools are asked to provide details on the number of
Haringey pupils on roll at the commencement of the Autumn term.
Applications are then considered at a Trustees meeting in JanuarylFebruary wth grants paid in the forthcoming
financial year. The Trustees base their decisions on the priorities set out in the Objects of the charity and the
available income and capital gains in the investment portfolio. The charity makes a small number of granls to
individuals and grant applications are considered at the first available Trustees, meeting during the calendar
year.
Page 2

THE GREIG TRUST
TRUSTEES. REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Objectives and activities (continued)
. Activities undertaken to achieve objectives
The main objective of the charity is to provide grants to the beneficiary schools to enable the enrichment of the
educational experien￿ of pupils and students attending those schools.
To achieve this objective Trustees carefully consider the bids submitted by schools and examine the post-grant
reports of expenditure. There is an ongoing dialogue with the beneficiary schools to ensure bids satisfy the
objectives of the charity.
In particular, the Trustees have approved grants for extra<urricular activities induding sport, performing arts
and educational trips and clubs. Trustees have also encouraged. considered and approved projects or
programmes designed to enhance classroom technology and additive educational resources, as well as support
for mental health initiatives.
d. Main activities undertaken to further the Charity's purposes for the public benefit
The Trustees have given careful consideration to the Charity Commission's general guidance on public benefit
and have complied wth the duty in section 17 of the Charities Act 2011 when determining the level of
assistance to beneficiaries.
In providing support for Haringey school children. Tnjstees have regard to the promotion of Church of England
principles and doctrines- the Trust assists in a borough of London that has approximately 400￿ of children living
in poverty.
The beneficiary schools acknowledge that the quality of teaching and leaming, and in particular the enrichment
of the school experience. is in no small measure due to the additional resources provided by The Greig Trust.
This has had a direct impact on outcomes for thildren and is evidenced by their progress and attainment.
Page 3

THE GREIG TRUST
TRUSTEES. REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achievements and perfomiance
. Main achievements of the Charity
The reports submitted by beneficiaries as to how their grants have been used indicate a positive impact is made
on the lives of young people. The Trustees Y￿Sh to highlight the impact of the followng grants made in this
reporting period..
Greig City Academy
Greig City Academy has 1,245 pupils and received a grant of £250,000.
The Academy's impact report states "Without Greig Trust support, the Academy would run a significantly
reduced extracurricular programme. We are one of the few schoo15 that deliver such challenging activity at this
level and so we are able to ensure economically disadvantaged students take a full part alongside their peers.
The Greig Trust's greatest impact comes from enabling the significant amount of experiential learning that takes
place at the school, for the most part outside the classroom. Students have a chance to apply skills and
attitudes developed in the classroom to new and challenging situations. They also practice numerous new skills
through extracurricular programmes, which they are then able to use in class. Staff reportedly relish the
opportunity to run these activities and say that involvement wth students outside class helps the development of
positive relationships, resilience and confidence. Notable improvements in behaviour and positive attitudes to
learning by students have been ObSe￿ed.
The opportunities afforded by the Greig Trust have a particularfy positive impact on families whose finances do
not allow them to take advantage of enrichment activities outside school - music, drama and sport clubs. visits
to art galleries etc.
Through its support, The Greig Trust is playing a significant role in helping the school gain the trust of families
and attracting more applicants into Year 7. Parents have offered positive feedback on the enrichment
programmes enabled by The Greig Trust and open day events for new applicants are regularly 'standing room
The Greig Trust grants have given other fiJnders confidence to support the robotics and sailing programmes
along wth successful crowd funding.
Whilst most of the grant is used to fund activities, £14.800 of the grant was invested in a set of AcroPAD air
tracks for gymnastics, cheerfeading. dance and acrobatics and £7,092 VRS used to buy computers and screens
for music technology."
St Mary's CE Primary School
Primary schools across Haringey have been managing declining school rolls and the impact for St Mary's has
been significant as it had been encouraged a few years ago to become a three form entry school and has now
reverted to be a form entry school.
The School has 425 pupils with 39°A eligible for free school meals. The School is operating at 75°A of capacity
which is putting pressure on the School budget and to ensure that the wellbeing and opportunities for pupils are
protected, the Greig Trust has given a supplementsry grant of £225,000 on top ofthe annual grant of £279,500.
The Trust continues to fund the breakfast and after school clubs vthich provide Iwo additional meals each day.
Capital has also been invested in upgrading the sensory room and engagement in outdoor learning,. the
gardening club which helps children develop life skills is now providing the school cookery classes with
vegetables grown in their allotment.
The Trust's grant has protected the provision of music teaching and enabled the investment in learning
resources as well as essential upgrading of the computing facilities.
Page 4

THE GREIG TRUST
TRUSTEES. REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Achievements and perfomiance {continued)
Other beneficiaries
The Trust supported 14 other schools through grant making in the accounting period.
Projects of particular note are..
Holy Trinity CE Primary, Tottenham (£24k), St Anne's CE Primary, Tottenham {£28.5k} and St Michael's CE
Primary, Wood Green {£26.5kl focused on improving their IT provision with the purchase of iPads and at Holy
Trinity, an interactive screen for the Reception class. St Michael's impact report. for example, mentions the
significant improvement in the leaming of phonics in Early Years.
St Paul's & All Hallows Junior School. Tottenham (£26.5k) where carpets were installed in classrooms to absorb
noise, keep movement of fumiture quiet and unobtrusive and thereby create an environment more conducive to
learning.
St Paul's & All Hallows Infant School. Tottenham (£17.5k) for improving safety in the outdoor play area where
there are no govemment grants available.
b. Investment policy and perfomiance
The Trustees use a discretionary investment management Servi￿ to assist them in executing their
responsibilities. Investments are held on behalf of the Trustees by Barclays Private Bank, part of Barclays Bank
PLC, in nominee accounts. The Investment Committee meets wth representatives from Barclays Private Bank
three times a year to review performance of the portfolio.
The overall objective is to create sufficient income and capitsl growth to enable the Trust to carry out its
purposes consistently year by year, with due and proper consideration for future needs and the maintenance a5
a minimum lin real terms) of the capital value of the funds. Both capital and income may be used at any time for
the furtheran￿ of the Trust's aims and therefore the portfolio is managed on a total retum basis.
The portfolio is invested prudently in a broad range of fixed interest securities and equities, which are quoted on
a Recognised Investment Exchange, and unit trusts and OEICS (open ended investment companies) which are
authorised under the Financial Services and Markets Act 2000. The Charity also owns a parcel of land
ategorised as an investment propety which is treated using the revaluation model at the year-end.
The portfolio's asset allocation model is based on a framework of ranges for each broad asset class. with
performance measured against benchmarks and a weighted average of the movements in the comparative
indices. The overall risk categorisation of the investment portfolio is mediumlhigh and the requirements take into
account expected retums, bond ratings, overseas equity and bond exposures, concentration risks and ethical
considerations.
Investment portfolio gains (both realised and unrealised) amounted to £3.8m for the financial year to 31 st March
2024 {£1.56m loss for the financial year to 31st March 2023). The unrealised losses in the previous year were
largely a bi-product of the rapid rise in interest rates in the second half of that year which affected, in particular,
the discount rate used to value bonds and investment propety.
Strong investment retums over the past five years have enabled The Greig Trust to increase its grant
allocations wthout impacting the real value of the investment portfolio., net charitable funds have increased
from £22.1 m in 2019 to £29m in 2024.
The perfomiance of the investment portfolio assets managed by Barclays Private Bank exceeds the minimum
total retum targets required by trustees over three-year rolling penods, as well as outperforming the proprietary
benchmarks described above and wdely recognised comparative indices.
Page 5

THE GREIG TRUST
TRUSTEES. REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Financial review
. Going concern
Nearly 90 % of the funds of the Charity are held in investments which can be converted into cash at short notice.
These funds are unrestricted and sufficient to cover several years of grant making without the need to raise
external funds. Additionally, the Trustees maintain discretion over the main source of expenditure, being grants
made to beneficiary schools. The combination of these factors has led Trustees to conclude that, based on the
circumstances existing at the date of signature ofthe accounts, the Charity is a going concem.
b. Reserves policy
The total funds of the charity are unrestricted. including historical accumulations of the original gift and
investment net gains for the Trust. It is the policy of the Trustees to maintain the real value of the invested
capital and to distribute income and capital as appropnate after deducting the costs of administering the charity.
Free reserves at the Balance Sheet date amount to £29,373,385 (2023= £26,559,241), which are utilised to
produce total investment retums sufficient to enable the charity to continue its activities for the foreseeable
future.
. Principal risks and uncertainties
The Trustees have examined the major strategic and operational risks which the charity faces. These are
recorded and regularly reviewed so that necessary steps can be taken to mitigate and manage these risks.
Some of the principal risks are:
Protection of investments assets. Trustees undertake the monitoring of competence and regulatory
authorisation of the investment manager and ensure that adequate risk protection and prudent financial
management measures are in pla￿.
School funding issues. Strategic darity and guidance is given to schools as regards the funding available from
The Greig Trust.
Administrator becomes incapacitated. Contingency arrangements are in place with the LDBS to provide
temporary support together with the assistance of the Trust's auditors.
d. Review of the year
During the year the Charity had income of £287.206 {2023: £248,533) consisting of investment income of
£280,206 (2023.. £241,533) and rental income of £7,000 (2023.. £7,000). Expenditure during the year amounted
to £1,306,991 {2023.' £900,230) consisting of investment management fees of £119,878 (2023.. £116,978),
grant expenditure of £1,157,296 (2023.. £754,500) and support costs of £29,817 (2023.. £28,752). Funds carried
fomard at the year-end amount to £29,373.385 (2023= £26.559.241) consisting entirely of unrestricted funds.
Structure, governance and management
. Constitution
The Charity called The Greig Trust is regulated as a Charitable Incorporated Qrganisation by its constitution
dated 4th February 2015. The charity incorporates the former The HS & SV Greig Fund, The D&M Greig Trust
Fund and The David Greig Educats'onal Trust and is registered y￿th the Charity Commission for England and
Wales.
Page 6

THE GREIG TRUST
TRUSTEES. REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Structure, govemance and management {continued)
b. Methods of appointrnent or election of Trustees
New Trustees are appointed according to the rules of the appointing body in the case of nominated Trustees, by
virtue of office in the case of ex-officio Trustees, and by the Trustee body in the case of co-options.
Mr Michael Baker was re*lected Chairfrom May 2023. The Trustees who are the sole members of the CIO and
hanges therein are set out on the Trustees and Advisers on page 1.
The Trustees meet three times a year wth day-ttrday activities delegated to. and reported by, the Chair in
consultation with the Administrator.
The Trust has an Investment Committee which meets three times a year in advance of the Trustees meetings.
The Investment Committee reports to the Trustees and their remit is reviewed annually at the second Trustees
meeting of the year. The Investment Committee is chaired by Inigo Woolf.
The Administrator of The Greig Trust, Mrs Sheila Taylor, provides induction infomation to new Trustees and
keeps the Trustee body infomied of their obligations, duties and training needs as appropriate.
Plans for future periods
The Greig Trust will continue to support its beneficiaries wth grants focused on enrichment activities and
projects, according to the intentions of the original gift, and as embodied in the objects of the charity. This will be
achieved by maximising investment retums, increasing the value of grants where prudent to do so, and
supervising the impact of grants.
Page 7

THE GREIG TRUST
TRUSTEES. REPORT ICONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Statement of Trustees. responsibilities
The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for
each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources
and application of resources, including its income and expenditure, for that period. In preparing these financial
statements, the Trustees are required to..
select suitable accounting policies and then apply them consistently.,
obsetve the methods and principles of the Charities SORP (FRS 102).,
make judgments and accounting estimates that are reasonable and prudent.,
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any
material departures disclosed and explained in the financial statements.,
prepare the financial statements on the going concem basis unless it is inappropriate to presume that the
Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain
the Charity's transactions and disclose wth reasonable accuracy at any time the financial position ofthe Charity
and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity
(Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for
safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are Trustees at the time vthen this Trustees, report is approved has confirmed that:
so far as that Trustee is aware. there is no relevant audit infomiation of which the charity's auditors are
unaware, and
that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of
any relevant audit infomiation and to establish that the tharity's auditors are aware of that information.
Auditors
The auditors, BKL Audit LLP, have indicated their wllingness to continue in office. The designated Trustees wll
propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behaK by:
A M Baker
(Chair of Trustees)
Date.. 0911212024
Page 8

THE GREIG TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GREIG TRUST
Opinion
We have audited the financial statements of The Greig Trust (the 'charity') for the year ended 31 March 2024
which comprise the Statement of financial activities. the Balance sheet, the Statement of cash flows and the
related notes, including a summary of significant accounting policies. The financial reporting framework that has
been applied in their preparation is applicable law and United Kingdom Accounting Standards, including
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of
Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements-
give a true and fair view of the stste of the charity's affairs as at 31 March 2024 and of its incoming
resource5 and application of resources for the year then ended.,
have been properly prepared in accordance vthth United ￿'ngdoM Generally Accepted Accounting
Practice., and
have been prepared in accordance viith the requirements of the Chartties Act 2011.
Basis for opinion
We conducted our audit in accordan￿ with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable
law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit
of the financial statements section of our report. We are independent of the chartty in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including
the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical responsibilities in
accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed. y￿ have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a
going concern for a period of at least ￿1ve months from when the financial statements are authorised for
issue.
Our responsibilities and the responsibilities of the Trustees with respect to going con￿rn are described in the
relevant sections of this report.
Page 9

THE GREIG TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GREIG TRUST (CONTINUED)
Other infomiation
The other information comprises the InfO￿allon induded in the Annual report other than the financial
statements and our Auditors, report thereon. The Trustees are responsible for the other information contained
within the Annual report. Our opinion on the financial statements does not cover the other information and,
except to the extent othemise explicitly stated in our report, we do not express any form of assurance
conclusion thereon. Our responsibility is to read the other infomiation and. in doing so. consider whether the
other infomiation is materially inconsistent the financial statements or our knowledge obtained in the course
of the audit, or othe￿ise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are required to detemiine whether this gives rise to a material
misstatement in the financial statements themselves. If, based on the work we have performed, we conclude
that there is a material misstatement of this other infomiation. we are required to report that fact.
We have nothing to report in this regard.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports)
Regulations 2008 requires us to report to you if. in our opinion=
the information given in the Trustees. report is inconsistent in any material respect the financial
statements., or
sufficient accounting records have not been kept., or
the financial statements are not in agreement with the accounting records and returns., or
we have not received all the infomiation and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees. responsibilities statement, the Trustees are responsible for the
preparation of the financial statements which give a true and fair wew, and for such intemal control as the
Trustees determine is necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or e￿Or.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability to continue
as a going concern. disclosing. as applicable. matters related to going concern and using the going concern
basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no
realistic alternative but to do so.
Page 10

THE GREIG TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GREIG TRUST (CONTINUED)
Auditors, responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with
the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free
from material misststement, whether due to fraud or e￿or, and to issue an Auditors, report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance wth ISAS (UK) will a￿ayS detect a material misstatement when it exists. Misstatements can arise
from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non<ompliance wrth laws and regulations. We design
procedures in line wth our responsibilities, oudined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below=
Enquiring of management around actual and potential litigation and claims-
Reviewing board meeting Fs of meetings of those charged wth govemance;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations-
Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the nomial course of business and reviewing accounting estimates for bias.
Because of the inherent limitations of an audit, there is a risk that we V￿11 not detect all irregularities, including
those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance Trmth a law or regulation is removed from the events and transactions
reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves
intentional concealment, forgery, collusion, omission or misrepresentation.
As part of an audit in accordan￿ with ISAS (UK), we exercise professional judgement and maintain professional
scepticism throughout the audit. We also..
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of intemal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of
the charity's intemal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Trustees.
Conclude on the appropriateness of the Trustees. use of the going concem basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the charity's abilty to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our Auditors, Report to the related
disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our Auditors, Report. However,
future events or conditions may cause the tharity to ￿ase to continue as a going concem.
Evaluate the overall presentation, structure and content of the financial statements, including the
Page11

THE GREIG TRUST
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GREIG TRUST (CONTINUED)
disclosures, and whether the financial statements represent the underlying transactions and events in a
manner
that
achieves
fair
presentation
We communicate wth those charged wth govemance regarding, among other matter5, the planned scope and
'ming of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.o
.uklauditorsres
onsibilities. This description forms part of our
Auditors, report.
Use of our report
This report is made solely to the charity's trustees. as a body, in accordan￿ with Part 4 of the Charities
(Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the
charity's trustees those matters we are required to state to them in an Auditors, report and for no other purpose.
To the fvllest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the
charity and its trustees. as a body. for our audit Y￿rk. for this report. or for the opinions we have formed.
EEL Aitslit LLP
BKL Audit LLP
Chartered Accountants
Statutory Auditor
35 Ballards Lane
London
N3 1XW
Date.. 0911212024
BKL Audit LLP are eligible to act as auditors in terms of section 1212 ofthe Companies Act 2006.
Page 12

THE GREIG TRUST
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Donations and legacies
Investments
260
260
287,206
287,206
248, 533
Total incom8
287,466
287,466
248, 533
Expenditure on:
Raising funds
Charitable activities
119,878
1,187,113
119,878
1,187,113
116,978
783, 252
Total expenditure
1,306,991
1,306,991
900, 230
Net movement in funds before other recognised
gainslllosses)
11,019,525) 11,019,525
(651,69T)
Other recognised gainsl(losses):
Gainslllosses) on revaluation of fixed assets
Losses on Foreign Exchange Movements
3,833,682
(13)
3,833,682
113
(1, 560, 498)
Net movement in funds
2,814,144
2,814,144
(2,212, 195)
Reconciliation of funds:
Total funds brought forward
Net movement in funds
26.559,241
2,814,144
26,559.241
2,814,144
28.771,436
(2,212, 195)
Total funds carried forward
29.373.385
29.373.385
26, 559, 241
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 16 to 27 form part of these financial statements.
Page 13

THE GREIG TRUST
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Note
Fixed assets
Investments
27,557,215
2,700,000
24,556, 590
2, 700, 000
Investment propety
10
30,257,215
27.256, 590
Current assets
Debtors
12
55,181
37,556
21,019
57.243
Cash at bank and in hand
92,737
72,262
Creditors.. amounts falling due Y￿thin one
year
13
(976,567)
(769, 611)
Net current liabilities
(883,830)
(697, 349)
Total assets less current liabilities
29,373,385
26, 559, 241
Total net assets
29,373,385
26.559, 241
Charity funds
Unrestricted funds
14
29,373.385
26,559, 241
Total funds
29,373,385
26, 559, 241
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by..
A M Baker
(Chair of Trustees)
Date.. 0911212024
The notes on pages 16 to 27 form part of these financial statements.
Page 14

THE GREIG TRUST
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Cash flows from operating activities
Net cash used in operating activities
11,133,907
(804, 794)
Cash flows from investing activities
Dividends, interests and rents from investments
Proceeds from sale of investments
287,206
248, 533
16,503,116
7,505, 524
(15,670,102I (6,955,326)
Purchase of investments
Net cash provided by investing activities
1,120,220
798,731
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning ofthe year
113,687
16,063)
51,243
57,306
Cash and cash equivalents at the end of the year
37,556
51,243
The notes on pages 16 to 27 form part of these financial statements
Page 15

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance the Charities SORP (FRS 102) -
Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities
preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard
applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Greig Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities
are initially recognised at historical cost or transaction value unless otherwse stated in the relevant
accounting policy.
1.2 Going concem
At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity
has adequate resources to continue in operational existence for the foreseeable future. Whilst noting
the Charity having net current liabilities at the Balan￿ Sheet date, the Trustees are confident they
would be able to sell highly liquid investments if necessary. Thus the trustees continue to adopt the
going concern basis of accounting in preparing the accounts.
1.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the
income will be received and the amount of income re￿1vable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment
income is receivable.
1.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic
benefit to a third paty. it is probable that a transfer of economic benefits wll be required in
settlement and the amount of the obligation can be measured reliably. Expenditure is classified by
activity- The costs of each activity are made up of the total of direct costs and shared costs,
including support costs involved in undertaking each activity. Direct costs attributable to a single
activity are allocated directly to that activity- Shared costs which contribute to more than one activity
and support costs which are not attributable to a single activity are apportioned be￿een those
activities on a basis consistent the use of resources. Central staff costs are allocated on the
basis of time spent. and depreciation charges allocated on the portion of the asset's use.
Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its
charitable purposes and indudes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directty undertaking the activities which further the
Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the
offer is conditional, such grants being 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.
All expenditure is inclusive of I￿eCOVerable VAT.
Page 16

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Accounting policies Icontinued)
1.5 Invesljnents
Fixed asset investments are a form of financial instrument and are initially recognised at their
transaction cost and subsequendy measured at fair value at the Balance sheet date, unless the
value cannot be measured reliably in which case it is measured at cost less impairment. Investment
gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses)
on investments, in the Statement of financial activities.
Investments, including additions and disposals, include the cash on the investment portfolio.
Investment properties are stated at fair value at the Balance sheet date and are subject to
revaluation on an annual basis.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued at the amount prepaid net of any trade discounts due.
1.7 Cash at bank and in hand
Cash at bank and in hand indudes cash and short-temi highly liquid investments with a short
maturity of three months or less from the date of acquisition or opening of the deposit or similar
account.
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the
amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the
amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where
the effect of the time value of money is material, the provision is based on the present value of those
amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.9 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial
instruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value wth the exception of bank loans which are
subsequenuy measured at amortised cost using the effective interest method.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Charity and which have not been designated for other
purposes.
Investment income, gains and losses are allocated accordingly.
Page 17

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income from donations and legacies
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Donations
260
260
Investment income
Unrestricted
funds
2024
Total
funds
2024
Rental income
7,000
280.206
7,000
280,206
Quoted investments
287,206
287,206
UnrestriGted
funds
2023
Total
runds
2023
Rental income
Quoted investments
7,000
241,533
7, 000
241, 533
248,533
248, 533
Investment management costs
Unrestricted
funds
2024
Total
funds
2024
Investment management fees
119,878
119,878
Page 18

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Investment management costs (continued)
Unrestricted
funds
2023
Total
funds
2023
Investment management fees
116.978
116,9T8
Analysis of grants
Grants to
Institutions
2024
Total
funds
2024
Grants to schoolslbeneficiaries
1,157,296
1,157,296
Grants to
Institutions
2023
Total
funds
2023
Grants to schoolslbeneficiaries
754, 500
754, 500
Page 19

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of grants {continued)
The Charity has made the following material grants to institutions during the year..
2024
2023
Name of institution
Greig City Academy
Bishop Stopfords School
St Aidians VC Primary School
st Michael-at-Bowes
300,000
23,345
50,000
31,000
418,150
52,100
50,500
88,000
18,363
46,000
25,000
18,000
16,838
20,000
250, 000
St Marys C of E Primary School
St Anns CE Primary School
St Michaels CE Primary School
St Pauls and All Hallows Primary School
st James CE Primary School
Holy Trinity CE Primary School
YMCA London City
North London Pastoral Assistants Scheme
481,500
5, 000
18,000
St Michaels C of E Primary School
Litue Engineers Nursery
1.157,296
754, 500
Analysis of expenditure on charitable activities
Summary by fvnd type
Unrestricted
funds
2024
Total
2024
Promoting education
1,187,113
1,187,113
Unrestricted
funds
2023
Total
2023
Promoting education
783.252
783, 252
Page 20

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of expenditure by activities
Grant
fvnding of
activities
2024
Support
costs
2024
Total
funds
2024
Promoting education
1,157,296
29,817
1,187,113
Grant
funding ol
activities
2023
Support
costs
2023
Total
runds
2023
Promoting education
754.500
28, T52
783,252
Analysis of support costs
Promoting
education
2024
Totsl
funds
2024
Insurance costs
345
345
Administrator charges
Bank charges
Accounting & audit costs
Professional fees
13,962
30
13,962
30
12,480
3,000
12,480
3,000
29,817
29,817
Page 21

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysis of expenditure by activities (continued)
Analysis of support costs (continued)
Promoting
education
2023
Total
funds
2023
Insurance costs
321
321
Administrator charges
Bank charges
Accounting & audit costs
16,528
23
11,880
16,528
23
11,880
28, 752
28, 752
Auditors, remuneration
2024
2023
Fees payable to the Charity's auditor for the audit of the Charrty's annual
accounts
7,400
6, 900
Fees payable to the Charity's auditor in respect of=
All non-audit services not included above
3,000
Trustees. remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).
Page 22

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10.
Investment property
Freehold
investment
property
Valuation
At 1 April 2023
2,700,000
At 31 March 2024
2,700,000
The propety was purchased in November 2021 and was revalued by an RICS independent valuer in
September 2023. The Trustees deem there has been no significant change in value during the period
be￿een the Balan￿ sheet date of 31 March 2024 and the date of valuation.
11.
Fixed asset investments
Listed
investments
Cash on
Portfolio
Total
Cost or valuation
At 1 April 2023
Additions
24,502,291
54,299
24,556,590
6,855,574
8,814,488
15,670,062
(7.827,705) (8,675,410) 116,503,115)
3.833.678
3,833,678
Disposals
Revaluations
At 31 March 2024
27,363,838
193,377
27,557,215
Net book value
At 31 March 2024
27,363,838
193,377
27,557,215
At 31 March 2023
24,502,291
54,299
24,556,590
The trust also has an interest in the land occupied by the Greig Cty Academy which was historically
valued at £5.5M due to the contributions made by the HS & SV Greig Fund, a predecessor charity of The
Greig Trust. The Trustees assess that the carrying value of this interest cannot be measured and as such
is included at £Nil cost.
Page 23

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12.
Debtors
2024
2023
Due within one year
Investment income receivable
55,181
21,019
55,181
21,019
13. Creditors: Amounts falling due within one year
2024
2023
Grant creditors
Accruals and deferred income
961,796
14,771
754, 500
15,111
976,567
769,611
14. Statement of funds
Statement of funds - current year
Balance at
31 March
2024
Balance at 1
April 2023
Gainsl
(Losses)
Income Expenditure
Unrestricted funds
General Funds- all fvnds
26,559,241
287,466 (1.306.991) 3,833,669 29,373,385
Statement of funds - prior year
Ba18nGe at
31 March
2023
Balance at
1 Apnl 2022
Gains/
(Losses)
Income Expenditure
Unrestricted funds
General Funds- all funds
28,771.436
248, 533
(900,230) (1.560.498) 26,559, 241
Page 24

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
15. Summary of funds
Summary of funds - current year
Balance at
31 March
2024
Balance at 1
April 2023
Gainsl
(Losses)
Income Expenditure
General funds
26.559,241
287,466 (1.306,991) 3.833,669 29,373,385
Summary of funds - prior year
Balance at
37 March
2023
Balance at
1 Apnl 2022
Gains/
(Losses)
Income Expenditure
General funds
28, 771,436
248, 533
(900,230) (1,560,498) 26, 559, 241
16.
Analysis of net assets between funds
Analysis of net assets between funds - current period
Unrestricted
funds
2024
Totsl
funds
2024
Fixed asset investments
27,557,215 27,557,215
2,700,000
2,700,000
92,737
92,737
(976,567)
(976,567
Investment property
Current assets
Creditors due wthin one year
Total
29,373,385 29,373,385
Page 25

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
16. Analysis of net assets between funds Icontinued)
Analysis of net assets betW￿n funds - prior period
Un￿st￿cted
funds
2023
Total
funds
2023
Fixed asset investments
24, 556,590 24, 556, 590
2, 700,000
2, 700,000
72,262
72,262
(769, 611)
(769,611)
Investment property
Current assets
Creditors due wthin one year
Total
26,559,241 26,559,241
17.
Reconciliation of net movement in funds to net cash flow from operating activities
2024
2023
Net expenditure for the period (as per Statement of Financial Activities)
11,019,525
(651,697)
Adjustments for:
Dividends, interests and rents from investments
Increase in debtors
Increase in creditors
(287,206
134,132
206,956
(248, 533)
{2, 320)
97,756
Net cash used in operating activities
11,133,907
(804, 794)
18. Analysis of cash and cash equivalents
2024
2023
Cash in hand
37,556
51,243
Total cash and cash equivalents
37,556
51,243
Page 26

THE GREIG TRUST
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
19. Analysis of changes in net debt
At 1 April
2023 Cash flows
At 31 March
2024
Cash at bank and in hand
51.243
113,687
37,556
51,243
113,687
37,556
20.
Related party transactions
During the Year the charity made grants of £250,000 (2023.. £250,000} to the Greig City Academy, an
Academy Trust to which the charity is the sponsor and has a mutual trustee.
The Charity also made grants in the prior year to 6 academies which are part of the LDBS Academies
Trust, which has a mutual trustee. These grants amounted to £143,000 (2023: £104,485).
There were also grants made of £481.500 {2023'. £481.5001 to St Mary's C of E Primary School, where
ertain trustees are govemors of the school.
Page 27