Cknrity No. 1199922 (England and Wale8) SKINNERS, EDUCATION FOUNDATIOF4 TRUSTEES, REPORT AIW ACcos FOR THE YEAR ENDED 30 JUNE 2024
SKIIYNERS, EDUCATION FOUNDATION CONTENTS Page Rewrt of th¢ Trust¢es Independent auditor'5 r¢port Statement of finan¢ial artivitie5 Balance sheet 10 Notes to the accounts 11- 14
SKINNERSI EDUCATION FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR TO 30 JUNE 2024 Introduction The Trust¢¢s present their report along with the financial ststements of the Charity for the year ended 30 Jun¢ 2024. Th¢ fwancial 5tatemenls have been prepared in accordance with the accounting policies set out on pages 8 and 9 to the a¢untS and comply with the Charity's wnstitution, the Charities Act 2011 and the second edilioll of the Statem¢nt of Recommended Practice applicable to charities prarIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). History Skinners. Education Foundation is ffgistered as a charitable incon)ornted organisation under nwnber 1199922. It was established on 2 August 2022 by constitution. its initial fundtngbeing a donation from Skinners. Maln)esbury Foundation. The Foundation refl¢¢ts the Skinners, Company's philanthropic aims ID Education. It is supwrting Ciympany schLK)Istowards ourstrategic aim of becoming'beacons Of¢X1enC¢" in the field of education. Within our family, w¢ believe every Skinn¢rs' School should give its sthdents th¢ very kst education Fxissible, equipping them to be successful in lifr. a}SS the family we provide that education to students from every background. Wo value the diversty of provision rO&S our different sohools. Beyond our school4 we also hop¢ to have a strong¢r EXYSitive impaot on the wider ¢dUtIOn lands¢ap¢. Aims And obje¢¢ive5 The objectives of th¢ Charity are to apply income an if th¢ Trustees think fil the capitsj (wh¢re )SSIble} in or towards the advancement of education, in p8rtAcular.' The provision of itnS, setvices and facilities at any school fonning part of the Skinners, family of h0o15. The advancement of education of pupils at schwls forming part of the Skinners. family of schools by any m¢ans as the Trustees shall deterniine. The address of the Charity is SkinneTS' HalL 8 Dowgats Hill, lA)nd0 EC4R 2SP. Constitution The Charity is a charitable Incoryt or88nisation regulated by the constithtion dated 2.8.2022. Mr A Boggis Mr W Fell Ms Lucy Lee Trust$ Mr H Ashton {Chairnian) Mrj Clark(from 16.6.23) Mr T Hayn¢s Clerk to the Trustees Mr A C P Kenn¢tt Principal Oftlce SkitMe. Hall, 8 tX)wgat¢ Hill, London EC4R 2SP Charity Number 1199922 Organisational structure Day to day operations gre delegated to lh¢ Cl& by the Trustees. The Skinners, Education Foundation Board of TTUStees overse¢s th¢ mallagement of the Charity. It reports to the Court of the Skinners. Company where necessary to inform them of their work. Page I
SKtNNERS' EDUCATION FOUNDATION REPORT OF THE TRUSTEES (Continu¢d} FOR THE YEAR TO 30 JUNE 2024 Re¢ruitmtnt of trustees Skinner Trustee members are usutlly approached in the first insLgncc by the Clerk who, with the Chaitinan. keeps membership und¢r review. Final de¢isions on membership rest with the Board of Trnstees. In the Cl of non-skinner, Independent Trustees, recruitment conventionally follows a skills Analysis to identify k¢y aTeas for re¢ruitment. The illdu¢tiOn Process begins with a welcome pack. This includes the ChArAty's constitution, key stratsgi¢ documents. and other Televant papers such as minutes and accounts. Support and guidance is provided by the Chairman. fellow Trustees and the Charitrs staff. . Key maDAgemeDt personnel and remulleration The Twst¢es ciyn5ider th¢ Cl¢rK Director of Finance, and the Foundations Manager of the Skinners. Company as comprising the key management persoJ)nel of the Charity. in charge of dire¢ling and controlling the Charity and operating it on a day to day basis. The Trust¢es give their time freely and no Trustees, remuneration w paid in the year. Details of Trust¢¢s' expense& if any. are disclosed in note 3. The Chaiity's operations During this period of OP¢Tation. the Charity is focussing on developm¢nt and philanthropy in order to gen¢rate capitsl and income for the furtherance of its op¢rations. Initial funding has come mainly by transfer of &sset5 from existing Skinners. Charilies. Achievements The second tranche of th¢ transfer of assets in the Charity has taken pl&c¢ is now subst8ntially complete. A small residual sum will b¢ transferred in 202£k25. Pag¢ 2
SKINNERS* EDUCATION FOUNDATION REPORT OF THE TRUSTEES (Conlinued) FOR THE YEAR TO 30 JUNE 2024 Finan¢i41 revieTrv Th¢ fi]nds under the Tnees. control consist OF. Undesignated fund& being the funds availabl¢ to the Truste¢ for the genernl puryN)ses of the Charity. Pernianent Endowment Fund. Funds held for capitAI purposes in pertKtuity originally donated by tksmond Simkin. Expendable Endowment Fund. With the intention of building up a capital sum to provide a ¢ontinuing income f(Yth¢ Charity, the Tte¢S have will place all donations received into this fjjnd except: Whe the donoT has asked for their donation to be used as incom@ in which case it will be added to the und¢signated funds where the donor has asked for th¢ir donation to b¢ used as capitsl. in which case it will b¢ p&8sed to the Restrtcted Fund- Capitsl Restricted Fund- Capital. As explained 8Eov¢, this fimd holds donations expressed as being for capital The Statement of Financial Activities of the Charity can b¢ summarised as follows: 2024 2023 Donations Tweived Investment inwme 5.613,702 380,896 5.994,598 (84,090) (1,132) 5.909,376 3,144.522 1.463 3,145,985 (1,842) Grants ond choritable activities Jnvestment managetnent costs Net in¢oming resour$ before gains and losses 3,144,143 Reserves poIi¢y The Charity has an expendable ¢ndowmenL and it is thefore the p)lioy of the Trustees notto maitrtain significant reserves on widesignated fimds. Fr¢¢ reserves at th¢ year end amounted to £7251,479. Inveslmellt poli¢y and perfornianee The Charitys investment objectiv¢ is to m&ximise total turn whil¢ providing Income. ManAg¢ment of the Charity's main inveslment portfolio is held with Cazenove Capital. CCLA and Sarasin & Partners. and PrOrtY unit trusts. Ri4k mAnwment The Charity maintains a risk register and reviews risk annually. This ensures the Tnte¢S are in the best position to identify the major risks to which the Chwity is exp)s¢d and establish systems to ensure that these risks a revi¢wed alld minimised as far as p)ssible. The principal risks fad by the charity are that investment returns may not be sufficient to meet its objectiv¢s and grants may ex¢¢ed income reducing the expendable ¢ndowment over time. These are mittgated by retaining expert investment managers and having a diversified portfolio. A head of philanthropy and development hag been apwTrinted to th¢ staff to drive the ndlsing lowards an ethos of regular giving. Pag¢ 3
SKINNERS? EDUCATION FOUNDATION REPORT OF THE TRUSTEES (Continued) FOR THE YEAR TO 30 JUNE 2024 Fundraising Th¢ Trustees take their r¢wnsibility under the Chariti¢s (Protection and Social Inveslment) Act 2016 seriously and have conSided the implication5 on the activities of the charity. The charity is seeking to increase b)th its regular income and. over th¢ longer terni, the endowmenL through llew fimdraising efforts. This will include seeking corporate sponsors, such as law firnis and banks, to hnd tangible projects at our sclK)ols &s well as support from individuals and trusts and foundations. The Trustees are not awa of any complaints made in respect of fundraising dwing the period. Future plalls In the year. the Tn¢S agreed to fimd a proposed budget in support of the activtties of the Skinners Company Education Office &s their primary expenditure. This focussed on key areas of work including giK)d governan¢¢, developing t¢a¢h¢rs, and supporting SdeTrts. This will continue into the y¢arfs) ahead- and the Trustees hope to expand this finth¢r bd on successful fundraising ¢fforts. Publie benefit The Trustees have complied with the duty in sethion 4 of the Clwities Act 2011 to have due regard to all guidance publish¢d by the Charity Commission. Trus¢ees' responsibilities The Trustees are re8ponsibl¢ for PTepaTing the Trustees. Report and the financial statements in accordaw¢ with applicable law and unit Kingdilln Accounting Standards Wnited Kingdom Generally Accepi¢d Accounting Practice). The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a trne and fair vi¢w of the state of affairs of th¢ charity and of the incoming resources and application of resources of the charity for that period. In preparing th¢se fJnaDcial statements. the Trustees are Tequir¢d to: select suitabl¢ accounting policies and then apply them consistently, observ¢ the methods and principles in the Charities SORP. make JlgeMen1$ and estimates that atr Teasonable and prudenL state whether applicable accounting standards have been followed, subjecl to any material departures disclosed and explained in the financial statements; prepare the fanCIal statements on the going concern basis unless it is inappropriate to presume tIt the charity will continue in business. Pag¢ 4
SKINNERS, EDUCATIOIY FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR TO 30 JUNE 2024 The Trnstees responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial wsition of the charity and enable it to ensuT¢ that the financial Statements comply with the Charities Act 2011. the Charity (Accounts and Repo} Regulations 2008 and the provisions of the trust deed. They are also re5w)nsible for safeguarding the 8ssets of the charity and hence for taking reasonable steps for the prevenlion and detection offraud and other irregularities. Bankera and prof104]dw1ser0 Bankers -_ Royal Bank of Scotland PLC 62163 Thr¢adnedle Street tA)ndon EC2R 8LA Solicitors Lee Bolton Monier-williams l The Sanctuary London SWIP 3JT InVtMellt man4gers Cazenove Capital l London Wall Place L()ndon EC2Y SAU CCLA 85 Queen Stse¢t tA)ndon EC4V 4ET Sarasin & Partners 100 St Paul'5 Churchyard tA)ndon EC4M 8BU Indepellden¢ Auditors Saffery LLP 71 QLn Victoria Street London EC4V 4BE Insurnnee Brokers Massh Brokers Limited 1-5 Penymount Road Haywards H¢ath West Sussex RH16 3SY Approved by the Trustees on 19 November 2024 and signed on khalf of the Trnste by ampbell Director of Financ¢ Page 5
SKINNERS, EDUCATION FOUNDAT10Tr4 )EPEIYDENT AUDITORS. REPORT TO THE TRUSTEES FOR THE YEAR TO 30 JUNE 2024 Opinion W¢ have audited the finan¢ial statements of Skinners, Education Foundation for th¢ year ended 30 June 2024 which comprisethe Statement of Financial Activities, the Balance Sh¢¢t. the Cash Flow Statement and th¢ notes to the financial Statents. includig significant accounting policA¢S. Th¢ fllwicial reporting framework that h&s been applied in their preparation is appli¢abl¢ law aTtd United Kingdom Accounting Standards. including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and R¢publi¢ of Ireland {United Kingdom Generally Accepied Accounting Practice). In our opinion the financial statements.. give a true and fair view of-the state of thv¢haTity'S affairs as at 30-Jun¢ 2024 ad-of its incomillg r¢sources and applicalion of resources for the p¢riod then ended; have be¢n properly prepared in accordance with United Kingdom Generally Accepied Accounting Practic¢; and hav¢ been prepared in aw)rdance with th¢ requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our r¢sponsibiliti¢s under those standards are thrther described in the Auditor's responsibilities for the audit of the financial statements section of our report. W¢ ar¢ independent of the charity in accordance with the ethiul requirements that atr relevant to our audit of the financial statements in the UK including the FRC'S Ethic standa and we have fulfilled our other ¢thical reS)nsibIlItieS in aecordance with these requirements. We believe that the audit evidence we have obthiu¢d is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going ¢on¢ern In auditing the fjnancial statcmenls, we have concluded that the trustees, us¢ of the going concern basis of accounting in the preparation of the fjnancial statements is appropriate. Based on the work we have p¢rforned, we have not identified any material uncertainti¢s r¢lating to events or conditions thaL individually or wllectively? may cast signifjcant doubt on the charity's ability to continue as going ¢oneem for a period of at leasttwelve months from when the financial stal¢m¢nts are authorised for issue. Our r¢spon5ibilities and th¢ r¢sponsibilities of the ttlLStee with respect to going concern are described in the relevant sections of this K)rt. Other information The trustees are responsible forth¢ other iDfomation. The other infomiation comprises the inforniation includeAJ in the annual repor¢ other than the fillancial statements and our auditor's report thereon. Our opinion on the financial stalements does not cov¢r the other infornlation an except to the extent otherwise explicitly stated in our repKirL we do not express any form of assurance conclusion thereon. Our r¢spon5ibiiity As to read th¢ other inforniation 2nd, in doing so, consider whether the other information is materially inconsistenl with the financial ststements. or our knowledge obtain¢d in the course of the audit or oth¢tTrvise appears to b¢ materially misstated. If we id¢ntify such material inconsistencies or apparent material misstatementy we are required to detern)in¢ whether this gives rise to a material misststement in the fmancial slatments themselves. If. based on the work we have performel we conclud¢ that there 15 a material misstat¢ment of this other information; we are required to report that fact. We have nothing to report in this regard. Pag¢ 6
SKINNERS* EDUCATION FOUNDATION INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR TO 30 JUIYE 2024 Matter¥ on Jyhich we are required to report by exception We have nothing to report in respecl of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to rert to you if, in our opinion.. the inforn]ation given in the Report of ihe Tntstee is inwnsistent in any material respect with the financial statements: or the charity has not kept sufficient aeeounting records: or the financial statements are not in agreement with the accounting records and returns. or we-have nol received all the inforniation and explanations.we require for our audit. Responsibilities of trustees As ¢xplained mor¢ fully in the TTUSt¢¢s' Responsibilities Statement set out IMI pa8¢ 4, the trust¢¢s are responsible for the prwaration of th¢ financial statements and for being satisfied that they give a true and fair vi¢w, and for such internal control as th¢ trnstees deterniines is tLe¢essary to enable the pr¢parntion of finan¢i81 statem¢nts that are fre¢ from material misstAtement, whether due to fraud or etTOr. In preparing the financial statements, th¢ tn]stees responsible for assessins the charity's ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the InteeS either intend to liquidate th¢ ¢harity or to ¢¢&se operations, or hkve no realistic alternative but to do so. Amditors, responsibilities for the Ydmdit of the finydncial slwtements We have been appointsd as auditors under the Charities Act 2011 and report in accordanc¢ with regulations mad¢ under that Act. Our objectives are to obtain reasonable assurance about whether the financial statem¢nts as a whole are free from material misststemenL whether due to fraud OT ¢rror, and to issue an auditors. report that in¢lud¢s our opinion. Reasonabl¢ assurance is a high level of assurance but is not a 8uarantee that an audit conducted in ¢ordan¢e with ISAS (UK) will always detect a material misstatem¢nt when it exists. Misstatements can arise from frnud or error and are consid¢r¢d material if, individually or in th¢ aggregate, Ih¢y could Msonably be expected to influence the economic decisions of us¢rs tsken on the basis of these financial statements. Irregularities, including fraud are instances of noD-Q)mpliance with laws and regulations. We design procedures in litie with our s81b111ties, outlinsj above. to detect material misstatements in respect of irregularities, including fraud. Th¢ specific pro¢¢dures for this engagement and th¢ extent to which these are capable of detecting Atregularitie% including fraud are detailed below. Identifying and assessing ri5k5 related to irregularities.. We assessed the susceptibility of the charity's financial statements to material misstatement and how fraud might occur, including through discussions with representatives of the tTUStee, discussions withRn our audit team planning meeting. uwlating our record of internal controls and ensuring these controls operated as intendd. We evaluated wyssible incentives and opportunities for fraudulent manipulation of the financial stat¢ments. We identified laws and regulations that ar¢ of signifxcance in the contaxt of the charity by discussions with rq)resentatives of th¢ twstee and Uting our understanding of the sector in which the charity owat¢s. Page 7
SKtNNERS EDUCATION FOUNDATION INDEPENDEwf AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2024 Laws and re8ulations of direct significance in the context of the charity Include the Clwities Act 201 l. the Charities (Accounts and R¢ports) Regulations 2008 and guidance issued by th¢ Charity Commission for England and Wales. Audit r¢spoDse to risks id¢ntified- We considered the extent of compliance with these laws and regLdations as part of our audit procedures on the r¢la¢¢d fjnancial statement items including a review of financial statem¢ni disclosures. We reviewed th¢ charity's records of bT¢a¢h¢s of laws and regulations. minutes of me¢lin8s and correspondence with relevant authorities to identify potential material misstatements arising. We dis¢uss¢d the charity's policies and prw¢dures for compliance with laws and regulations-with tnember.s of management responsible for compliance. During the planning meeting with the audit team, the engagement partner drew att¢ntion to the key areas whi¢h might involve non-¢omplian¢¢ with laws and regulations or fraud. We enquired of management whether they w¢r¢ aware of any inslances of nonrycompliance with18ws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the nornial course of business. We &ssessed whether judgements made in making aOuntIng estimates gave rise to a possible indication of management bias. At th¢ ¢ompletion stage of the audiL ihe engagement partner's review included ensuring ihat the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud. There are inh¢Mt limitations in the audit prwedures described above and the further removed non-wmpliance with laws and regulations is from the ev¢nts and transactions reflected in th¢ fanCIal statements. th¢ l¢ss likely we would become aware of it. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resultlDg from error. as fraud may involve deliberate Concealment by. for example, forgery or intentional misrepresentation4 or througb collusion. A further d¢scription of our responsibilities is available on th¢ Financial Reporting Council's website at: i%'ivw.frL.or '.uk/auditorsres onsibilities. This description fonns part of our auditor's r¢port. Use of our report This report is mad¢ solelyto the Chity'S trustee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work ]w been undertaken so that we mighi state lo the trustee those matters w¢ are required to slate to them in an auditor's report and for no other purpose. To the fiest exlent perniitted by law, we do not accept or assume responsibility to anyone irther than th¢ charity and the trnstee as a body, for our audit work, for this pOr¢ or for the opinions w¢ have formed. 44 LLP Safftry LLP Statutory Auditors 71 Queen Victoria Street tA)ndon EC4V 4BE Date: 26 f4LnL 20ZS Saffery LLP is eligibl¢ to act as an auditor in tern)s of section 1212 of the Compani¢s Act 2(M)6 Page 8
SKINNERS, EDUCATION FOUNDATION BALANCE SHEET AS AT 30 JUNE 2024 Note8 Fixed assets tnvestments Expendable endowment P¢rnianent endowment 2024 2023 8.231.497 2.039,173 3,128,061 10.270,670 3,128,061 Current Debtors and pr¢payments Cash at bank 95.843 551,116 1.463 646,959 1,463 Current liabilitie Amounts falling due within one year 9 (31,373) (1,842) Net current &ssets 615,586 (379) Total assets less CU¢nt liabilities 10.886,256 3,127,682 Credilors due after more than one year (1,685.178) Ne¢ assets io 9.201.078 3.127.682 Funds Expendable endowment fid Unrestricted fund Permanent endowment fund 6,958,314 293.165 1.949.599 3,127,682 9.201,078 3.127.682 Approved by the Tru tees on 19 November 2024 and signed on b¢half of the Trustees by Campbell Director of Finance Page 10
SKINNERS9 EDUCATION FOUNDATION NOTES TO THE FUIANCIAL STATEMEiYrs FOR THE YEAR ENDED 30 JiINE 2024 Accounting polfides B&qis ofaceounting The accounts are prepared under the historical cost conv¢ntion as m(Klified by the revaluation of investments (including property held for investment purrK)ses), and in accordance with the second edition of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts it) accordance with the Financial RertIng Standard appli¢able in the UK and Republic of Irelaftd (FRS 102) published in October 2019 and th¢ Financial Reporting Standard applicAble An the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The accnwls basis is followed throughout. The a¢counts {fmancial statements) hav¢ been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the ¢xl¢nt tTquired to provide 8 'true and fair view,. This departure has involved following Accounting and Reportlng by Charitie5 preparing their accounts in a¢cordan¢e with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) issued on 16 July 2014 rather than the Accowiting and Reporting by Charities.. StAtement of Rwommend¢d Practice effective from l April 2005 which has since been withdrawn. 7he Charity constitut¢s a public benefit entity as defined by FRS 102. The fanCIal statements are prepared in sterling, which is the functional currency of th¢ Charity. Mon¢tary amounts in these financial statements are rounded to the n¢ar¢st £. Reporting Period These financial statements are drawn covering a period of12 months. Th¢ comparative period entitled "2023" was for the Charity's frst period of opernlions of I I months. Going concern Invesknent markets are enduring a period of uncertainty and instability. However. inveslments are held for the long terni and valuations are expected io recover over the long terni. After reviewing the Charity's [0C&$t$ and projections. the Trustees have a reasonable expectstion thal the Charlty has ad¢quats resources to continue in operatiot exist¢n¢¢ forthe foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its accounts. lJ.I Investments InveStents stated at marf(¢t value. Surplus¢s or deficits on revaluation are tsken to restrict or end0wmt funds &s appropriate. Inv¢sthent income arising on restricted investments is Gredited to the orresponding restricted fund. Investment income atising on endown¢nt Investm1$ is credited to unrestricted funds or a r¢stricted d¢t*ndent on the ternis ofthe endowm¢nL Profit and loss on disposals is calculated as the difference between the sales proc¢¢ds and tbe market value at the beginning of the year (purchase date if later). Ineome Donations and legacies are aUnted for as and when entitlement arises, th¢ amount be liablY quantified and the economic benefrt to the charity is considered probable. Property rentsls and inter&st on short terni deposits are recognised when they arise. Dividends and interest on inv¢stments are reCol$ed when th¢y become du¢ and payable. Pagell
SKINNERS, EDUCATION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR TO 30 JUNE 2024 Expenditure Expenditure is accrued os SlK)n as a liability is consid¢r¢d probable. Grants Gr8nt expenditure is r¢corded once the Charity h&s made an unconditional ¢ommilment to pay the grant and this is Communicat to the recipient or the t has been paid whichever is ler. Charitsble aetivities Costs of ¢haritable activities comprises direct costs attributable to each activity which include grants made lo ihird parties and direcily attributable overhead and supwrt ros including governance costs, as shown in Note 3. Cgsh and eAsh equivalents Cash and cash equivalents include eash in hand, deposits at call with banks and bank overdrafts. Finaneithl Instruments The Charitable Fund only financial assets and fInclaI liabilities of a kind that qualify as basAC finan¢ial illstruments. Basic fmancial instruments are initially recognised at transaction value and subsequently measured at their settlement valu¢ with the exception of bank loans which atr subsequently measured at amortised cost using the effective interest method. The charity has selected lo apply the provisions of Section I I 'Basi¢ Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. 1.10 Undesignated funds are the funds available to the TStee5 for the g¢n¢rnl purposes of the Cbarity. Expendable Endowment Fulld. Donations are added to this fund if expressly r¢qu¢sted by the Donor or if the Trustees decide the intention of the Donor was to add to this fund. 1.12 PermalleDt EDdowment Fund. Donations from the Desmond Simkin Fund of the fornier Skinners Malmesbury Foundation which are pern)an¢nt endowment. Donations received 2024 1.972,300 27,497 3,613.905 5,613,702 2023 Pernianent ¢ndowment EyKndabl¢ endowment other donations Expendable endowmeni from Skinners Charities 3,144,522 3,144,S22 Charitable activities Staff costs Schools improvement incl. professional fees M¢eting costs Travel Office costs incl. bank charges Other professional fees Audit 2024 31,994 27.784 2,765 954 2.154 7,081 11.358 2023 1.842 84,090 1.842 The key management personnel of the Charity are the Clerk to the Trustees and the Director of Finance of The skinn, Company. Th¢ totsl cost of key mallag¢m¢nt personneL as recharged by The Skinncrs, Company is £Nil. Page 12
SKINNERS, EDUCATION FOUNDATION NOTES TO THE FINANCLIL STATEMENTS (Contirjued) FOR THE YEAR ENDED 30 JUNE 2024 4 Transfers between funds To the extent that undesignated income is not suifIcient to cover expenditure of undesignatsd fimds. 8 transf¢r is made from expendable endowment. Realised gAins on investments 2024 2023 Expendable endowment funds Historical cost gains realised in year LATrSS recognis¢d in prior years 699 37 Gain recognk8ed ID year 662 Permanent endowment funds Historical cost gain realised in year (Gains) recognised in prior y¢ars GaiDI{loss) reeognised in year Unre41i*d gains on investments 2024 2023 Expendable elldowment fund inveslments Market value brought forward Net additions and (disposals) Unr¢alised gainl(loss) Market value carried fonvard 3,128,061 4,913,248 190,188 8,231.497 3.144,522 {16,461) 3.128,061 Permanent endowm¢nt investments Market value brought forward Net additlons Unrealised (loss) Market value carried forward 2.066,040 2.039 173 Page 13
SKINNERS, EDUCATION FOUNDATION NOTES TO THE Fll¥ANCIAL STATEMENfs (Continued) FOR THE YEAR ENDED 30 JUNE 2024 Expendable endowment fund investments 2024 Market Value 2(124 Cost 2023 Market Value 2023 Cost Cazenove Portfolio Property Unit Trusts CCLA 2,970,578 1.757.967 1.807.519 1,695.433 3,022.207 1,793,604 1,739,762 1.502,160 2,727,743 400,318 2,739.374 405,148 Sarasin 8,231,497 8,057,733 3,128.061 3.144.522 Permanent endowment fulld investments 2024 Market Value 21124 Cost 2023 Market Value 2023 Cost Cazenove Portfolio Prop¢rty Unit Trusts 1.608,715 430,458 1,634,967 431,073 2,039,173 2.066,040 8 Debtors 2024 2023 Sundry Debtors Accrued income 80,499 15,344 95.843 .463 1,463 9 Current liabilities Amounts fallin8 due within one year 2024 2023 Audit f¢e 8.400 22,973 31J73 1.842 Other ¢reditOTg 1,842 Cr¢ditors due after mor¢ than one year 1.685.178 CT¢ditors due after more than one repSellts an interest free loan from Skinners Charity Foundation. Page 14
SKINNERS, EDUCATION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2024 10 Anvdly8i8 of net assets betweeD funds Investments Net aetS 2024 Tot*1 Expendable endowment fid Unrestricted fund P¢rnian¢nt endowment fund Totsl 2024 8231,497 (1,273.183) 293,165 89.574 1,069 592) 6,958,314 293,165 1,949 599 9,201078 2.039,173 10270,670 2023 Expendable endownent Fund Unrestricted Funds 3,128.061 {379) 3,127.682 Total 2023 3.128.061 (379) 3,127.682 Revaluatlon Reserve5 Included within the funds above are revaluation reserves 2024 2023 with the following valu¢s: Expendable endowm¢nt- Quoted securiti¢s P¢rnwi¢nt endowment- Quoted securities 173,764 11 Taxatio Skinners, Education Foundation is a regisktrd clwity. Its incorne is not liable to direct taxation os it is applied to wholly charitable Nryses. 12 Re]2ted party trrdnsactions TT&nsactions in resFct of staff costs recharged by a company wholly owned by the Trnstee are detailed in tM)t¢ 3. Page 15