ChArfty No. 1199922 (Englxnd and Wales) SKINNERS, EDUCATION FOUNDATION TRUSTEES. REPORT AND ACCOUNrs FOR THE YEAR ENDED 30 JUNE 2025
SKtNNERS' EDUCATION FOUNDATION CONTENTS Page Report of the ThL81ees Independ¢nt auditor's report Statement of financial activities Balance sheet io Statement of Cash flows li Notes to ihe counts 12-19
SKtNNERS' EDUCATION FOUNDATION REPORT OF TRusfEES FOR THE YEAR TO 30 JUIYE 2025 llltrThluction The Trustees present their along with the fuwicial statements of the Charity for the year ded 30 June 2025. The financial statements have been pr¢pared in a¢¢ordan¢e with the accounting policies set out on pages 12 and 13 to th¢ accounts and Comply with the Charity's constitution, the Charities A¢t 2011 amd the s¢cond edition ofthe Ststement of Recommended Practice applicable to charities preparingtheiT accounts in a¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Irelatxl (FRS 102). Hiitory Skinners, Education Foulldation is regtstered as a charitable incorp)rated OrgnSatIOn undernumber 1199922. It was established on 2 AugLLSt 2022 by constitution; its inittal funding being a donation from Skinners. Malmesbury Foundation. The Foundation rdlects the Skinners. COMIny'S lIanthroP1¢ aims in Education. It 15 s11prting Company sch¢Jols towards ourstrategi¢ aim of becoming-beaconsof exc¢ll¢nce" in the field ofeducation. Withinour famity, we believe every skillne. 5¢hool should give its sthdents the very best education pssible. equipping thll to be SU¢5SfUl in life. across the farllily we provide that education to students from every kgrouThd. We value the diversty of provision across our dIffert h(K)Is. Beyond our schools, we also hope to have a stronger px)sitive impact on the wider edu¢ation lanthape. Alms nd obJe¢llves The objectives of the Charity are to apply income and. if the TDJstees think f¢ the witsi (where ptSIble) in or towards the advancent of education. in pIcular. The provision of itan& services and facilities at any sclKN)I forniing part ofthe Skintffi. famtly of school5. The advancem¢nt of education of pupils at schools forniing part of the SkiDners' family of 5choots by any means as the TnLStKs shall deterniine. The address of the Charity i8 Skinners, H8iL 8 Dowgate HilL Londofy EC4R2SP. Con8iltution The Cjwity is a clwitableincorporatedoTganisationre8ulated bythe cO$titUtiOndated 2.82022. MrA Boggis Mr W Fell Ms Lucy Lee Mr C Dearie (from 05.11.25) Trn8¢¢eJ Mr H Asltton {ChairnMn) Mr J Clark Mr T Haynes Ms E DaYi¢s (fr(m 21.11.24) Clerk to the Trost¢eJ Mr A C P Kennett Prinelp•l Office Skinners. HalL 8 Dowgate HilL London EC4R 2SP Chrlty Number 1199922 Org8nisational Jtructure Day lo day operations are delegated to the Clerk by the Trtee$. The Skinners. Educalion Foundation Board of Trustees oversees the management of the Charity. It reports to the Court of the Skinners. Company whC necessary to inforni them of their work. Pag¢ I
SKINNERS, EDUCATIOF4 FOUNDATION REPORT OF THE TRusfEES (Continued) FOR THE YEAR TO 30 JUNE 2025 Recruitment of trustee Skinner TnLStee memkn are usually approached in the first instance by the Clerk who, with the Chaimia keeps membership underreview. Final decisions on membership rest with the Board of Truste. In the case of non-skinner, Independent Tntstee4 re¢ruitment conventionally follows a skills analysis to identify key areas for r¢crnitment. The induction pr{e&S begins with a welcome pack. This includes the Charity's constitution, key strategic do¢um¢no and other relevant papers such as minutes and accounis. Support and guidance is provided by the ChairnIa fellow TTWtees and the Charity's Staff. Key management personDel and r¢mullerxlion The Trustees Considerthe ClerL Director of Finance. and the Foundations Manager of the Skinners, Company as ¢omprising the key management Frsonnel of the Charity. in ¢harg¢ of directing and controlling the Charity and operdting it on a day to day basis. The Trustees give their tim¢ freely and TnL%tees' remuneration was paid in th¢ y¢ar. Ettails of Trustees. expense& rfany* are disclosed in note 3. The Ch4rlty's qratiOnS During this period of Operatio the Charity is focussing on development and pbilanthTOPy in order lo generate capitsl and income for the furtherance of its op¢ratiODS. blitial fimding h&$ Come mainly by transfer of assets from existii)g Skinners, Charities. Page 2
sIaNNERS' EDUCATION FOUNDATION REPORT OF THE TRusfEES (Continued) FOR THE YEAR TO 30 JUI¥E 2025 FIDancial review The fimds under the Trustees, Control c<Jnsist of: Undesignated fund4, being the available to the TnJste¢ for the general purp)s¢s of the Charity. P¢rnianent Endowmem Fund. Funds held for capital purFK)ses in perythity originally donated by Desmortd Simkin. Expendable Endownent Fund. With the intention of building up a capital swn to provide a continuing income for the Charity, the Trustees will place all donations received into this fjJnd except: where the donor has asked for their donationto be used &s inci)me, in which ¢a8e it Iwill be athl¢d to the Und¢sid fimds where the donor &sked for their donation to be used &s w)itaL in Ivhich c&5e it will be passed to the Re5tri¢ted FUt- Capital Restri¢ted Fund- Capital. As explained this fimd hol(Ls donations expr¢ssol a5 being for capital The Statement of Financial Activities of the Charity can be summorised follows: 2025 2024 DIX10 neiv. Skinners Charity Foundation SirAndrew Juthl Fowthtion Otk¢r donations JnY¢sLTnent inc(e 1,685,178 315,000 201.678 376,362 2.578.218 (705,494) (2,253) 1,870.471 5.613,702 380,896 5.994.598 (84,090) (1,132) 5,909.376 GTants and ch8ritsble activities JttTrtstment managattent costs in¢oming resouwes 8aitL8 1&eS The awity l)as an expendable endowmenL and it is therefore the policy of the TnLStees nottomaintsin significant reserves on undesign*¢d funds. Free res¢rves at the year end omounted to £8,774.715 tnvutmen¢ poll¢y and perforniaD¢¢ The Charity'5 investment objective is to maximise total return whtle providing in¢ome. Management of the Chority's main investmentportfolio is held with Cazenove Capital. CCLA and Sardsin & Partners. and propety unit trusts. Ri&k mAD•g¢inent The Charity maintains a ri8k register and reviews risk arnually. This ensures the TnL8tee5 are in the best Position to identify the major iisks to which the Charity is exposed and establish systems to ensure that these risks are rev1¢W and minimised as far as FK)ssible. The principal risks faced by the charity are thai investment returns may not be sufficient to meet its obje¢tiv¢s and grants may exceed income Teducingthe exndable endowmentover time. These are mitigated by retaining expert investment managers and having a diversified portFolio. A head of philanthropy and development h been pOInted to the siaff to drive the fLmdraising towards an ethos of regular giving. Page 3
SKINNERS, EDUCATIOIY FOUNDATION REPORT OF THE TRuEEs (ContitLued) FOR THE YEAR TO 30 JUNE 2025 Fundraising The TnteeS take their responsibility w)derthe Clwities (l¥otection and Social Investhient) Ad 2016 seriollsly and have considered the implicaiions on Ih¢ activities of the Charity. The ¢harity is seeking to increase both its Tegulmr incom¢ and. over the longer tem). the endowmenl, through new fundraising ¢ffotts. This will include seeking corporate sponsors, such &% law and banks, to fund tangible projects at our schools &% well as support from individuals and trusts and foundations. The Trusiees are not aware of any complaints made in respecl of fundraising during the period. Future plall$ In the year. the TneS ad to fund a proposed budget in Supr of th¢ xtivities of the Skinners Company Education oifice as their prirn eXndItUTe. This focussed on key areas of work including good gov¢mance, developing teachers. and spOrting students. This will con1itu inlo the yearfs) ab&- and the Trustees hop¢ to expand tbis further based on su¢¢¢ssful fimdraising efforts. Publle ben¢fjt The Tnjstees have complied with the duty in section 4 of the Charities Act 2011 to have due regard to all gulldae published by the Charity commi10n. Tnle¢S, responslbilitieb The Tntstees are resp¢)nsible forprepaTing the Tte¢s. Report and the flnancial ststements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepled Accounting Practice). The law applicable to charities in England & Wales requires the Trustee5 to prepare f]nan¢ial statements for ¢a¢h financial year which give a true and fair view of the slate of affairs of the charity and of the incoming res0wS and application of resources of the charity forthat period. In pr¢paTing these fmancial statements, the TnteeS are r¢quired to.. select suitable accounting liCI¢S and then apply them consistellily. observe the methods and principles in the Charities SORP. make judgem¢nts and estimates that are rwonable and prudent. state wheih¢r applicable ac¢ountiDg standards have been followel subject to any matsrial departures disclosed and explained in the fmallcial ateMents. prepare the financial statetnents on the going COD¢ern basis unless it is inappropriate to presume that the charity will continu¢ in bsIn. Pa8e 4
SKINNEILS, EDUCATION FOTJfqDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR TO 30 JUNE 2025 The Trust are responsible for keeping proper accounting records that dis¢lose with rea50n&ble CUraCY at any time the financial position of the charity and enable it to ensure that the fitydncial statements comply with the Charities Act 2011, the Charity (A¢¢ounts and Reports) Regulations 2008 and the provisions of the trLL8t deed. They ar¢ also responsible for safeguarding the assets of the chaTity and hence for taking reasonable steps for the wevention and detection of fra1 and other Irregularities. BAnken ald profes8foll •dvi4ers Ballkers Royal Bank of Scotland PLC 62163 Threadneedle Street London EC2R 8LA Soli¢itors tee Bolton Monier-WilligD l The S8n¢tiiary London SWIP 3JT Investment nMnagers Cazenove Capital l London Wall Place London EC2Y SAU CCLA 85 Queen Street London EC4V 4ET SaTasin & Partners 100 Si Paul's Churchyard London EC4M 8BU Independent Auditors Saffery LLP 71 Queen Victoria Street London EC4V 4BE Insur*n¢e Brokera Marsh Brokers Limited 1-5 Perrymount Road Haywards Heath Wes¢ SSSeX RH16 3SY Approv by th¢ Trustees on 5 November 2025 and signed on half of the Trust$ by Mr H Ashton Chair of the TnL8tses Page 5
SKINNERS, EDUCATION FOUNDATION INDEPEIYDEI¥T AUDITORS. REPORT TO THE TRUSTEES FOR THE YEAR TO 30 JUNE 2025 Opinio W¢ have audited the financial statements of Skitmer5' Edu¢ation Foundation frff the year ended 30 June 2025 which comprise the St&tem¢nt of Financial Activities. the Ba14nc¢ Sh¢et, the C&sh Flow Statement and the notes to the financial Statemen including significant accounting policies. The financial reporting framework that has been applied in their preplon is applicabl¢ law and United Kingdom Acwunting Siandards. including Financial Reporting StaDdard 102. the Financial Reporting Standard applicable in the UK and Republic of Ireland (Unlted Kingdom Generally Accepted AOUntIng Practice}. In our opinion the finaDciai statements: give a tru¢ Und fair view of the state of the charity's affairs &8 at 30 June 2025 and of its incoming resources alld application of r¢sources for ihe period then ended. hav¢ been properly prepar¢d in accordance with United Kingdon) Gen¢raity Accepted Accounting Practice; and have been prepared in accordance with the requirements of the ChaTities Act 2011. Basi8 for opllllon We cOndted our audit in accordance with Internation Standards on Auditing (UK) OSAS (UK)) and appIlble law. Our responsibilities under those standards are fiwther d¢s¢ribed in the Audiior's responsibilities for the audit of the financial statements section of our report. We are independ¢nt of the charity in &cordance with the ¢thi1 requirements that are relevant to our audit of the fllwicial slat¢m¢nts in the UK including the FRC'S Eihicai Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit ¢viden¢e we have obtained is sufficient and appropriate to provide a basis for our opinion. ConclusioDS reltillg lo golng eoneerm In auditing the financial statements, we have concluded that the trustees. us¢ of the going concern blS of accounting ID the PTeparation of the financial statements is appropriate. Based on th¢ work we have perforniel we have not identified ony material unCeintleS relating to events or ¢onditioAs thaL individually or ¢oll¢dively. may cast significant doubt on the charity's ability to continue as a going ¢on¢¢rn for a period of at least twelv¢ months from when the financial s¢atements are authorised for issue. Our responsibilities and the responsibilities of the trustee with respect io going concern are described iti the relevant sections of this report. Other illfonn¥llon Th¢ trustees areresponsible forthe other inforniation. Tr otherinforniatiim compris¢sthe inforniation included in ihe llnnu repor4 other than the financial statetnenls and our auditor's report thereon. Our opinion on the financial statements does not cov¢r the other information and. except to th¢ extent otherwise explicitly statsd in our r¢port. we do not express any forni of assurance conclusion thereon. Our respx)nsibility is lo read the other inforniatioD and, in doing so, ¢onsider whether the ijther information is materially inconsistent with the financial stat¢m¢nts, or our knowledge obtaitied in the course of the audit or otherwise appears to b¢ materially rnisstated. If w¢ identify such material inconsisien¢ie$ or appar¢nt material misstaiements, we are required to determine wheth¢r this gives rise to a Materi misstatement in the f]nancial stslements themselves. If, based on the work we have perfornied, we conclude that there is a material misstsm¢nt of thi5 other 1nforn1ati we are required to report that facL We have nothing to report in this rewd. Page 6
SKINNERS, EDUCATION FOiINDATION INDEPEI¥DENT AUDITORS, REPORT TO THE TRUSTEES FOR THE YEAR TO 30 JUNE 2025 Matters on Ivhleh we Are requlred to report by uception We hav¢ nothing to report in re4Rrt of the following maff¢r3 in relation to which the Charitie5 (Accounts and Reports) Regulations 21)08 require us to report to you if. in our opinion.. the infiyrmation given in the Report of the Trust¢e is inconslstent in any material resp¢ct with the fmancial statements. or the charity h&s not kept sufficient accounting records. or the financial statements are not in agreement with the accounting re¢ord8 and returns. or we have not r¢ceived all the inforn]ation and explanations we require for our audit. Responslbllltle8 of trustee As explained more fidly in the Tntees. Responsibilities Statsment set out i)n page 4. the trtee5 are responsible for the preparation of the fllwicial statements and for being satisfied that they give a true and fair view. and for such internal control &$ the tntee$ detemiines is necessary to enable the preparati4)n of financial statemerts that aTe free frll material misslatemenL whether due to fraud error. In preparin8 the financial 5taiements. the trSteeS are responsible for assessing th¢ ¢harity's ability to conttnue as agoing disc105in& as applicable, matters related to going concern and usingthe 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 50, Auditors, reJpon8lbilities for the alldlt of Ibe fiD*Rctsl $tsÉ¢meDts We have been appointed as auditors under the Charities Act 2011 and reN)rt in ac¢ordance with regulations made wider that Act. Our objectives ar¢ to obtain reasonable assurance about whether the financial statetnents &$ a whole ore free from material misstatemen¢ whether du¢ to fraud or error. and to issue auditors, report that includes our opinion. Reasonable assurance is a high level of rance b is not a guarantee that an audit ci)nducted in a¢cordance with ISAS (UK) will always detect a Jnaterial misststement when it exists. Misstatements can arise from fraud or error and are ¢onsid¢red material if. individually or in the awegate. they could reasonably be expected to infiuence the economic decision8 of users taken on the bASiS of these fmancial statements. tTregularAties. in¢ludingfrau& are instances ofnonrycompliance with laws And regul&tiotk8. We design procedures in line with our responsibilities, ouilined abov4 to dete¢¢ material misstatements in resFct of irregularities, including frnud. The specific pr(Keduras for this engagetnent and the extent to which these are capable of detecting irregularities. including fraud ar¢ detsiled IKIOW. Identifying and assessing risks related to irregularities.. We &ssessed the susceptibllity of the charity's financial statements to material misstatem¢nt and how fraud might occur. including through discu88ions with representatives ofthe truste¢. discu55ions within our audit team planning meetin& updating ourT¢cord of internal controls and ensurtngthese controls operated as intended. We evaluated possible incentiv¢s and opportunilies for fraudulent m¥J)ipuiation of the fllw)¢ial stthments. We identified laws and regulations that are of signifi¢&nce in the context of th¢ charity by dis¢ussions with represeniatives of the truste¢ and upjating our understanding of the sector in which the charity operates. Page 7
SKtNNERS' EDUCATION FOUNDATION INDEPENDENT AiJDITORS' REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 Laws aThl regulations of direct siLficanCe in the ¢ontext of the clwity in¢lud¢ the Clwities Act 2011. the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales. Audit response to risks identified: We considered the extent of compliance with th¢s¢ laws and regulatioDs &8 part of our audit procedures on the related financial ststement Ilen including a review of finanoial statement disclosures. We reviewed the charity's re¢ords of breaches of laws and regulations, minutes of meetings and CoeSpi)ndeCC with relevant authorities to identify potential matrrial misstst¢ments arising. We discu&s¢d the charity's policies and Procedures for ¢ompliance with laws regulatio9 with members ofmanagem¢ntr¢sponsible for complian¢¢. During the planlling meeting with the audit team. the eDgagement partrher drew attention to the key areas which might involve non-complian¢¢ with laws and regulations or fraud. We enquired of management wkLether they were aware of Any instances ofnonacomplian¢e with laws and regulations orknowledge of any aduaL suspected or alleged fraud. We addressed the risk of fraud through management ovettide of controls by testing the appropriatene&8 of journal entries 8nd identifying any signifi¢ant transactions that were unus1 or outside the nornial course of business. We awssed whher judgetnents made in making accounting estimotes gave rise to apossible indication ofmanagemeni bias. At th¢ ¢ompletioll stsge of the audit. the engagement parlner's r¢vi¢w included ensuring that the teatu had apprOh¢d their WO with appropriate prof¢ssional scepticism and thus the capacity to Idtify non-compliance with laws and regulations and fraud. There are iDherent limilations in the audit procedwes described above and the fither removed non-Cl)mpliance with laws atid regulations is from the events ond transactlons r¢fi¢cted in the financial statsments. the le&8 likely we would become aware of it. Also. the risk of not detecting a mat¢rial misstatement due to fraud is higher than the risk of not detecting one resulting from ernir, as fraud may involve deliberats concealment by. for example, forgery or intentional misrepresentstions. or through col]lon. A further description of ow responsibilities is available on the Fitwicial Repg Council's website at.. www.frc.or uklauditi)rsre5 nsibilitics. This description forn pth of our auditor's report. U8¢ of our report Thi5 rekK)rt 1$ made solelyto the ¢harity's tte¢, as a body, in accordance with Part 4 of the Clwities (Aounts and Rewrts) Regulation5 2008. Our audit work has been undertaken so that we might state to th¢ trst¢¢ those matters w¢ are required to state to them in an audit(r's report and for no other purpose. To the fijllest extent pemiitted by law, we do not accept or &ssume responsibaity to anyone other than the chty and the trwte¢ &$ a body, for our audit work, for this reporL or for the opinions we have fornled. *4 LLP Saffery LLP 71 Queen Vith)ria Street London EC4V 4BE Dat¢.1( 2okS Saffery LLP is eligibl¢ to act as an auditor in t¢rnis of sethion 1212 of th¢ Comp8nies AGt 21x16 Page 8
SKtNNERS? EDUCATION FOUNDATION STATEMENf OF FINANCIAL ACTlVtTIES FOR THE YEAR ENDED 30 JUNE 2025 Uthresirleted Fpndj Eipendable ReBtrlcted fund EndowineTht Arnie PenDaDeDt Endowment Total 202S 2024 Income from: Donations Inveslments Bank interest 315,000 288,667 21959 1,836,676 50.180 2.201.856 353,403 21959 5.613,702 380281 615 64,736 Tot*1 Intome 626.626 1,836,676 50.180 64.736 1578218 5.994,598 Eip¢nditur¢ on: GrarLts and charitable activiti¢5 Investment management costs 655.314 so,Igo 705.494 2,253 707.747 84.090 1.132 85,222 570 570 655,314 1,683 50.180 Realised gains on investments Unrealised (Ios8esygains on investtnents 66,882 31,769 98,651 (102J74) 662 163,358 Net Ineomel(expendl¢ure) (28.688) 44.000 1.81A401 79,035 {44,000) 1,866,748 6,073J96 Net movement in funds for the p¢rfiod 15J12 1.816,401 35.035 1,866,748 6,073 J96 Balances brought fotward 293.165 6,958J14 1.949.599 9,201,078 3,127,682 Balaneej ¢arried fornard at 30 Julle 202S 308,477 ,774,715 1,984,634 11.067,826 9,201,078 The Statement of Financial Activities contains all 8gin5 and losses durin8 tk year. which all relate to Continuing operations. Page 9
SKINIYERS, EDUCATION FoufiDATION BALANCE SHEET AS AT 30 JUNE 2025 Note8 Fixed a55ets Investhi¢nts Expendabl¢ endowment P¢rnignent endowment 2025 2024 7,832.820 1.783,944 9,616,764 8.231.497 2,039.173 10270,670 Cllrrellt a&gets Debtors ond pr¢payments Cash at bank io 156.732 1.357,793 95.843 551.116 1,514,525 646.959 Current liabilities Amounts falling due within one year li {63.463) (31 J73) Net ellrrenl a&sets 1.451.062 615.586 Creditors due aftff more than one y¢ar li (1,685.178) Net *syets 12 11.067.826 9201,078 Fund Expendable endowm¢nt fund Permanent endowment fund Unrestricted fund 8.774.715 1,984,634 308.477 6,958.314 1,949,599 293.165 11.067.826 9201,078 Approved by the T$ on 5 November 2025 and signed on beha]f of thc TteeS by Mr H Ashton Chair the TrLL8tees Page 10
SKINNERS, EDUCATION FOiINDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025 Note 2025 2024 CA8h Ilows from operating a¢tivities Net cash provided by (used in) operating activities Cash floivs from illvesting #dlvfitie Dividends, interest and rents from investrients Proceeds from the sale of wop¢rty Purcha%e of Fyopety plant and equipment Proceeds from sal¢ of investtnents Purchase of investments Net c&8h provided by investing adivities Change in tgsb and cash equiv4bnts in the reportlng period Cash and &qsh equivalents atihe beginning of the reporting period Cash and ¢quivalents at the end of the reprtSng perlod 15 (196.909) 7,149,424 353.403 380,281 943,681 293 498 10,000 6 988 5891 6.598 551,110 80fj677 551 116 Pagell
SKINNERS, EDUCATION FOUNDATION NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR EI¥DED 30 JUNE 2025 A¢coulltillg polidej Basis of aCCOUDtiog The accounts Are prepared under the historical cost ¢onv¢ntAon as modified by the revaluation of investments (including property held for investment purposes), and in accordance with ihe second edition of the Statement of Recomm¢nded Practice: Accounting and Reporting by Charities prewing their accounts in accordance with th¢ Financial Rep)rting Standard applicable in the UK and Republic of Ireland (FRS 102) published in Ortober 2019 and the Flnancial R¢p)rting Stanilard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Chwities Act 2011. Th¢ accrnals basis is followed throughouL The a¢coutts (fmanciai statements) have been pr¢pared to give a'true and fair. view and have departed from the Clwities (A¢¢ounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following A¢counting and Reporting by Chariti¢s preparing their acColts in a¢CQTdance with the Financial Reporting Standard applicable in the UK and Republic of Lreland (FRS 102) issued on 16 July 2014 rather than the A¢¢ounting and Reporting by Charities: Ststem¢nt of Re¢omm¢nded Practice effe1ve from l April 2005 which has since been withdrawn. The Charity constitutes a public benefit entity &8 defmed by FRS 102. The fll]an¢iai statements prepar¢d in sterlin& which is the fim¢tion81 curren¢y of the Charity. Monetary amounts in these fmancial statements a rounded to the nearest £. Going eollcern Investment markets are enduring a period of uertaInty and instability. However, investments held for the long temi valuations are ¢wct¢d to recover over the long terni. After reviewing the Charity's forecasrs and projections, the Tnte¢S hav¢ a reasonable expectation that the Charlty h&s adequate resources lo continue in operational existence for the foreseeable fulure. The Charity th¢refore contlhues to adopt the going concern b&sis in preparing its accounts. 1.3.1 Investments Inv¢sttnetits are stated at Met valu¢. Surpluses (r deficits on revaluation are taken to restricted or endowment fillmts &% approprie. Inv¢stment income arising on restrided investtllents is credited to the rffsp)nding restricted fid. Investtn¢nt inc4)me arising on endowment inv¢stm¢nts is credited to unrestricted fjjnds or aTestri¢ted fund dyndent on the ternts ofthe endowment. Profit and loss on dispos81s is lCUlated as the difference betw¢¢n the sales proceeds and the m8rk¢t value atthe beginning of th¢ year (purchase de if latrr). Ineome Donations And legacies are accounted for as and when entitlement arises, the amount can be reliably qutified and the economic benefit to tbe charity is consider¢d probable. Propetty rentals and interest on short terni deposits are recognised when they orise. Dividends attd interest on investments ar¢ r¢cognised when they become due and payable. Pa8e l2
SKINNERS, EDUCATION FOtJNDATIOI¥4 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR Ef¥DED 30 JUNE 2025 Expenditure Expenditure is lUed as soon as a liability is considered probable. Grants Gr8nt expenditure ts recorded once the Ch8rity h&s made unconditional commitin¢nt to pay the grant and this is cunmunicated to the recipient or the grant h&% been paid, thiCheVer is earlier. Chsrltable aetivides Costs of charitable activities comprises dire¢t Costs attributable to activity which include grants made lo third parties directly attributable overhead and supwrt costs, including governance costs. &5 shown in Note 3. Cash #nd ¢h equivalents Cash and cash equivalents include cash in hand, deposits at call wlth banks aTrJ bat& overdrafts. Fln8neial illstrum¢llts The Charitable Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic fuwicial instnllnents are initially recognised at tratLsaction value and subsequently measured at their settlement value with the exception of bank loans which ar¢ subsequently measured at amortised c05t using the effective interest method. The Charity has selected to apply the provisions of Section I I 'Basic Financial InstNments' and Section 12 '0ther FinaDcial Instruments Issues, of Flis 102 to all of its finoncial ]tMien. 1.10 UDde8lgnated are the finds available to the TneeS for the general putpose5 of the Charity. Expendable Endovrnient Fund. Donations art added to thxs fund if expressly requested by the Donor or if the Trustees dlde the intention of the Donor was to add to this fund. 1.12 Permanent Endovrni¢nt Fund. Donations from the Desmond Simkin Fund of the fonner Skinners. Malmesbury Foundation is pem]anent ¢ndowmeTht. In May 2024 the TTUStees passed a resolution under s104(B) of the Charities Act 2011 and resolved to adopt a total r¢turn policy for the pernianent endoivmentmanaged portfolio. having calculated the unapplied total return on that portfolio at that date of £ntl. All retums (both capital and income) on these inveslments subsequent to the resolution are credited to the P¢mwient Endowment Fund. The Trusfre4 in consultstion with the Investment Comtnittee. has de¢id¢d to tromfer 2.75Yo of the &sset value (as at March each year prior to th¢ budget s¢tting) to unrestricted fynds for applicatio and this will k reviewed annually. Ineome U•rtridtd E¢dAble R¢¥¢rktcd Fuwl PermDut Endowm¢D¢ Tot 2•25 28&667 22,959 64.736 353,403 22,959 Bank inter¢s1 Skinners Charity Found4thtt SIT Andrew Judd Foundation ILB.H. Arm¢s IDcIu5ive kngetherdon*iotLS 1.685,178 1,685.178 315.(KJO 50.180 18.000 133.498 2 578,218 31J.iXIO JO,180 18.0(M) 133.498 1836.676 62 626 50,180 64.738 The Armes donation was restricted to the Skinners. School Foundationand was fully spentin theyear. Page 13
SKINI¥ERS' EDUCATION FOUIYDATION NOTES TO THE FINANCIAL ATEmEN[S (Continued) FOR THE YEAR EM)ED 30 JUNE 2025 Comparative figures for iti¢ome for year ended 30 June 2024 Expend*blt EAdowwellt 21)24 376.640 615 3,641,402 3.641 380.281 615 5.613.702 1,9713(M) 4.01&657 1.9713(rf) 3 Cbarlt•bl¢ gctsvities 2025 2024 GroJ)ts- Simktn Grant to Skinners Sthool Foundation General grants Professional development Recruilm¢th and retention Professional membership School improvement projects TGA support Govemor training Desiinations Leaving exhibitions Stsff costs Office a¢¢ommodation Meeting Costs 8nd travel 1Th8ufdnce offi ¢osts incl. bank charges Other professional fees Audit 106,000 50,180 31.645 86,318 50.313 9.268 4,200 59,663 16,952 660 160 239,156 17.280 8.910 2,285 1.877 2,531 18.096 705,494 27.784 31,994 3,719 2,154 7.081 11,358 84.090 The Charity bore a proportion of the overall costs of employment of Skinners. Company employees under paymaster arrangement. These costs appear in note 3 under salari&s and national insurance. The shar¢ of salary costs recharged ex¢eeds £,000 in rect of one individual which fal]s into the range £90,(100 - £IOO,(M)O. The average head¢ounl of people employed by the Skinners, Company and partially re¢har8¢d to this charity underthe paymaster arrangement w&$ 10 (2024.. 9). The key Malgement personnel of the Chkrtty are the Clerk to the Tne¢S and the Director of Finance of The Skinners, Company. The total ¢ost of key management personnel. &8 recharged by The Skinners, Company is £27,537. 4 TrSIerS betiY¢eD fun To the extent that undesi8nated income is not sufficient to cover expenditure of UDdesignated funds. a transfer is made from expendable endowment. Page 14
SKINN, EDUCATION FOUNDATIO1¥4 NOTES TO THE FII¥AI¥CIAL STATEMEI¥TS (Continued) FOR THE YEAR ENDED 30 JiJNE 2025 5 Compar4tlve fwes for statement of fillaD¢ial activities for year eDdtd 30 June 2024 Vnrestrleted Fun Expendable Endowment PEfmaD¢llt Endowthent Tot•1 21124 Ineom• from: 3,641,402 1,972.300 3.641 5,613.702 380281 615 Ittvesttnts 376.640 615 Total Infome 377,255 3,641,402 1,975,941 5,gMJ98 Exp¢nditure on: Grants and ¢harit8ble activities Jnve5¢ment rnana8ement costs 84.090 84.090 1.132 995 137 Reali5ed gains on investmct UnTealis¢d 8air]sl{losse5) on investhients 662 6,867 662 163J58 190 25 Net (expettdltureyineome Trallsfers between funds 293,165 3.830.632 1949,599 6.073J96 Ne¢ movejnent funds for tht ptriod 293,165 3.830.632 1.949,599 6,073J96 Balan¢¢s btought forward 3.127.682 3,127.682 Blnees e•rTled forwArd #t 30 Jwit 2024 293,165 6,958.314 1,949.599 9201,078 The stat¢ment of Financial Activities contains all gains and losse5 during the year. which all relate to continuing operations. Page 15
SKINNERS, EDUCATION FOUNDATION NOTES TO THE FINAIYCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2023 6 Realised gaills OA inv¢8tmeDts 2025 2024 Exp¢lld•bl¢ endowmtnt funds Historica] cost gains realised in year Loss recognised in prior years 67.282 400 699 37 reeogn14ed Ill ye 66,882 662 Penllanent endoJThent funds Historical cost gaitl realised in year Loss recognised in prior years C*lMI(los8) recogDised ltt year 31.959 190 31.769 Unrealiied gAin8 on Inve8¢meDts 2025 2024 Expelldable end0vlellt fund IDV¢Stments Market value brought forward Additions and realised gain Disposals UreiSed (lossygain Markel value carried forwdrd 8,231,497 319.384 {632,588) 3.128,061 4.913248 190,188 7,832,820 ,231,497 Pem4Dent eDdoivmen¢ i#vestmeDts Market value brought forward Additions and realised gain Disposals UDrealised loss 2.039.173 54,836 (293.165) 1066.040 Mark¢t value carried forwant 2 039 173 Page 16
SKINNERS, EDUCATION FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025 8 Expelldxble endojrnent fvnd Invejtments 2025 14Tarket Value 2025 Cost 21J24 Market Value 2024 Cost Cazenove Portfolio Property Unit Trusts CCLA Sartsin 3.156.756 1227241 1.737.067 1.711.756 3248,739 1,249,404 1,739,762 1,506,625 2,970,578 1.757,967 1,807.519 1,695,433 3,022,207 1.793,604 1.739,762 1.502,160 7,832,820 7,744,530 8.231,497 8.057,733 Perm*tttnt eDdoYrnJent futtd Investments 2025 2025 Cost 2024 Market Value 2024 Cost Market Value Cazenove Portfolio ProFerty Unit Trusts 1,607.944 176.000 1.655,132 172.578 1,608,715 430.458 1.634,967 431,073 1,783,944 1.827,710 2.039,173 2.066.040 9 Totsl return for yeAr ¢nded 30 June 2025 ndolvment Unapplled Total Retsrll Total At Start of reporting period 30 JUD¢ 2024 Movements itt Ib¢ reporting period Add.. Investsnent retums dividends and interest Investhjent rett gains Investment unrealised gainsl(losw) Investsnent management cost Total Less.. Unapplied totsl return applied Net movement in reporting period At end of reportiD8 perlod 30 June 2025 1.949,599 1.949.599 64,736 31.769 (16,900) 570 79,035 64.736 31.769 (16.900) 570 79,035 1949 599 1949 599 1984 634 1984 634 Page 17
SKtNNERS' EDUCATION FOUNDATIOIY NOTES TO THE FINANCIAL STATEMENfs (Continued) FOR THE YEAR ENDED 30 JUNE 2025 10 Debtors 2025 2024 Sundry Debtors Accrued income 68,636 13.714 74,382 156.732 80,499 15.344 C&sh in transit 95,843 I I Cllrrellt li8bilities Amounts falling due within one year 2025 2024 Audit fee 8.400 22.973 Other crediloTS 63,463 31,373 Creditors due after MO than one year 1.685.178 Creditors due after more than one year in 2024 represents an interest fre¢ loan from ski[er5 Charity Foundation. It W&S given as a donatiim to SkiDners Education Foundation during year ending Julle 2025. 12 Anmtysis of n¢t amets behween fvllds Investm¢nts Other ssets and Jiabilities 2025 Tot*1 ExndAble eThlowment fimd Penttanent endowment fund 7,832.820 941,895 200,690 .774.715 1.984.634 1.783,944 308,477 308.477 UnrestrActrd TotAI 2025 9.616,764 1,451,062 11.067.826 2024 EXtndable endown¢nt Futkd Pernianent endowment fund 8,231,497 2,039.173 (1.273,183) (89,574) 293.165 6,958,314 1.949,599 293,165 9201,078 Unrestricted Funds Totil 2024 10,270.670 (1,069,592) Page 18
SKINNERS, EDUCATION FOUNDATION NOTES TO THE FINANCIAL STATEMEiwfs (Contlnued) FOR THE YEAR ENDED 30 JUNE 21)25 Rev¥luatioD reserYe8 2025 2024 P¢rnMient endowment- Quoted s¢curities Expendabl¢ ¢ndowment- Quoted securities (43,767) 494.213 173,764 13 TatIOn Skinners, Education FouThlation is a r¢gi5tered clwity. Its inrA)me is n(rt liable lo dirert ttIOn as it is applied to wholty ¢haritable PUTPLW. 14 RdAted pthy trAll8a¢dons Transactions in respect of staff o)sts rec1wj by a cixnpany wholly owi¢d by the ThLStee are detailal in note 3. 15 R¢¢oD¢ili*tion of net movemenl Ill tsDds to Det eash flow from operatlllg a¢tivities 2025 2024 Net income for the reporting period (as per SOFA) Adjustm¢nts for: Non-cash donatio Gatnd(losses) on investments Dividends, interest and rents from invmerts Increase in deirtot tncrease in credito Net c&sh (used in) operating activities 1.866,748 6,073,396 (1.685.178) 3.723 (353.403) (60.889) 32.090 196,909 (164.020) (380.281) (94.380) 1,714,709 7,149,424 Page 19