Charity number: 1160318 THE GREIG TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
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 10-13 Statement of financial activities 14 Balance sheet Statement of cash flows 16 Notes to the financial statements 17-27
THE GREIG TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025 Trustees l R M Woolfi P C Roberts MBE2 Archdeacon J E l Hawkins P Harnett (appointed 10 June 2024) Dr V Brown (appointed 1 September 2024) R Dyer (appointed 1 September 2024) E C Griffith (appointed 21 May 2025) A M Baker (resigned 6 June 2025)1 Matthew F l Johnston (appointed 16 June 2025)1 Rev B Batstone (resigned 14 September 2025)2 Members of the Investment Committee 2 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 2025 The Truslees present their annual report together with the audited financial statements of the Charity for the year 1 April 2024 to 31 March 2025. The Greig Trust is a lasting memory to the generosity and philanthropic concerns 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 Educational Trust, have a long and illustrious history of charitable support. with the earliest established in 1933. The Greig Trust was established as a CIO on 4th February 2015 viith the Charity Commission charity number 1160318, incorporating and amalgamating the three former 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 former 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 with the principles and practices of the Church of England in the followng order of priority. 11) by payments to the governors of St MarS Church of England Primary School, Hornsey, in the London borough of Haringey. 12) by payTnents to the governors of the Greig City Academy in the said London borough. 13) 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 lime the grant is applied for- and 141 amongst children and persons under the age of 25 (or such other age as the Trustees 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 submit 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 temi. Applications are then considered at a Trustees meeting in JanuarylFebruary with 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 capitsl gains in the investment portfolio. The charity makes a small number of grants to individuals and grant applications are considered at the first available Trustees. meeting during the calendar year. Page 2
THE GREIG TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Objectives and activities (continued) c. 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 experience of pupils and students attending those schools. To achieve this objective Trustees carefully consider the bids submitted by schools and examine the post-granl reports of expenditure. There is an ongoing dialogue wwth the beneficiary schools to ensure bids satisfy Ihe objectives of the charity. In particular, the Trustees have approved grants for extra-curricular activities including 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 with 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, Trustees have regard to the promotion of Church of England principles and doctrines., the Trust assists in a borough of London that has approximately 400/0 of children living in poverty. The beneficiary schools aCknOedge that the quality of teaching and learning, and in particular the enrichmenl 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 children and is evidenced by their progress and attainment. Page 3
THE GREIG TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance a. 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 wish to highlight the itnpact of the following grants made in this reporting period= Greig City Academy Greig City Academy has 1,231 pupils and was awarded a grant of £336,500 for 17 enrichment projects. 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 schools 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 Ihe 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 reporledly relish Ihe opportunity to run these activities and say that involvement with siudents outside class helps the development of positive relationships, resilience and confidence. Notable improvements in behaviour and positive attitudes to learning by students have been observed. The opportunities afforded by the Greig Trust have a particularly 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 Ihe enrichment programmes enabled by The Greig Trust and open day events for new applicants are regularly 'standing room only,. The Greig Trust grants have given other funders confidence to support the robotics and sailing programmes along with successful crowd funding. 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. The School has 379 pupils with 37Q/o eligible for free school meals and 42V/o With English as an Additional Language. With the reduction in pupil numbers. planning has begun to bring all staff and pupils on to the Rectory Gardens site but until this happens there are diseconomies of scale in operating two sites. To ensure that the wellbeing and opportunities for pupils are protecled, the Greig Trust supported 21 projects within the school at a cost of £400,000. The monitoring report received from the School shows that the investment in specialist teaching and interventions to support pupils has brought about an increase in pupil numbers in the past year. Pupils also benefited from the funding the Trust provided for a lay school worker supporting children in Hornsey Parish. Other beneficiaries The Trust paid grants totalling £200,646 to 10 other schools educating children living in Haringey with a particular emphasis on enrichment activities. Page 4
THE GREIG TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance (continued) Projects of particular note are.. Holy Trinity CE Primary, Tottenham (£22,000), St Anne's CE Primary (£23,600), Tottenham, and St Michael's CE Primary (£24,000).Wood Green. These projects focused on improving their IT provision with the purchase of iPads at Holy Trinity. an interactive screen for the Receplion class. St Michael's impact report, for example, mentions the significant improvement in the learning of phonics in Early Years. St Paul's & All Hallows Junior School, Tottenham (£22,000) where carpets were installed in classrooms to absorb noise, keep movement of furniture quiet and unobtrusive and thereby create an environment more conducive to learning. St Paul's & All Hallows Infant School, Tottenham {£22,000) for improving safety in the outdoor play area where there are no government grants available. In March 2025, the Trust awarded grants totalling £986,882 to be paid in the following year. Included in thal amount is £158.200 for the schools in Haringey. Page 5
THE GREIG TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and performance (continued) b. Investment policy and perfomance The Trustees use a discretionary investment management service 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 with representatives from Barclays Private Bank three times a year to review performance of the portfolio. The overall objective is to create sufficient income and capital gr0h to enable the Trust to carry out its purposes consistently year by year, with due and proper consideration for future needs and the maintenance as a minimum (in real terms) of the capital value of the funds. Both capitsl and income may be used al any time for the furtherance of the Trust's aims and therefore the portfolio is managed on a total retum basis. The portfolio is invested prudenuy 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 servIs and Markels Act 2000. The Charity also owns a parcel of land, adjacenl to St Marfs CofE Primary School. categorised as an investment property 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 tske into account expected returns, bond ratings. overseas equity and bond exposures. concentration risks and ethical considerations. The investment portfolio is managed on a total return basis with the expectation thal 3 % of Ihe value of Ihe portfolio at the start of each financial year can be withdrawn during Ihe financial year without diminishing the real value, as measured by the change in the Consumer Price Index. Portfolio compared to CPI 150.0 140.0 iJv.v 120.0 110.0 100.0 JJ 121 3022 X)24 2025 Portrolio Strong investment retums in recent years have enabled The Greig Trust to increase its grant allocations without impacting the real value of the investment portfolio. net charitsble funds have increased from £22.1 m in 2019 to £28.8m in 2025. Until December 2024. the portfolio was growing but the devaluation of the US dollar and the reaction to the US trade and tariffs policies imposed by the US President, since then has impacted the valuation as at the 31 March year end. Overall the value of investment assets fell. during the year. by £0.54m to £29.72m. Page 6
THE GREIG TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review a. Going concern Nearly 900/0 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 Ihe main source of expenditure, being grants made to beneficiary schools. The combination of these factors has led Trustees to conclude that, based on Ihe circumstances exisling at the date of signature of the accounts, the Charity is a going concern. 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 appropriate after deducting the costs of administering the charity. Free reserves at the Balance Sheet date amount to £28.884,431 (2024: £29,373,385). which are utilised to produce total investment returns sufficient to enable the charity to continue its activities for the foreseeable future. c. 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 neSSary 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 place. School funding issues. Strategic clarity 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 Trusl's auditors. d. Review of the year During the year the Charity had income of £311.504 (2024.. £287.206) consisting of investment income of £303,679 (2024: £280,206) and rental income of £7,825 {2024." £7.000). Expenditure during the year amounted to £1,130.225 (2024.. £1,306,991) consisting of investment management fees of £132.685 (2024.. £119.878), grant expenditure of £986,882 (2024: £1,187,113) and support costs of £28,658 (2024: £29,817). Funds carried forward at the year*nd amount to £28.886,431 (2024: £29,373,385) consisting entirely of unrestricted funds. Structure, governance and management a. Constitution The Charity called The Greig Trust is regulated as a Charitable Incorporated Organisation 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 Educational Trust and is registered with the Charity Commission for England and Wales. Page 7
THE GREIG TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Structure, governance and management (continued) b. Methods of appointment 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 cwptions. Mr Michael Baker was re-elected Chair from May 2024. The Trustees vtho are the sole members of the CIO and changes therein are sel out on the Trustees and Advisers on page 1. Co-opted trustees can serve for three terms of three years. Michael Baker, who has been chair of the Trust retired after the year end in June 2025 having completed three terms as a trustee- Inigo Woolf was elected as chair in June 2025. The Trustees meet three times a year with day-tfTrday activities delegated to, and reported by, the Chair in consultation with the Adminislrator. The Trust has an Investment Committee which meets three times a year in advance of the Truslees meetings. The Investrnent Committee reports to the Trustees and their remit is reviewed annually al 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 information to new Trustees and keeps the Trustee body informed of their obligations. duties and training needs as appropriate. Plans for future periods The Greig Trust will continue to support its beneficiaries with 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 returns. increasing the value of grants where prudent to do so, and supervising the irnpact of grants. The Trust will be supporting the consolidation of St Mary's CofE Primary School onlo a single site with a capital grant subject to the School obtaining planning pemiission and signing a building development agreement. Qualifying Third-Party Indemnity provisions The Charity has in place. and during the financial year maintained, qualifw'ng third-party indemnity provisions for the benefit of its trustees, as pemiitted by section 234 of the Companies Act 2006. The cost of this cover during the year was £345. Page 8
THE GREIG TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 lo charities in England & Wales requires the Trustees to prepare financial statements for each financial which give a true and fair view of the stale of affairs of the Charity and of its incoming resources and application of reSoUrs, 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., observe the methods and principles of the Charities SORP {FRS 102)" make judgments and accounting estimates that are reasonable and prudent,. stste 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 concern 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 Charitys transactions and disclose with reasonable accuracy at any time the financial position of the 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 hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information 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 information and to establish that the charitys auditors are aware of that information. Auditors The auditors, BKL Audit LLP, have indicated their willingness to continue in office. The designated Trustees will 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 behalf by: /hifjo WooL{ IRMWoolf (Chair of Trustees) Date.. 0611012025 Page 9
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 Ihe year ended 31 March 2025 which comprise the Statement of financial activities, the Balance sheet, the Ststement of cash flows and Ihe 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 Reporling Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference lo the Accounting and Reporting by Charities- Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts lo provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. In our opinion the financial statements- give a true and fair view of the state of the charitys affairs as at 31 March 2025 and of its incoming resources and application of reSoUrS for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in accordan Vth the requirements of the Charities 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 charity 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 Standard. 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 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significanl doubt on the charitvs ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees viith respect to going concern are described in the relevant sections of this report. Page 10
THE GREIG TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GREIG TRUST (CONTINUED) Other infonnation The other information comprises the information included in the Annual report olher 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 otherwise explicitly slated in our report. we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemine 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 olher information. we are required to report thal 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 with the financial statements- or sufficient accounting records have not been kept. or the financial statements are not in agreement with the accounting records and retums" or we have not received all the information 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 view, and for such internal 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 error. In preparing the financial statements, the Trustees are responsible for assessing the chariws ability to continue as a going concern, disclosing. as applicable. matters related to going concem 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 11
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 appoinled 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 assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, 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 with ISAS (UK) will always 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-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is deiailed below- Enquiring of management around actual and potential litigation and claims- Reviewing board meeting of meetings of those charged with governance; 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 and reviewing accounting estimates for bias. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misststement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with 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 accordance 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. misrepresentstions, or the override of internal 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 internal 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 concern 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 charitys ability 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 Page 12
THE GREIG TRUST INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE GREIG TRUST (CONTINUED) conclusions are based on the audit evidence obtained up to the date of our Auditors. Report. However, future events or conditions may cause the charity to ase to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Because of the inherent limitations of an audit, there is a risk that we will 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 Complian with 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. 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.or -uklauditorsres nsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charitys 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 fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body. for our audit work, for this report, or for the opinions we have formed. 8KL AK86fr LLP BKL Audit LLP Chartered Accountants Statutory Auditor 35 Ballards Lane London N3 1XW Date: 0711012025 BKL Audit LLP are eligible to act as auditors in temis of section 1212 of the Companies Act 2006. Page 13
THE GREIG TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total funds 2024 Note Income from: Donations and legacies Investments 240 240 260 311,504 311,504 287,206 Total income 311,744 311,744 287,466 Expenditure on: Raising funds Charitable activities 132.685 997.540 132.685 997,540 119,878 1,187,113 Total expenditure 1.130.225 1.130,225 1,306,991 Net movement in funds before other recognised gainsl{losses) (818,481) (818,481) (1,019,525) Other recognised gainsl{losses): Gains on revaluation of fixed assets Losses on Foreign Exchange Movements 331,249 (1.722) 331,249 (1,722) 3, 833,682 (13) Net movement in funds (488,954) (488,954) 2,814, 144 Reconciliation of funds: Total funds brought forward Net movement in funds 29.373,385 (488,954) 29,373,385 (488,954) 26,559,241 2,814, 144 Total funds carried forward 28,884,431 28,884,431 29,373,385 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 17 to 27 form part of these financial statements. Page 14
THE GREIG TRUST BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Investments 27,021,941 2,700,000 27,557,215 2, 700,000 Investment property 10 29.721,941 30,257,215 Current assets Debtors 12 67,904 96.470 55,181 37,556 Cash at bank and in hand 164,374 92,737 Current liabilities Creditors: amounts falling due within one year 13 (1,001.884) (976,567) Net current liabilities (837,510) (883,830) Total assets less current liabilities 28,884,431 29,373,385 Total net assets 28,884,431 29,373,385 Charity funds Unrestricted funds 14 28,884,431 29,373,385 Total funds 28,884,431 29,373,385 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: /higo WooL£ IRMWoolf (Chair of Trustees) Date.. 06/1012025 The notes on pages 17 to 27 fom part of these financial statements. Page 15
THE GREIG TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Cash flows from operating activities Net cash used in operating activities (1,119.113) (1,133,907) Cash flows from investing activities Dividends, interests and rents from investments Proceeds from sale of investments Purchase of investments 311,504 287,206 15,766,864 16,503, 116 {14,900,341) (15,670, 102) Net cash provided by investing activities 1,178.027 1.120,220 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 58,914 (13,687) 51,243 37.556 Cash and cash equivalents at the end of the year 96,470 37,556 The notes on pages 17 to 27 form part of these financial statements Page 16
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities: Statement of Recotnmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporling Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporling 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 otherwise stated in the relevant accounting policy. 1.2 Going concern 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 Balance Sheet date, the Trustees are confidenl they would be able to sell highly liquid investments if neSsary. Thus the trustees continue to adopt the going concem 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 wll be received and the amounl of income receivable can be measured reliably. Income tax recoverable in relation to investment income is recognised at the time the investmenl income is receivable. 1.4 Expenditure Expenditure is recognised On there is a legal or constructive obligation to transfer economic benefit to a third party. it is probable that a transfer of economic benefits will be required in settlernent 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 between those activities on a basis consistent wilh 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 includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitys 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 irrecoverable VAT. Page 17
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (continued) 1.5 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently 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 Slatement of financial activities. Investments, including additions and disposals, include the cash on the investment porlfolio. 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 settlemenl 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 includes cash and shorl-term 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 Ihe obligation. Where the effect of the time value of money is material. the provision is based on Ihe 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 al transaction value and subsequently measured at their settlemenl value with the exception of bank loans which are subsequently measured at amorlised cost using the effeclive interest melhod. 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 18
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Donations 240 240 Unrestricted funds 2024 Total funds 2024 Donations 260 260 Investment income Unrestricted funds 2025 Total funds 2025 Rental income Quoted investments 7,825 303,679 7,825 303,679 311,504 311,504 Unrestricted funds 2024 Total funds 2024 Rental income Quoted investments 7,000 280,206 7,000 280,206 287,206 287,206 Page 19
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Investment management costs Unrestricted funds 2025 Total funds 2025 Investment management fees 132,685 132.685 Unrestricted funds 2024 Total funds 2024 Investment management fees 119,878 119,878 Analysis of grants Grants to Institutions 2025 Total funds 2025 Grants to schoolslbeneficiaries 968,882 968,882 Grants to Institutions 2024 Total funds 2024 Grants to schoolslbeneficiaries 1, 157,296 1, 157,296 Page 20
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of grants (continued) The Charity has made the following material grants lo instiiutions during the year: 2025 2024 Name of institution Greig City Academy Bishop Stopfords School St dianS VC Primary School St Michael-at-Bowes 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 and North North London Pastoral Assistants Scheme St Michaels C of E Primary School Little Engineers Nursery Lay School Worker in St MaWs Primary School 336,350 11.500 25,000 20,200 400,000 28,000 22,000 30,000 14,093 24,832 27,062 (18,000) 27.775 300,000 23,345 50,000 31,000 400,000 52,100 50,500 88,000 18,363 46,000 25,000 18,000 16,838 20,000 18,150 20,070 968,882 1, 157,296 The grant accrued in 2024 in relation to North London Pastoral Assistants Scheme will no longer be paid and therefore this has been reversed in the year. Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2025 Total 2025 Promoting education 997,540 997,540 Page 21
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure on charitable activities (continued) Summary by fund type (continued) Unrestricted funds 2024 Total 2024 Promoting education 1,187,113 1,187,113 Analysis of expenditure by activities Grant funding of activities 2025 Support costs 2025 Total funds 2025 Promoting education 968,882 28,658 997,540 Grant funding ol activities 2024 Support costs 2024 Total funds 2024 Promoting education 1, 157,296 29,817 1, 187, 113 Analysis of support costs Promoting education 2025 Total funds 2025 Insurance costs 345 15,083 30 345 15,083 30 Administrator charges Bank charges Accounting & audit costs 13,200 13,200 28,658 28,658 Page 22
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of support costs (continued) Promoting education 2024 Total funds 2024 Insurance costs 345 345 13,962 30 12,480 3,000 Administrator charges Bank charges Accounting & audit costs Professional fees 13,962 30 12,480 3,000 29,817 29,817 Auditors. remuneration 2025 2024 Fees payable to the Charitys audttor for the audit of the Charitys annual accounts 9.400 8, 880 Fees payable to the Charitys audttor in respect of: All non-audit services not included above 3,800 3, 600 Trustees. remuneration and expenses During the year. no Trustees received any remuneration or other benefits (2024 - £NIL). During the year ended 31 March 2025. no Trustee expenses have been incurred (2024 - £NIL). Page 23
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. Investment property Freehold investment property Valuation At 1 April 2024 2,700,000 At 31 March 2025 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 between the Balance sheet date of 31 March 2025 and the date of valuation. 11. Flxed asset Investments Listed investments Cash on Portfolio Total Cost or valuation At 1 April 2024 Additions 27,363,838 6.541,658 (7,360,206) 331,249 193,377 27,557,215 6,541,658 {7,360,206 331,249 (47,975) Disposals Revaluations Cash movements (47,975) At 31 March 2025 26.876,539 145,402 27,021,941 Net book value At 31 March 2025 26.876,539 145,402 27,021,941 At 31 March 2024 27,363, 838 193,377 27,557,215 The trust also has an interest in the land occupied by the Greig City 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 24
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 12. Debtors 2025 2024 Due within one year Investment income receivable 67,904 55,181 67,904 55,181 13. Creditors: Amounts falling due within one year 2025 2024 Grant creditors 986,382 15,502 961, 796 14,771 Accruals and deferred income 1,001,884 976,567 14. Statement of funds Statement of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Gainsl {Losses) Income Expenditure Unrestricted funds General Funds - all funds 29,373.385 311,744 (1,130,225) 329,527 28,884,431 Statement of funds - prior year Balance at 31 March 2024 Balance at l Apnl 2023 Gains/ (Losses) Income Expenditure Unrestricted funds General Funds - all funds 26, 559,241 287,466 (1,306,991) 3,833, 669 29,373,385 Page 25
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2025 Total funds 2025 Fixed asset investments 27,021,941 27,021,941 2.700,000 2,700,000 164,374 164,374 (1.001,884) (1,001,884) Investment propety Current assets Creditors due within one year Total 28,884,431 28,884,431 Analysis of net assets between funds - prior year Unrestricted funds 2024 Total funds 2024 Fixed asset investments 2T,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 within one year Total 29,373,385 29,373,385 16. Reconciliation of net movement in funds to net cash flow from operating activities 2025 2024 Net expenditure for the year (as per Statement of Financial Activities) (818,481) (1,019,525) Adjustments for: Dividends, interests and rents from investments Increase in debtors Increase in creditors (311.504) (12,723) 25,317 (1.722) (287,206) (34, 132) 206, 956 Loss on forex Net cash used in operating activities (1,119,113) (1,133,907) Page 26
THE GREIG TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 17. Analysis of cash and cash equivalents 2025 2024 Cash in hand 96,470 37,556 Total cash and cash equivalents 96,470 37,556 18. Analysis of changes in net debt At 1 April 2024 Cash flows At 31 March 2025 Cash at bank and in hand 37,556 58,914 96,470 37,556 58,914 96,470 19. Related party transactions During the Year the charity made grants of £336.350 (2024: £300,000) 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 £121.868 (2024.. £210,600). There were also grants made of £400,000 (2024.. £418,150) to St Maws CofE Primary School, where certain trustees are governors of the school. Page 27