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 Mar￿S 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 aCknO￿edge 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 gr0￿h 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 servI￿s 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 ne￿SSary 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 reSoUr￿s, 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 reSoUr￿S for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice- and
have been prepared in accordan￿ V￿th 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 ne￿Ssary. 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