Date of Constitution: 4th February 2015
Name: The name of the Charitable Incorporated Organisation (the CIO) is The Greig Trust (Incorporating The HS & SV Greig Fund. The D & M Greig Trust and The David Greig Educational Trust).
National location of principal office: The principal office of the CIO is in England.
Objects: To promote education in accordance with the principles and practices of The Church of England in the following order of priority:
1. by payments to the governors of St Mary's Church of England primary school, Hornsey, in the London Borough of Haringey
2. by payments to the governors of the Greig City Academy in the said London Borough
3. by payments to the governors of any Curch of England Schools which educate children resident in the said London borough and who are on roll at the time the grant is applied for; and
4. amongst children and young persons under the age of 25 years (or such other age as the Trustees feel is appropriate in the circumstances) who are either resident or attending school or other educational establishments in the said London borough.
Powers: The CIO has power to do anything which is calculated to further its objects or is conducive or incidental to doing so. In particular, the CIO has power to:
1. borrow money and to charge the whole or any part of its property as security for the repayment of the money borrowed. The CIO must comply as appropriate with sections 124 and 125 of the Charities Act 2011, if it wishes to mortgage land;
2. buy, take on lease or in exchange, hire or otherwise acquire any property and to maintain and equip it for use;
3. sell, lease or otherwise dispose of all or any part of the property belonging to the CIO. In exercising this power, the CIO must comply as appropriate with sections 117 and 119-123 of the Charities Act 2011;
4. employ and remunerate such staff as are necessary for carrying out the work of the CIO. The CIO may employ or remunerate a chariry trustee only to the extent that is permitted to do so by clause 6 and provided it complies with the conditions of that clause;
5. deposit or invest funds, employ a professional fund-manager, and arrange for the investments or other property of the CIO to be held in the name of a nominee, in the same manner and subject to the same conditions as the trustees of a trust are permitted to do by the Trustee Act 2000;
6. to enter into derivative transactions to include foreign exchange and interests rate swaps.
Application of income and property:
1. The income and property of the CIO must be applied solely towards the promotion of the objects.
a) A charity trustee is entitled to be reimbursed from the property of the CIO or may pay out of such property reasonable expenses properly incurred by him or her when acting on behalf of the CIO.
b) A charity trustee may benefit from trustee indemnity insurance cover purchased at the CIO's expense in accordance with, and subject to condition in, section 189 of the Charities Act 2011.
2. None of the income or property of the CIO may be paid or transferred directly or indirectly by way of dividend, bonus or otherwise by way of profit to any member of the CIO.
3. Nothing in this clause should prevent a charity trustee or connected person receiving any benefit or payment which is authorised by Clause 6.
Benefits and payments to charity trustees and connected persons
1. General provisions
No charity trustee or connected person may:
a. buy or receive any goods or service from the CIO on terms preferential to those applicable to members of the public;
b. sell goods, services, or any interest in land to the CIO
c. be employed by, or receive any remuneration from, the CIO;
d. receive any other financial benefit from the CIO;
unless the payment or benefit is permitted by sub-clause (2) of this clause or authorised by the court or the Charity Commission. In this clause, a financial benefit means a benefit, direct or indirect, which is either money or has a monetary value.
2. Scope and powers permitting trustees' or connected persons' benefits
a. A charity trustee or connected person may receive a benefit from the CIO as a beneficiary of the CIO provided that a majority of the trustees do not benefit in this way.
b. A charity trustee or connected person may enter into a contract for the supply of services, or of goods that are supplied in connection with the provision of services, to the CIO where that is permitted in accordance with, and subject to the conditions in, sections 185 to 188 of the Charities Act 2011.
c. Subject to sub-clause (3) of this clause a charity trustee or connected person may provide the CIO with goods that are not supplied in connection with services provided to the CIO by the charity trustee or connected person.
d. A charity trustee or connected person may receive interest on money lent to the CIO at a reasonable and proper rate which must be not more than the Bank of England bank rate (also known as the base rate)
e) A charity trustee or connected person may receive rent for premises let by the trustee or connected person to the CIO. The amount of the rent and the other terms of the lease must be reasonable and proper. The charity trustee concerned must withdraw from any meeting at which such a proposal or the rent or other terms of the lease are under discussion
f. A charity trustee or connected person may take part in the normal trading and fundraising activities of the CIO on the same terms as members of the public.
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