Charfty 1199923 (Kllgland and Wale8) SKINNERS. CHARrrY FOUNDATION TRusfEES' REPORT AND AccouNrs FOR THE YEAR ENDED 30 JUNE 2025
siaNNEKS' CHARITY FOUIYDATION CONTENTS Pag¢ Report of the TneeS Independent Auditor's report Statement orrinancial activities io Balance sheet Statement of cash flows 12 Notes to the accounts 13-20
REPORT OF THE TRusfEES FOR THE YEAR ENDED 30 JUNE 2025 Intn)duet The Trustees present th¢ir re[ along wth the financial statements of the Charity for the year ended 30 June 2025. The finoncial statements have been prepared in aCCordae with the accounting policies set out on pages 13 and 14 of the accounts and comply with the Charity's constitiJtiotL the Charities Act 2011 and the second edition ofth¢ Statement ofRe¢ommended Practice applicableto charities PTeparingtheira¢counts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Higtory Skinners. Charity Foundation 15 register¢d as a charitable in¢orprated orgattisation und¢r number 1199923. It was ¢stablished on 2 August 2022 by constitution. its initial funding being gift5 from Lawrence Atwell Charity. 11)e Skinners. Company IAdy Neville Charity. Sir Thoma5 Smythe's Cbality and Skinn¢rs' Benevolent Trust. The Foundatiim reflects the Skinners, Comp8ny's philallthropic aims on a range of charitable G4U8e5. The Company h&5 a long history of charitable work that includes the three main themes repres¢nted here. These are young Fople's v(Kational development. the relief of poverty and hardship. and the arts, heritage & communities. These themes existed in multiple historic Company ¢harities" however. it w&8 recognised that there exist significantgaitLS by combiningthem into asingle fottndation. This includedbenefits to strategic oversiglrt, efficient administratio and improved communications and fillthisin& Aims and obJec¢fv The objectives of the Charity to apply income and. if ihe Tntstees think fit, the capitsl (where possible) in or tOWd9. Young people's vo¢&tional development The relief of poverty and h8rds])ip . Arts, heritage and wnmunities Other g¢neraL charitable pwposes. The Trtee5. current aim is to build up the capital fijnd to produce sufficient income to support these objec1& The address of the ClrIty is Skinners, Hall, 8 Dowgate Hill, Lond EC4R 2SP. Conslitutlon The lty is acbaritable incorwaled (wisation regatrdbY the cOnStition dated 2.8.2022. Lord Evans of Weardaie KCB DL (Chairman) Mr Benedict Beddard Mrs Anne ThIeY Buchat*n Mr Simon Holden Profe&80r Paul Martin The Hon. Mrs Emmeline Winterbotham Mr Dmity Yashnikov Trll5tees Cltrk to the Trust Major G¢neral Andrew Kennett CBE Princlp410ffi¢¢ skile[S, Hall, 8 Dowgate Hill, Londo EC4R 2SP Charity Numbtr 1199923 Page I
SKtNIYERS' CHARfrY FOUNDATION REPORT OF THE TRusfEES (Continued) FOR THE YEAR ENDED 30 JUNE 2025 Oryalli5ationil $tru¢tur¢ The Skinners, Clwity Fow]dation Board of Tntsiees overse¢s management of the Charity. It reports to the Court of the Skinners, Company where necessary to inforni them of their WO Day to day op¢ratiotLS are del¢8ated to the Clerk by the Trustees. Reeruttment of Trustees Skinner Trust¢¢ members are usually approached in the rSt instance by the Clerk who, with the Chairnia keeps membership under review. Final decisions on membership rest with the Board of TnLstees. In the e of non-skinner, Indep¢ndwrt Trustees, recruitment Conventionally follows a skills analysis to idefftify key areas for T¢cruitment. The induction process begins with a welcome pack. This in¢lud¢s the Charity's constitution. k¢y strategic do¢uments. and other relevant par$ such &s minutes and a¢¢ounts. Support and guidance is provided by the ChairnIa fellow TnLSte¢s and the Charity's staff. Key mgllAtement per8ollAel And r¢muneration The TnLStees considerthe ClerL DiTectOT of Finance, and the Foundations Manager of the Skinners. Company as ¢omprising the key matement personnel of the Chority in charge of dirting and conttry)Iling the Charity and operating it on a day-tfrday b&8is. The Trustees al Su0mMittee members Eive their time freely and no Trustees, remuneration was paid in the year. Detsils of Tn. expetL8es. if any. ar¢ disclosed in note 3. The charity'j opentlons The work of the charity is stnlctured with a board of Tn]stees. and three sub-committees. The TnL8tees are rasponsible for the governan¢e, financ¢s, and Strategi¢ oversight of the foundation- in line with good practice. From here, ihe oi*ration of the Foundation's programmes of funding ar¢ delegatedto thethree sUcOMmIttee$. Ea¢h suicommittee is responsible for one ofthe Foundation'sthree Cor¢ themes ofwork detailed above (young people's vocalional development. the relief of poverty and hardship. and the arts. h¢ritage & communities). Sulpcommittee members are not Tntstees and op¢rate only under the authorlty d¢legated to them. Regul communication is maintained between these fow bodies - with sUcOmmIttee tninutes pr¢s¢nted at trjstees meetings, and by Chairs and staff in Tegular communiti1)n with one another. During this period of Operatio the Clwity is focusing on development and philanthropy in order lo g¢ner8te capilal and income for the furtherance of its operations. Funding will corne partty by transfer of ets fr(An existing Skinners. charities. A¢hlev¢ments The fll)81 tranche of the transfer of &ss¢ts in the Charity has tak¢n place this year. Pag¢ 2
SKllYNERS' CHARITY FOUNDATION REPORT OF THE TRUSTEES (Continued) FOR THE YEAR EIYDED 30 JUNE 2025 Flnaneial revie The funds under the Trustees, control consist of: Unrestricted ful being ihe funds available to the TteeS for the general purEM)ses of the Charity. Pernianent Endowment Fund. Funds held for ¢apilal putNw in p¢rpetillty. Exwdable Endowment Fd. R¢stricted Fund Hwitage aTMI Education- Fund5 held wher¢ the donor h&s ¢xpre&qed wishes to supwrt the prtservation of heritage objects and educatio This fimd h8s been th)nat¢d to the Skinners. Heritage Foundation subsequent to the year end. Th¢ Statement of Financial Activities of the chlty can be SUMSed &% follows". 2025 2024 Donations received Other income 31,715 703.632 735.347 (591.085) (1.685,178) (3.853) {1,544.769) 24.142.929 62.681 24.205,610 (49.629) Grarts and charitable activities Donation to SkInns Education Foundation Investment maT]agement costs Net (outgoingyincoming reg)ur¢¢s before gaitis and losses (1.748) 24,154233 ReJerYes po]l¢y Thecharityis anew charity and aimsto build up itsendossment over time. Freereseryes atthe ye4r-end amoun*d to £823.012 (2024 £797.092). lllve¥tment policy perforniance The chIty'S inv&stment objective is to maximise total return while providing income. Management of the Charity's main investsnent portfolio is held with Cazenove Capital, CCLA. Sarasin & Partners and various prop¢ty Unit trusts. Rbk managemut The Charity maintsins ariskregister and reviews risk amually. This ¢JL8ure5 the TneeS are in the best position io identify the major risks to whichthe Charity is expos and establish systetns to ensu that these risks are reviewed aThl minimisd as far Ls p[ible. The princtpal risks faced by the Charity are that inves¢m¢nt returJL4 may not be sutricient to meet its objectiv and grants mayexceed income red]ng the expendable endowrnent over time. These are mitigated by relaining expert investment m&nagers and having a diversified portfolio. A new head of philanthropy and development h&$ been appoiM¢d to the staff to drive the fimdraising lowards an ethos of regular givin Fundralslng Th¢ Trustees take th¢irTesponsibility under the Charities (Protection and Social Investsllent) Act 2016 seriously and have wnsidered th¢ implications on the activities of the charity. The chariry does not actively raise fund5 or solicit donations directly from the general public. The Charity does not WO directly with commetrial sponsors in relation to fundraisin& The Trustees are not aware of any complaints made in respectof fiindraising during th¢ period. Pag¢ 3
SKtNIYERS' CHARITY FOUNDATION REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 30 JUNE 2025 Futhre plans The Charity's main objectives forthe coming year is th¢ ongoing provision of grgitts. The FOundlon maintsined programmes of funding operated ty the variolls historic Company charilies it anticipe5 replacin& The TrLLStee4 and 5uiFCommitt¢es. continue a period of strat¢gic review - both for the ovetall direction of travel for the Foundation. and regardithe 01110 of each Pro9Mme of fundin& With this it is anlicApad that preXiSting Programmes may ¢hang¢. OT clos4 and new prOAMMe$ of fiNIng be laLmched. Publi¢ beDtfit The TteeS have compli¢d with the duty in section 4 of th¢ Clwities Act 2011 to have due r¢8ard to 811 guidance published by the Charity Commission. Trustttj, reiponslbllltles The Trustees are responsible for preparingth¢ Trlee5, Report and the fmancial ststements in accordance with appli¢able18w and United Kingdom A¢¢ounting Standards (United KinEdom Generally Accepted Accounting Practice). The law appli¢abl¢ to charities in England & Wales requires the TrSlees to prepare financial statements for each financial year which give a Irue and fair vi¢w of the state of affairs of the charity and of the inwming r¢sources and application of r¢sources of the charity for that period. In preparing tltese financial stat¢m¢nls. the Truste¢s gre required to: select suitable accounting policie5 and then apply than consistently obseThe the methods and principles ill the chariti SORP. make judgements and estimat¢s that are reasonable and prudent. state whether applicable aoUntIng standards have been followe4 subject to any Matla1 departUTes disclosed and explained in the financial statetllents. prepare the financial statements on the going concern bwis unless it Is in4Jpropriate to presume that the ¢hwity will continue in business. Th¢ ThteeS are responsible for keeping proper accounting rc¢ord% that disclose with reasonable a¢cura¢y at any titlle the fllwicial position of the charity and enable il to ensure that the financial statements comply with the Chariti¢s Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are a]so responsible for safeguardingthe assds of the charity and hence fortskiDg reasonable steps for th¢ prevention and deteIOn of fra1 and other irregu18rities. Page 4
SKtNNERS' CHARfrY FOUNDATIO1¥4 REPORT OFTHE TRUSTEES (¢ontinued) FOR THE YEAR ENDED 30 JUNE 2025 Bankers and profe&qioDal Adv1$ Bankers Royal Bank of Scotland PLC 62163 Threadneedte Street London EC2R 8LA Sollci¢ors Lee Bolton Monier willi5 l Th¢ Sanctuary. Westminster London SWIP 3 Inves¢m¢nt manAgen C&zenove Capital l London Wall Pla London EC2Y SAU CCLA 85 Queen Street London EC4V 4ET Sarnlin & Parrtrs 100 St Paul's Chur¢hyard London EC4M 8BU lJdep¢ndent Auditor Saffery LLP 71 (2ueen Vi¢tOTia Street don EC4V 4BE InsllraD¢e Broke MaT5h Brokers Limited 1-5 Penymount Road Haywards Heath West Sw¢x RH16 3SY Approved by the TrStee5 on 18 November 2025 and signed on behalf of th¢ TnL8tees by than Eva8 Page 5
SKINNEKS, cHARy FOUNDATION INDEPELYDENf AUDITOR•S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 Opinion We have &udit¢d the f]nancial statements of Skinners, Charity Fou[tiOn for the year ended 30 June 2025 whi¢h comprise the Ststement of Financial Activiti¢s. the Balance SheeL the Cash Flow Statement and notes to the financial Matem¢nts, including significanf COunting policies. The financial re)rtIllg framework that ha5 been appli¢d in their preparation is appli¢abl¢ law and United Kingdom Accounting Standards, including Financial Reporting Standard 102. the Financial Reporting Standard applicable in the UK and Republic of Irelond (United Kingdom Generally Accepted Accounting Pra¢tice). In our opinion the finan¢iai siatements: give a kne and fair view of the state of the charity's affairs as at 30 June 2025 and of its incoming resources and application of resources for the year then ended. have been properly prepared in a¢cordae with United Kingdom Generally Accepted Acwunting have been prepared in ac¢ordanr£ wilh the requirements of the ChaTities Act 2011. Basis for opinion We COndted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicabl¢ law. Our responsibilities under those standards further described in th¢ Auditor's responsibilities forthe audit of the finan¢ial ststemenls section of our report. We are independent of the chariiy in accordance with the ethical requir¢m¢nts that are relevant to our audit of the financial statements in the UK in¢luding the FRC'S Ethic Stondard. and we have fulfdled our other ¢thical responsibilities in accordance with thes¢ requirements. We believe that th¢ audit evidence we have obtained is sufficient and appropriate to provide a basis foT our opinion. Collelu8ions relatkng to Eoillg eotteern In auditing the finan¢ial statements, we have Concluded that the tnLStees' of the going concern basis of a¢unting the PTeparation of th¢ fitmnciai slatements is appropriat¢. B&sed on the work we have rrformed, we have not identified any maierial uncertainties Telating to events or conditio8 thaL individually or collectively. may t significant doubt on the chariry's ability to continue as going concern for a period of at least twelve months from when the fJn8J)cial statements are authorised for issue. Ourresponsibilities and the responsibilities of th¢ triistees with respect to going Gon¢¢rn are described in the relevant sectioAs of this report. Other lllformdon The other inforniation Comprises the infonnation included in the amiual r¢p(Mi other th8n the fmancial statements and our auditor's report thereon. The trustees are r¢sponsible for the (rther inforniation. Our opinion on the fmancial sratements do¢s not cover the other infomiation an except to the extent otherwise explicitly stated in our repon. we do not express any forni of assurance condusion thereon. Our responsibility is to Te&d the (yther inforn]ation and. in doing so, consider whether the other infornalion is materially in¢orysistent with the financial stat¢ments. or our knowledge obtained in the cowse of the audit or otherwise appeals to b¢ materially misststed. If Iwe identify such material inconsist¢n¢ies or apparent material misstatements. we are required to determine wheth¢r this gives rise to a material misstat¢m¢nt in the fmancial siatements themselves. If, based on the work we have perfornied. we ¢on¢lude thal there is a material misstatem¢nt of this other information. we gre r¢quired to report that fact. Pag¢ 6
SKtNIYERS' CHARITY FOUNDATION AUDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR EI¥DED 30 JUIYE 2025 We have nothing to report in this regard. Matterj oll whleh w¢ Ar¢ required to r¢p)rt by ¢x¢eptioD We have nothing to report in respect of the following matters in relation to which the Charities (Accounts al Reports) Regulation5 2008 require us to report io you if. in our opinio the inforniation given in the Trustees, Annual Report is inconsistent in any material respect with the financial ststements. or the charity has not kept sufficient accounting records" or the financial statements are not in aeeMeftt with th¢ accounting records and returns" or we have not received all the infornlation and explanations we require for our audit. Ruponsibilltlcs of tnuteej As explained rn0 fully in the TnLStees' Resp)nsibiliti¢s Statement set out on page 4, the ttijstees are responsible for the preparation of the finartci statements for being satisfied that they give a tswe and fair view. and for such intern8J control as the trustees deterniine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In prewing the fitIcial statrments. the trustees are responsible for &ssessing the ch8rity's ability to Continue &8 a going ¢on¢ern. disclosing. as applicable, matters related to going concern and using the going Concern blS of accountin8 unless the tteeS either intend to liquidate the charity or to cease operation4 or hav¢ no rlistiC aliernative but to do so. Auditorj, respoDJibllltieJ for the udlt of the flnancial bftem¢nts We have been appointed as auditors under the Charities Act 2011 And report in accordance with regulatio8 made under that ACL Ow objectives are lo obtsin reasonable assurance about whether the fu1claI statrMts awhole are free from material misstaiement. whether due to fraud or etTor, and to Issue an auditors, report that includes our opinion. ii¢&sonable assurance is a high level of assurance but is not a guarantee that an audit conduded in accordance with ISA5 (UK) will always detect a material misstatement when it exists. Misstatrments can arise frI>Tll fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to infiuenc¢ the economic decisioD3 of user5 taken on the basi5 of thes¢ flllancial statements. Irregularities. including fraud, are instances of nonwcompliance with laws and regulations. We design procedure5 in line with our responsibilities, outlined Ave. to detect mateTial misstatements in respect of irr¢gularitie4 including fraud. The specific prwedures for this engagement and the extent to which these ar¢ capable of detecting in%laritIe including fra1 are detailed below. Idenhfying afsesslngriskf relthedto irregularities.. We a&sessed the susceptibility of the charity's flnancial statements lo material misstatement and how fraud might occur. including through discussions with the tsustees, discussions within our audit team Page 7
SKINNERS, CHARITY FOUIYDATION AUDITOR?S REPORT TO THE TRuEEs FOR THE YEAR ENDED 30 JUNE 2025 planning meetin& updating our re¢ord of internal controls and ensurlng these wntrols operated as intended. W¢ evaluaied poAble incentives alld opportyllities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significa¢ in the context of the ¢lwity by discs1onS with tnL8tees and updating our understanding of the sector in which the ¢]ty operates. Laws and regulations of direct significance inthe context of the ¢hwity indude the Charities Act 2011. the Charities (Accounts and Reports) Regulations 2008 and guidance i&8ued by the Charity Conunission for EDgialld and Wales. Audit respopue to risk3 id£nlified.. We considered the eent of compliance with these laws and regulatio$ &8 part of our audit pr(dureS on the r¢lated fKIal statement it¢tns including a review of financial statement disclosures. We reviewed the charity's records of breache5 of law$ and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material mi&statements arising. We discwssed the charity's policies and procedures for compliance with laws and regulations with members ofmanag¢m¢ntresponsible for mpliance. During the plamiing meeting with the audit team. tbe engag¢m¢nt partsier drew attention to the key areas which might involv¢ non<ompliance with laws and regulations or fraud. We enquired of managemenl whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual. Sspected or alleged fraud. We addr¢ssed the risk of fraud through management override of ntrOlS ty testing the appropriateness of journal entri¢s and identifying any Si]1f1¢ant traaCtionS that were utLusual or outsid¢ the norn)a] course of business. W¢ &8sessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the CoMpl10n stage of th¢ audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepti¢ism and thus th¢ capacity to identify non-compliance with Eaws and regulations and fraud. Thve are inherent limitattons inth¢ audit proCureS described alyjve and the firther moved non- ¢ompligJ)¢e with laws and gUlatiOnS is from the events and transactions refle¢t¢d in the fi[l¢la1 stalements. the le&8 likely we would become aware of it. Also, the risk of not detecting a material misststement due to fraj is higher than the risk of not dete¢ting one reSl]rtg from error. as fra1 may involve deliberate CODcealm¢nt by. for ¢xample, foTgery or intentional misrepresetttations. or through coll810n. A furtheT des¢ription of ourrespot]sibilities is availabl¢ on the Financial Reporting Council's w¢bsit¢ aL" www.frc. au rsres onsi . This description fornis part of our auditor's report. Page 8
SKllYiYERS' CHARITY FOUNDATION AiIDITOR'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2025 Uje of our report This report is made solely to the ¢harity'$ ttee5, as a body. in accordance with Part 4 of the Charitie8 (Accounts and Reports) Regulations 2008. Our audii work has been undertmken so that we mighi state to the trtreeS those matters we are required to slat¢ to them in an audilor's report and for no other putpose. To the fullest extent Fern)itted by law, we do not apt or urne responsibility to anyone other than the charity and the tNstees as a body, for our audit worK for this rep)¢ or for the opinions we have fonne Saffery LLP Statutory Auditors 71 (been Victoria Street London EC4V 4BE IF&a2fy-22LS Date.. Saffery LLP is eligible to act as an auditor in tenns of section 1212 of the Companies Act 2(K)6 Pa8e 9
SKINNERS, CIlARy FOUNDATION STATEMENT OF FINANCIAL A1lEs FOR THE YEAR ENDED 30 JUNE 2025 Restrleted Umrestrleted Fund Fundj H¢iit8ge & FAluution Tot•1 Expend8bl¢ Endowm¢Dt FuDd Perni8nent EndorlleD1 FuDd 2025 2024 In¢ome from: Donations Investtnents Bank interest Notes 31.715 96,577 10.713 139,005 31,715 692,919 10.713 735.347 24.142.929 59.907 2.774 158 596,184 To¢1 In¢rf)me 158 596,184 24,205,610 Expenditsre on: Grants and charitsble activitles Invesbnent management cost5 591.085 1.685,178 174 2.276,263 3,853 2,280.116 49,629 1,748 51,377 322 3.357 591,085 322 .685.352 3.357 Realised 0055es)Igain5 on investments Unrealised (lossesygains on investh)ents (68) (141.655) 60,024 (93.764) 59,956 (237.527) 18 529.151 (2.108) Nrt (expendlthreylncome Transfers between funds (452.080) 478.000 {2.272) (1,827,075) 559.087 (1,722,340) {478,000) 24.683.402 Net movement in funds for the perlod 25.920 (1272) (1,827,075) 81.087 (1.722J40) 24,683,402 Balances brought forward 797.092 127.212 4,144.997 20.183,637 25252,938 569.536 Bl#nces carrled forward at 30 June 2025 823,012 124,940 2.317,922 20.264,724 23,530,598 25.252.938 The statement of financial activities contsins all gains and lo$ for the year. which all relate to continuing activities. Pa8e 10
SKll¥NERS' CHARrrY FOUNDATIOIY BALAIYCE SHEET AS AT 30 JUNE 2025 21125 2024 Nots8 FlIed a&qets Pemanent endowment fimd investments Expendable endowment investment5 R¢stricted Fund investments 19,169.464 3,526,790 125,017 19.933,542 3,283.743 127,291 1.685,178 25.029.754 Program related investments 22,821,271 Current ajsets Debtors and pY¢payments C&sh 8t bank io 55,579 684.252 19,978 245.921 739.831 265,899 Current liabilttl¢J Amounts falling due within one li (27.704) {42,715) Net ¢urrellt assets 712,127 223,184 Credltorj Amounts due afterrnore than one y¢ar li (2.800) Iyet Assets 12 23.530.598 25252,938 Funds Pernianent endowment Expendable endowment Restricted fU[- Heritage Unrestricted fund 12 20264,724 2J17.922 124.940 823.012 20,183,637 4.144,997 127,212 797,092 23,530,598 25.252.938 Approved by the Trstees on 18 November 2025 and signed on behalf of ihc Trustees by 4than Evans Pa8e 11
SKllYNERS' CHARrrY FOUNDATION STATEMENf OF CASH FLOWS FOR THE YEAR EIYDED 30 JUNE 2025 Note 2025 2024 Cash fik)ws from operoting aetivities Net ¢ash provided by (used in) operating activities Cish tlows from investing *¢tivitiea Dividends, interest and rents from Invlments Proceeth from the sale of property Pur¢h&8e of property plant and equipm¢nt Proceeds from sale of inv¢sttnents PuTch&8e of investments Net cash provided byl{used in) investing activities Change ill cash and cash equivHlents ill the reporting period Cash and cash equivalents at the beginning of the r¢porting period Casb Ind eAsh equivalents al tbe end of the r¢pDrting period 15 (603,122) 1,683,548 692,919 62.681 786,298 350 1500 6581 IA37 627 245,921 103S3n 438J31 245 921 684,252 245 921 Page 12
SKERS* CHARrtY FOUNDATIOF4 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIWED 30 JUNE 2025 Aceountlnz polieies Basis of accounting The accounts are prepared under the historical c05t convention os modified by the r¢vaiuation of investments (including property held for investsneot purposes), and in accoTdan¢¢ with the second edition of the Statemenl of Recommended Practice.. AOuntIng and Repoty by Charities pr¢paring their a¢¢ounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in (ktober 2019 and the Financial Rewrting Standard applicable in the Unitrd Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The &ccrnals basis is followed throughout. The ¢0nts (financial statements) have been prep8r¢d to give a'tru¢ and fair. view and have departed from the Charities (Accounts and Reports) Regulatio$ 2008 only to the ext¢nt required to provide a 'true and fair view.. This departure involved following Accounting and Reporting by Charities preparing their Unts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ireland (FRS 102) tssued on 16 July 2014 rather than the A¢¢ounling and Reporting by Charities: Slat¢ment of Recommended Practice effective fn)m l April 2005 which ha5 5tnce been withdrawn. The Charity constitutes a public benefit entity &$ defined by FRS 102. Th¢ financial ststemetts are prepared in st¢rlin& which is the functional currency of the Charity. Mon¢tary amounts in th¢s¢ financial stst¢mentS 8re rounded to r¢aresi £ Golmg ¢on¢¢rn Investment markets are enduring aperiod of uncertainty and instability. However, investments a held for the lon8 tern) and valuations atE expected to recover over the long terni. After reviewing the Charity's forecasts and projections, the Trustees have a re&sonable expectation that the Charity has ad¢qu8te resources lo continue in operatio1 exisien¢e forth¢ foreseeable future. Th¢ Charity therefore continues to adopt the going concern basis An preparing its aOUnts. 1.3.0 Investments Inve51ments are stated at market value. Surpluses or deficits on revaluati are taken to r&stricted or endowment appropriate. Investment income arising on restricted investments is Crnlited to the ¢onrsp)nding restri¢t¢d fund. InvestMt incottLe Lsing on endowment investmert8 is credited to tricted fjjnds or a r&stiicted fimd dependent on the tern ofthe enth)wment. Prwamme-reiated investh)ents are. l¥ogramme related investtnents relate to a ¢on¢¢ssionary loan made to fiwtherthecharitable obje¢ts oftheFoundaSim They are initialty reColISed and MVred atthe 8mount paid to th¢ efiCiary. The canying amount is adjusted in Subsequent years to refleA repa)Inents and accrued interest and if nectssary to adjust f any impairment. Any impaimient is treat¢d a c(A8t of Chitable activiti. Profit and loss on disp)5als is ¢alculated as the dAfference between the sales proceeds and the market value at the beginning of the year (pwchase date if later). Income Donations and legaci¢s are accounted for and when entitlwnent aTise& the amount can be reliably quantified and the ewnomic benefit to the charity is considered probable. Interest on short terni depxisits are recognised when they arise. Dividend5 and inter¢st on invesknents are re¢ognised when they become due and payable. Page 13
SKll¥NERS' CHAIUTY FOUM)ATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025 A¢eounting policie5 (eotttinned) Expendlture Expenditsr¢ is accTh¢d as soon &8 a liability is considered probable. Crallts Grant exw]diture is recorded once the Charity has made an UndItiOnaL CLxnmitment to pay the and this is commLtnicated to the recipient c¢ the W has been paid. whichever is earlier. Charitblt a¢dvitieJ Costs of choJitable 4c¢ivities ¢omprises direct costs attributable to ¢a¢h artivity which include gr made to third parties and directly attribthable overhead and 3UPPOrt ¢osts. including gov¢manc¢ costs, as shown An Note 3. Cash and ¢sh ¢qufv8lents Cash ar cash equivalents include cash in han deposits Mt call with banks and overdrafis. Flnaneial instrumellts The Charitable Fund only h&$ financial assets and financial liabilities of a kind that qualify as basic fmanciai instruments. Basic financial instruments are initially recognised at Iransaction value and subsequently m¢&sur¢d at their settletnenl value with the exception of bank loans which are subsequently me&sured at amortised cost using the effe¢tive interest method. The clwity has selected to apply th¢ provisions of Section I I 'Basic Financial Instnments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to au of its financial instruments. 1.10 Undesignated futtds are the funds avatlable to the Thjstee for the general purpos ofthe Charity. 1.11 Restricted Fund - Herltage - This restricted holds donations where the donor exPrd a preference for the grant to be used for Heritag¢ Preservation. This fill has been donated to Skinners H¢ritage Charity subsequent to the year end. 1.12 Permgnellt Endowmettt Fund- This fimd holds monies wbich are pernianently endowed. In April 2024 the TrSteeS p&ssed a resolution under s104(B) of the Charities Act 2011 and resolved to adopt a totsl return policy for the permAnent endowment Manag wrtfolio, having calculated the unapplied total r¢tum on that rtfoliO at that dat¢ of £nil. All retums (both capitsi and income) on these investm¢nts subsequent lo the resolution are credited to Unr¢stri¢t¢d Fund. The Ttees, in consultstion with the Investment Commille4 h&8 decided to tramfer 2.75Vty of the wet value (as at March each year wior to the budget setting) to urrestricted fuThts for applicatioo and this will be reviewed annually. In this initial year the values at March 2024 were not available as assets wer¢ still in the course of being traSferred from Lavrfren¢e Atwell Charity. Therefore, the transfer is b¢d on the actual c&8h released for spending. 1.13 Expend*bk FAbdowmell¢ Fund- This fund holds motiies which are availabl¢ to meet the objects of the Charity. Page 14
sKRs, CHARITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 30 JUNE 2025 ID¢ome Uareslrltt¢d Fu ttdl Tfyial Htyitsge 2025 In¢om¢ from invcstrttents Bank interest Donations 96.577 10.713 31.715 158 596,184 692.919 10,713 31.715 139 005 158 735 347 Compartfv¢ t]gureJ for income for year elldtd 30 Julle 21124 Uirebtrkt ReBtrleted Expendable Toixl HeTlthit 2•24 80 59,827 59,907 2,774 24,142,929 2,774 844.094 Donations 4,062,636 19,236.199 846,868 80 4 062 636 24 Cbaritsble aetivltle8 2025 2024 Grants Young People grants - individuals Young People grants- Charities programme Poverty & Hardship- Charities Programme Arts & Heritage- Charities Programme Young peopl¢- other grants Poverty & Hardship- other grants Trustees Dtscretionary Fund Charitable pensions 54,941 180,700 40,230 77,726 31,750 i 1.000 12.321 6,178 15,497 8.000 414.846 23,497 Support costs Salari¢s and national insurance otTice accommodation Printing. postage and telephone Subscriptions Iurance Audit Professional fee Bank charges Meeting expenses and travel 129.944 15.360 831 590 1,593 16298 10,151 218 1.254 5.370 169 294 16,390 2,161 1.741 Total support Cost Totsl eost ofchrltsble *ctivitie8 176 239 591.085 49,629 Page 15
SKINNERSY CHARITY FOUNDATION NOTES TO THE FINANCIAL STATEMENfs (Continu) FOR THE YEAR ENDED 30 JUNE 2025 Th¢ key management Fersonl of th¢ Charity are the Clerk tothe Tne¢S and the Director of Financ¢ of The Skinners. Company. Th¢ averdge headcouth of people employed by the Skinners. Compatty and partially reChBed to this charity under the paymaster agement was 7 (2024: 6). The totsl cost of key Matement personn¢l, as recharged by The Skinners, Comp8ny is £18.992 (2024 £522). 4 Transfers between fuDds To the extent that undesignated income is not sufficieffl to cover expenditur¢ of undesignated funds. a transfer will be made owe expendable assets have been donated to cover this. 5 Comp#r4tfve fjgures for statement of fjnnd41 Adivities for year ellded 30 June 2024 Rtr1ded Uttrettrieted Fullds Expemd8blt Permnetst Endovlment Endov4WWt Fund Fund Tot H¢rAtage & Ed¢10 2D24 IA)nation5 Investsnents Bank int¢rest 844.094 4.062,636 19,236.199 39,827 24,142,929 59.907 2.774 24.205,610 Totsl lllct)me 846,868 80 4.062,636 19.296,026 Expettdlthrn on: Grants and choritabl¢ activities Inv¢sknent mana8crnent Lwts 49.629 49,629 1.748 341 1,407 49.629 341 1,407 51 J77 ReRiised 8ainsl(losses) on investments Unrealis¢d g¥iDsl(losses) on investma 18 21.403 18 529,151 82.361 425.387 Net ]Dee/{eXpendI1llre) Transfers between funds 797239 21.160 4.144,997 19,no,006 24,683,402 N¢t movemettt iti fulld5 for th• period 797239 21,160 4.144.997 19,720,006 24,683.402 Balan¢¢s brnught forward (147) 106.052 463.631 569.536 Ba]aJL¢U 1¢ ftrrn*rd at 3•JuDe 2•24 797.092 127.212 4,144,997 20,183.637 25252,938 Pa8e 16
sKIN1ls, CHARrtY FOUNDAT10Tr4 NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR EIWED 30 JUNE 2025 6 Realtsed gAin8 on investments 2025 2024 Eipendble endowmellt Historical cost gains r¢alised in year Less gain regnised in prior years (68) Gin r¢¢ognised In yer (68) Pemanent eDdoJvment funds Historical cost gain realised in year Les5 gain regnised in prfftor years Gainl{1081) reeognised in yr 60,162 138 60,024 Restrlcted fund illvestm¢nts Historical cost gain realis¢d in y¢aT Le gain recognised in prior years GaSnl(Iws) recogntsed ID ye•r 18 18 7 Unrealised galns on invutments 2025 2024 Expend•ble endmellt investments Market value brought forward Net addilions Unr¢alised (lossy1 Transferred from Pernianent Endowment fimd Market value carried forward 3283.743 355 (141,655) 384,347 3 526 790 3201,382 82,361 Permanent endowment illYe8tm¢nts mllrk value brought forward Net {disposals)ladditions Unrealised (lossyg8in Transferred to Expendable Endowment fund Market value carried forward 19,933.542 (285.967) (93.764) 463,631 19,044.524 425,387 19 169464 19933 542 Rfstricted fvlld investments Market value brought forward Na additions and (disposals) UJw¢alised Ooss}Igain Market value carried forward 127291 (166) 106.052 (164) 125,017 127291 Progrmm¢ related inveg¢m¢nts This wys a long terni interest free l(wi made for charitable purpose5 to Sktnners, Education Foundation (registered charity number 1199922) for an indefinite terni. DIng the year the TnLStees decided to make a donation to skilers Ethatiort Foundation to cleaT this. Page 17
SKINNERS, CHARITY FOUM)ATIOI¥4 NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EIWED 30 JUNE 2025 8 Permanent endowmeDt fund invulments 2025 Mket Value 2025 Cost 2024 Market Value 21124 Cost Cazenove Portfolio Property Unit Tnwts CCLA 8.751.393 2,001,312 4.024,844 4391.915 9,004.779 ,010.595 4,021,133 3,859,464 9.483,347 2.380,414 2.351,353 5.718.428 9.639.385 2.418.745 2.343.438 5,162,854 Sar&sin 19.169,464 17,895,971 19.933,542 19,564.422 Expendable eDdoJvment fund investments 2025 Market Value 2025 Cost 2024 Mark¢t Value 2024 Cost Cazenov¢ Portfolio CCLA 827,524 2.308.551 390.715 859.699 2,331,441 342,408 3.283.743 3,150,708 3.526.790 3,533,548 3,283.743 3,150,708 9 Totsl return for yr ended 30 June 2025 Endowment Unapplied Total Return Totsl A¢ slart of POrtIng period 30 June 21J24 Movements ID tbe reporthg period Add: Investment retnS dividends and interest Investment returns gaiNs Investment retums unreaiised gait]s/Oosses) Investment managem¢nt cost Total Less: Unapplied total return applied Net movetDent in reporting period At end ofrew)rting period 30 June 2025 20,183 637 20 183.637 596,184 60.024 (93,764) 599.465 56,743 (93.764) 559.087 478.000 559,087 20 183.637 20 183 637 20 264 724 20 Page 18
SlaNNERS CHARITY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 30 JUNE 2025 10 Debton 2025 2024 Accrued income C&sh in transit 17,758 37,821 55.579 19.978 19.978 li Llbili¢ 2025 2024 Audit Other creditors Total creditorn falling du¢ within one year 11,400 16,390 27,704 42,715 Grants due after more than one year 12 Allatysts of net assets between fvnds 2025 Total Investments et Cnrrent 19,169,464 3.526.790 125.017 1,095,260 (1.208,868) (77) 823.012 20264.724 2,317.922 124.940 823.012 EXpdable endowment Restri¢ted Fund- Heritage UnTestri¢ted Fw 22.821.271 709.327 23.530.598 2024 Totsl Invutments Net Current Assets Pernlent endowment ExF*ndable endovmlent Restrided Fund- Heritage Unrestricted Fund 19.933.542 4.968.921 127.291 250.095 (823,924) {79) 797,092 20.183.637 4,144.997 127.212 797,Q92 25.029.754 223.184 25.252.938 Page 19
SKtNNEILS' CHARITY FOUNDATION P40TES TO THE FllYANCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 30 JU]¥E 2025 13 RevglllgtiDn Restryes lud¢d within the funds above are r¢vaiuationTeserYes with the following values: 2025 2024 Quoted securities: Pemianent endownent Expendable endowrnt Restri¢ted Fund. Heritage 275,356 (8.619) 24,570 419.793 82,362 26.678 291.307 528,833 14 Taxallo Skinn. Charity Foundation is a registered clwlty. Its income is not liable to direct taxation as it is applied to wholly charitable purposes. 15 R¢¢on¢iliation of Det mov¢ment ill funds to net easb flow from operating a¢tivitie 2025 2024 Nel income for the reporting period (as per SOFA) Adjustments for: Non-cash dort10$ Losses1(gains) on investments Dividends, interest alld Tents from investments Oncr¢&qe)Idecre33e in debtors (DeelnCrese in creditors Net ush (LL8ed in)IpTovided by operating activities (1,722.340) 24.683.402 1,685,178 177,571 {692.919) (35,601) 15,011 603.122 (22.430.594) (529,169) (62.681) (18,283) 40,873 1,683 Page 20