**REGISTERED COMPANY NUMBER: CE019162 (England and Wales) REGISTERED CHARITY NUMBER: 1185761** ## **Report of the Trustees and** ## **Financial Statements** **for the Year Ended 31 August 2025** **for** **The Geoffrey Harold Greatrex CIO (A Company Limited by Guarantee)** **The Geoffrey Harold Greatrex CIO** **Contents of the Financial Statements for the year ended 31 August 2025** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|3| |**Independent Examiner's Report**||4|| |**Statement of Financial Activities**||5|| |**Balance Sheet**||6|| |**Notes to the Financial Statements**|7|to|10| **The Geoffrey Harold Greatrex CIO** ## **Report of the Trustees for the year ended 31 August 2025** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 August 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The object of the charity as set out in its governing document is to advance education and training in medical sciences and other surgical practices for the public benefit through: i) The provision of bursaries for the studies and related costs to persons studying at the Newcastle University Faculty of Medical Sciences, The Royal College of Surgeons of England and such other establishments as the trustees should see fit. ii) The provision of funding for costs for students undertaking medical or surgical research for the advancement of medical science. The useful results of which will be published. iii) The provision of grants to medical institutions for the training and development of staff students. The charity aims to make the education in the respective areas of medical study at the stated institutions affordable for all. This will in turn benefit wider society by increasing numbers of surgeons, improving medical research and developments within this sector. This will be facilitated by the provision of grants in line with the charity's grant making policy. ## **Significant activities** The charity was set up in October 2019 and from this period to the year end has received the amounts due from the estate of Geoffrey Harold Greatrex. These have been invested in order to generate income streams to finance the bursaries to students, grants to medical institutions for staff training and development and the medical research in line with the objectives of the charity. ## **Public benefit** In determining the Charity's activities the Trustees have had due regard to the Charity Commission's guidance on public benefit. ## **Grantmaking** Grants will be made by the charity to qualifying individuals or institutions in furtherance of the charity's objectives. ## **ACHIEVEMENTS AND PERFORMANCE** ## **Charitable activities** During the previous period the Charity made its fourth grant to the Royal College of Surgeons. The grant was for £70,000. This was a donation towards the course 'Teaching the Management and Treatment of Emergencies and Traumatic Injuries'. The Charity made its 3rd of 3 payments of £20,000 to the University of Newcastle as part of the Geoffrey Harold Greatrex scholarship for the continued support of twelve undergraduate students. The Charity donated a further £70,000 towards Virtual Reality Headsets. ## **FINANCIAL REVIEW** ## **Financial position** At the year end the charity had unrestricted reserves of £2,321,418 (2024: £2,295,059). The charity has received monies from the estate of Geoffrey Harold Greatrex in the period ended 31 August 2025 which was invested to fund it's activities in the year to 31 August 2025 and for future years. The financial position is impacted by the market value of the investments. ## **Investment policy and objectives** The aim of the portfolios whilst the activities of the charity are being facilitated is capital growth. Any income generated will currently be reinvested or used to cover the investment management charges. The trustees will make capital withdrawals in order to pay out cash grants in line with the objectives of the charity. The overall aim will be to raise approximately £40,000 per year whilst keeping the capital investments at £2m. Currently the reserves are in excess of £2m so the Charity are requesting further opportunities from Newcastle University and the Royal College of Surgeons in order to increase donations. Page 1 **The Geoffrey Harold Greatrex CIO** ## **Report of the Trustees for the year ended 31 August 2025** ## **FINANCIAL REVIEW** ## **Reserves policy** The trustees aim to maintain free reserves in unrestricted funds at a level which allows them to respond to applications for grants and ensure that support and governance costs are covered. As the funds were received in the current year they have been invested so are high unrestricted reserves. As the charity commences its charitable activities the reserves policy will be developed further. At the year end there was free reserves of £62,700 (2024: £3,615) due to the commitments for grants. This is to be covered from drawings from the fixed asset investment portfolio prior to when the liabilities fall due. The trustees regularly review the level of reserves and timing of payments but will look to carry a cash balance to cover commitments. ## **FUTURE PLANS** The trustees aim to generate a legacy from the capital received from the will of Geoffrey Harold Greatrex. The capital has been invested with the aim to provide a regular constant income stream to fund the grants made to the beneficiaries. The long term aim is to preserve the initial capital and distribute the income so that the charity can benefit as many individuals for years to come. ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The charity is controlled by its governing document, its constitution and is a Charitable Incorporated Organisation, as defined by the Companies Act 2006, registered with the Charity Commission. ## **Recruitment and appointment of new trustees** New trustees will be appointed by the existing trustees of the charity based on the expertise that they will offer to the board. The trustees regularly review the skill sets of the board and where there is a need for certain skills to be added will approach appropriate candidates to join the board. The governing document describes the eligibility for trusteeship and any new trustee application to the board will be reviewed in line with these requirements. ## **Organisational structure** The charity is governed by its Board of Trustees who decide on the overall running and governance of the charity. The board meet on a quarterly basis to review matters facing the charity with decisions being taken based on an overall majority. ## **Induction and training of new trustees** All Trustees receive reference material from the Charity Commission website. Specific items relating to the Charity are discussed as a Board in the Trustee meetings. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** CE019162 (England and Wales) ## **Registered Charity number** 1185761 ## **Registered office** Newland House The Point Weaver Road Lincoln Lincolnshire LN6 3QN ## **Trustees** P Ward Mrs L M Finlay Dr P P Dawson Page 2 **The Geoffrey Harold Greatrex CIO** ## **Report of the Trustees for the year ended 31 August 2025** ## **REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner** Steve Robinson ACA Nicholsons Chartered Accountants Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN **INVESTMENT MANAGERS** Scotia 36-38 Salamander Street Edinburgh EH6 7HZ Landmark 4 Broad Street Stamford Lincolnshire PE9 1PB Sandringham Greetwell Place Lime Kiln Way Lincoln LN2 4U **Investment Fund Managers** Quilter Sunderland SR43 4JP Nucleus PO Box 26968 Glasgow G2 9DY Fidelity International Beech Gate Millfield Lane Lower Kingswood Tadworth Surrey KT20 6RP Approved by order of the board of trustees on 16 June 2026 and signed on its behalf by: P Ward - Trustee Page 3 ## **Independent Examiner's Report to the Trustees of The Geoffrey Harold Greatrex CIO** ## **Independent examiner's report to the trustees of The Geoffrey Harold Greatrex CIO ('the Company')** I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2025. ## **Responsibilities and basis of report** As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Steve Robinson ACA Nicholsons Chartered Accountants Newland House The Point Weaver Road LINCOLN Lincolnshire LN6 3QN 24 June 2026 Page 4 ## **The Geoffrey Harold Greatrex CIO** ## **Statement of Financial Activities** ## **for the year ended 31 August 2025** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Other trading activities
2
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Core costs
**Total**
Net gains on investments
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|2025
Unrestricted
fund
£
32,231
1,288
1,144
34,663
10,134
162,661
172,795
196,722
58,590
2,295,059
2,353,649|2024
Total
funds
£
-
70
9,777| |---|---|---| |||9,847| |||20,719
22,254| |||42,973| |||266,558| |||233,432
2,061,627| |||2,295,059| The notes form part of these financial statements Page 5 ## **The Geoffrey Harold Greatrex CIO** ## **Balance Sheet** ## **31 August 2025** |Notes
**FIXED ASSETS**
Investments
5
**CURRENT ASSETS**
Cash at bank
**CREDITORS**
Amounts falling due within one year
6
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT LIABILITIES**
**NET ASSETS**
**FUNDS**
7
Unrestricted funds
**TOTAL FUNDS**|2025
Unrestricted
fund
£
2,290,949
64,904
(2,204)
62,700
2,353,649
2,353,649
2,353,649
2,353,649|2024
Total
funds
£
2,291,444
25,715
(22,100)
3,615
2,295,059
2,295,059
2,295,059
2,295,059| |---|---|---| The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2025 in accordance with Section 476 of the Companies Act 2006. The trustees acknowledge their responsibilities for - (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and - (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financial statements were approved by the Board of Trustees and authorised for issue on 16 June 2026 and were signed on its behalf by: P Ward - Trustee The notes form part of these financial statements Page 6 **The Geoffrey Harold Greatrex CIO** ## **Notes to the Financial Statements for the year ended 31 August 2025** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. ## **Grants payable** Grants payable are recognised at the point in which an offer has been made and accepted. Any unpaid commitments are included within creditors. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Fixed asset investments** Fixed asset investments are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. ## **2. OTHER TRADING ACTIVITIES** ## **3.** ||2025|2024| |---|---|---| ||£|£| |Other income|1,288|70| |**INVESTMENT INCOME**||| ||2025|2024| ||£|£| |Investment income|1,144|9,777| Page 7 continued... **The Geoffrey Harold Greatrex CIO** ## **Notes to the Financial Statements - continued for the year ended 31 August 2025** ## **4. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 August 2025 nor for the year ended 31 August 2024. ## **Trustees' expenses** |Trustees' expenses
**5.**
**FIXED ASSET INVESTMENTS**
**MARKET VALUE**
At 1 September 2024
Additions
Disposals
Revaluations
At 31 August 2025
**NET BOOK VALUE**
At 31 August 2025
At 31 August 2024
There were no investment assets outside the UK.
Cost or valuation at 31 August 2025 is represented by:
Valuation in 2020
Valuation in 2021
Valuation in 2022
Valuation in 2023
Valuation in 2024
Valuation in 2025
Cost
**6.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Other creditors|2025
£
358
2025
£
(1)
2,205
2,204|2024
£
-
Listed
investments
£
2,291,444
600,000
(801,774)
201,279
2,290,949
2,290,949
2,291,444
Listed
investments
£
22,563
257,730
(189,646)
29,340
121,103
(495)
2,050,354
2,290,949
2024
£
-
22,100
22,100| |---|---|---| |||| |||| Page 8 continued... **The Geoffrey Harold Greatrex CIO** ## **Notes to the Financial Statements - continued for the year ended 31 August 2025** ## **7. MOVEMENT IN FUNDS** |At 1.9.24
£
**Unrestricted funds**
General fund
2,295,059
**TOTAL FUNDS**
2,295,059
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
34,663
(172,795)
**TOTAL FUNDS**
34,663
(172,795)
**Comparatives for movement in funds**
At 1.9.23
£
**Unrestricted funds**
General fund
2,061,627
**TOTAL FUNDS**
2,061,627
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
9,847
(42,973)
**TOTAL FUNDS**
9,847
(42,973)||Net
movement
in funds
£
58,590
58,590
Gains and
losses
£
196,722
196,722
Net
movement
in funds
£
233,432
233,432
Gains and
losses
£
266,558
266,558|At
31.8.25
£
2,353,649|At
31.8.25
£
2,353,649| |---|---|---|---|---| ||||2,353,649|| ||||Movemen
in funds
£
58,590
58,590
At
31.8.24
£
2,295,059|| ||||2,295,059|| ||||Movemen
in funds
£
233,432
233,432|| |||||233,432| A current year 12 months and prior year 12 months combined position is as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|At 1.9.23
£
2,061,627
2,061,627|Net
movement
in funds
£
292,022
292,022|At
31.8.25
£
2,353,649| |---|---|---|---| ||||2,353,649| Page 9 continued... **The Geoffrey Harold Greatrex CIO** ## **Notes to the Financial Statements - continued** ## **for the year ended 31 August 2025** ## **7. MOVEMENT IN FUNDS - continued** A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: |**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
44,510
44,510|Resources
expended
£
(215,768)
(215,768)|Gains and
Movement
losses
in funds
£
£
463,280
292,022
463,280
292,022|Gains and
Movement
losses
in funds
£
£
463,280
292,022
463,280
292,022| |---|---|---|---|---| |||||292,022| ## **8. RELATED PARTY DISCLOSURES** There were no related party transactions for the year ended 31 August 2025. Page 10