Cknrity No. 1199922 (England and Wale8)
SKINNERS, EDUCATION FOUNDATIOF4
TRUSTEES, REPORT AIW ACco￿s
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 pr￿arIng 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¢X￿￿1enC¢" 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 ¢dU￿tIOn 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 it￿nS, 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 Incory￿t￿ 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 Tn￿ees. 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 T￿￿te¢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 the￿fore 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 PrO￿rtY
unit trusts.
Ri4k mAnwment
The Charity maintains a risk register and reviews risk annually. This ensures the Tn￿te¢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 fa￿d 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 ￿nd￿lsing 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 conSide￿d 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 S￿deTrts. This will continue into the y¢arfs) ahead- and the Trustees hope to
expand this finth¢r b￿d 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 Jl￿geMen1$ 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 f￿anCIal statements on the going concern basis unless it is inappropriate to presume tI￿t 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 prof￿10￿4]￿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
InV￿tMellt 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 QL￿n 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 Stat￿￿ents. includi￿g 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 a￿d-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 re￿rt 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 In￿teeS 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 ￿ s￿￿81b111ties, 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 U￿￿ting 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 a￿OuntIng 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¢ f￿anCIal 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 Ch￿ity'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 fi￿est 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 fi￿d
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 Re￿rtIng 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 f￿anCIal 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 [0￿C&$t$ 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
InveSt￿ents stated at marf(¢t value. Surplus¢s or deficits on revaluation are tsken to restrict￿ or
end0wm￿t funds &s appropriate. Inv¢sthent income arising on restricted investments is Gredited to the
orresponding restricted fund. Investment income atising on endown¢nt Investm￿1$ 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 a￿Unted 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 reCo￿l$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 fIn￿claI 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 T￿Stee5 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 rep￿Sellts 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
a￿etS
2024
Tot*1
Expendable endowment fi￿d
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