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 Tn￿eeS 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 aCCorda￿e 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 tOW￿d9. Young people's vo¢&tional development The relief of poverty and h8rds])ip . Arts, heritage and wnmunities Other g¢neraL charitable pwposes. The Tr￿tee5. current aim is to build up the capital fijnd to produce sufficient income to support these objec1& The address of the Cl￿rIty is Skinners, Hall, 8 Dowgate Hill, Lond￿ EC4R 2SP. Conslitutlon The ￿lty is acbaritable incorwaled (wisation reg￿atrdbY the cOnSti￿tion dated 2.8.2022. Lord Evans of Weardaie KCB DL (Chairman) Mr Benedict Beddard Mrs Anne Th￿IeY 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¢¢ skil￿e[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 $tru¢tur¢ The Skinners, Clwity Fow]dation Board of Tntsiees overse¢s management of the Charity. It reports to the Court of the Skinners, Company where necessary to inforni them of their WO￿ Day to day op¢ratiotLS are del¢8ated to the Clerk by the Trustees. Reeruttment of Trustees Skinner Trust¢¢ members are usually approached in the r￿St instance by the Clerk who, with the Chairnia keeps membership under review. Final decisions on membership rest with the Board of TnLstees. In the ￿e of non-skinner, Indep¢ndwrt Trustees, recruitment Conventionally follows a skills analysis to idefftify key areas for T¢cruitment. The induction process begins with a welcome pack. This in¢lud¢s the Charity's constitution. k¢y strategic do¢uments. and other relevant pa￿r$ 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 mat￿ement personnel of the Chority in charge of dir￿ting and conttry)Iling the Charity and operating it on a day-tfrday b&8is. The Trustees al￿ Su￿0mMittee 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 sU￿cOMmIttee$. Ea¢h sui￿committee 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 sU￿cOmmIttee tninutes pr¢s¢nted at trjstees meetings, and by Chairs and staff in Tegular communi￿ti1)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 T￿￿teeS for the general purEM)ses of the Charity. Pernianent Endowment Fund. Funds held for ¢apilal putNw in p¢rpetillty. Exwdable Endowment F￿d. 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 ch￿lty can be SUM￿Sed &% 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 SkInn￿s 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 ch￿Ity'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 Tn￿eeS 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 FOund￿lon maintsined programmes of funding operated ty the variolls historic Company charilies it anticip￿e5 replacin& The TrLLStee4 and 5uiFCommitt¢es. continue a period of strat¢gic review - both for the ovetall direction of travel for the Foundation. and regardi￿the 01￿110￿ of each Pro￿9Mme of fundin& With this it is anlicApa*d that pr￿eXiSting Programmes may ¢hang¢. OT clos4 and new prO￿AMMe$ of fiN￿Ing be laLmched. Publi¢ beDtfit The T￿￿teeS 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¢ Tr￿lee5, 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 Tr￿Slees 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 a￿oUntIng standards have been followe4 subject to any Mat￿la1 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¢ Th￿teeS 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 dete￿IOn of fra￿1 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 willi￿￿5 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 Tr￿Stee5 on 18 November 2025 and signed on behalf of th¢ TnL8tees by than Eva￿8 Page 5 SKINNEKS, cHAR￿y 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¢corda￿e with United Kingdom Generally Accepted Acwunting have been prepared in ac¢ordanr£ wilh the requirements of the ChaTities Act 2011. Basis for opinion We COnd￿ted 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 r*rformed, we have not identified any maierial uncertainties Telating to events or conditio￿8 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 lllform*don 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 a￿eeMeftt 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 fit￿Icial 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 b￿lS of accountin8 unless the t￿￿teeS either intend to liquidate the charity or to cease operation4 or hav¢ no r￿listiC aliernative but to do so. Auditorj, respoDJibllltieJ for the *udlt of the flnancial bf*tem¢nts We have been appointed as auditors under the Charities Act 2011 And report in accordance with regulatio￿8 made under that ACL Ow objectives are lo obtsin reasonable assurance about whether the fu￿1claI statrM￿ts ￿ 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 A￿ve. 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 fra￿1 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 TRu￿EEs 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 po￿Able 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 disc￿s1onS 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 e￿ent of compliance with these laws and regulatio￿$ &8 part of our audit pr(￿dureS on the r¢lated f￿￿KIal 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