Cbarfty 1209305 (EDg]and and Wales) SKINNERS. HERITAGE FOUNDATION TRusfEESI REPORT AND ACCOUNTS FOR THE PERIOD 26 JULY 2024 to 30 JUNE 21125
SKINNERS, HERfTAGE FOUNDATION CONTENTS P*ge Report of the ThteeS Independent examiner's Y¢port Statement of fllthncial a¢tivities Balance sh¢et Notes to the accounts
SKINNERS, HERAGE FOUNDATIOIY REPORT OF THE TRUSTEE FOR THE PERIOD 26 JULY 2024 TO 30 JUNE 2025 The Trustee pres¢nts its report along with the fman¢ial statements of the Clwity for the peri ended 30 June 2025. The financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9 tothe accounts and comply withthe Charity'5 Constitution, the CharAti¢s Act 2011 the secondedition of the Statement of Recommended Practice applicablc to ¢haTities preparing their accounts in accordance with the FinanciaL Reportlng Standard applicable in the UK and Republic of Ireland (FRS 102). History Skinners, Heritage Founkn is rewster¥J &8 a chvity number 1209305. It was estsblished on 23 July 2024 by trust dee Aitits Ind objectives Theoliectives oftheChaTity areto aNJly income an& ifthe ThL8teethtnks fiL th¢c3pitsI (Wherepble>tOwards. The presmpalion and promotion of ihe herlt¢we arnl history of the Fyorshipfyl Comparyy of Sklpmerj and advanclng the edwcthion ofthepublic in all mallers relating io lh¢ hiilory andheTitage oftlw Compapty. The Tntstee's ¢wr¢nt aim is to build up the ¢apitsl fund to produce sufficient income to support these objects. The address of the Charity is Skinners, Hall, 8 Dowgate HilL Londth4 EC4R 2SP. Constithtlon The Charity is atrust Consti by deed dated 2> July 2024. Tnutee The Skinllers Company Ckrk lo the TruJteeJ Mr Anthew Kennett CBE Prlnclp#l Skinners. Hall. 8 Dowgate 11. tmdoN EC4R 2SP Cbarity F4umber 1209305
SKINNERS, HERITAGE FOUNDATION REPORT OF THE TRUSTEE (Continued) FOR THE PERIOD 26 JULY 2024 TO 30 JUNE 2025 Oryanisatiollal Jtructhre Day to day opetation of the Chatity is delegated to the Clerk by the Tne¢. Th¢ skin[s. HeTitage Foundation Committee oveTsees the mwement of th¢ Charity and reFK)rts to the Court of the Skinners. Company. Reernllment of ¢ommittee Committee members are usually approached in the flrst inslance by the Clerk who. with the Chairnlan. k¢eps membership under review. Final decisions on membership r¢st with the Chairnian. Support and guidanrk are provided by the chairn1a fellow Board members and the Charity's administrative staff. Key rnxnagement personnel 4nd remuneradon The Trtte¢ considers the Clerk and the Director of Finance of the Skinners, Company &s comprising the key mallagemellt personnel of the Charity, in Charge of directin& controlling and operating the Charity. The Committee members give their time freely and no TnL£tee's Temunerntion was paid in the yeaT. Detsils of Trus*e's expenses. if any. are di105ed in note 3. The thgrity's 0tIOnS The TnLslee is responsible for th¢ governance, finances, and strategic oversRght of the foundation- in line with good practice. The WOTk of the ¢hartty is overseen by a Committee. During this fjrst period of Operatio the Charity is fusing on development in order to g¢nerat¢ capital and income for the fitherance of its operatkons. Achlevements The Chlty is in its initiai p¢riod of fundraisin& It is working to build a capitsl over titne to eslablish a fllm fllian¢ial foundation to enable it to meet its objects. Page 2
SKINNERS, HERrrAGE FOUNDATION REPORT OF THE TRUSTEE (Cotktinued) FOR THE PERIOD 26 JULY 2024 TO 30 JUNE 2025 FiDaneiAI revlew The fimds under the TTtt8tee's o)ntrol consist of: Unrestticted W beimg the funds availabl¢ lo the TTUStee for the general purposes of the Chality. The Statement of FiftclaI A¢tivities of the Charity be Swllm as follows.. 2025 Donations received Other income 37.744 63 37,807 (2,015) Grants al Clritable activities Investtnent maT]went Costs Net in¢omAng resources before gains and losses 35.792 R¢JerYa 11 The Charity is anew chaTity and 8imStobuild up its endowmeth overtime. Freeres¢rves atthe yegrend omounted to £35.792. Investment wjlley 8lld perforni4n¢e The Charity's investsnent objective is to mgximise total rettmi while providing income. Management of the Charity's main inveslment porttolio is held with Cazenove Capital. Rtsk management The Charlty maintains a riskregister and reviews risk arllwally. This ensures the Tnu8tee is inthe bes¢ Sitiont0 identify the major risks to which the ChaTity is exposed and estsblish Systems to ensure that these risks are reviewed and minimised as far as N)ssible. The principal risks facd by the charity are that inv&8thient returns may not be suificient to meet its obje¢tAves and grants may exceed income reducing the expendable endowment over time. These are mitigated by retaining exp¢rt investment mana8¢rs and having & diversified rtfOlio. A new head of philanthropy and development has been appointed to the staff to drive the fundraising towards an ethos of Tegular giving. Fundratslng The Trustee takes its responsibility under th¢ chltieS (Protection and Social Investtn¢nt) Act 2016 seriously and h&s considered the implications on the activities of the charity. The Charity does nol adively raise funds or solicit donations directly from the general publ1¢. The Charity does not Work directly with commercial sFM)nsors in relation to fimdraising. The Tn]stee is not aware of any Complaints made in respect of fimdraising during the Page 3
SKtNNERS' HERITAGE FoufiDATION REPORT OF TRUSTEE (Continued) FOR THE PERIOD 26 JULY 2024 TO 30 JUNE 2025 Futur¢ plans The chIty'S main objective for the coming year is to continue to raise funds to build the ¢xp¢ndable endowmen¢ to enable it to fijlfil its obJIs. Public benefit The Trustee has Compli with the duty in section 4 ofthe Chariiies Act 2011 to hav¢ due regard to all guidance published by the Charity Commiss10n. TruJ¢ee's respoD3ibilities The Trustee is responsible for preparing th¢ Tntstee's Report and the financial statements in aordallCe with appli¢able law aThl United Kingdom AOullting Standards (United Kingdom Generally Ac¢epted Accounting Practice). The law Applicable to charities in England & Wales requires the Trusi¢¢ to prepare financial statements for each financial year which giv¢ a true and fair view of the state of affaÉr5 of the charity and of the incoming resour¢¢s and application of resources ofthe charity for that period. In preping ihese financial slatemellts. the The trustee is required to: select suitable accounting policies and then apply them ¢onsistentlyy observe the methods and prin¢iples in the Charities SORP. make JudgentS and estimates that are reasonable And prudent; state whether appli¢able accounling standards have been followe subject lo any material departures dis¢losed and explained in the fjnanciai staiements. prepare th¢ financial statements on the going ¢on¢ern basis unless it is inappropriate to pr¢sum¢ that the ¢hariry will continue in busine&s. The TTusiee is r¢sponsible for keepin8 proper COUntIng records that disclose with reasonable a¢cwa¢y al any time the finan¢i81 position of ihe chwity and enable it to ensure that the financial statements Comply with the Charities Act 2011, th¢ Charity (Accounts ond Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguardlng the assets ofthe chatity and hen¢e for takingreasonable steps for th¢ pr¢Y¢ntion and detection of fraud and other irregularili¢s. Pa8e 4
SKINNERS? HERrrAGE FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE PERIOD 26 JULY 2024 TO 30 JUNE 2025 Bankers and prnftssioD21 advisers Bankers Royal Bank of Scotland PLC 62163 Threadneedle Street London EC2R 8LA SolicltorJ Lee Bolton Monier Williams l The Sanctuary, Westminster London SWIP 3JT Independen¢ Exxminer Cara Turtington FCA IhA Saffery LLP 71 Queen Victoria Street London EC4V 4BE Imsurance Broker3 Marsh Brokers Limitsd 1-5 Perrymount Road Haywants Heath West Sussex RH16 3SY Approved by the Trustee on 4 December 2025 and signed on khalf of the Tn¢¢ by nett Clerk Pag¢ 5
SKINNERS, HERITAGE FOUNDATION INDEPENDENT EXAMINERS, REPORT TO THE TRUSTEE FOR THE PERIOD 26 JULY 2024 TO 30 JUNE 2025 I report to the Trustee on my examination of the accounts of the Skinners, H¢ritage Foundation for the perlod ended 30 June 2025. Respv¢ive Responsibilities of Trustee examiner As the charity's Tnle£ of the Charity you are responsible for the preparntion of the accounts in a¢conlan¢e with lh¢ r¢quirements of the Chariti¢s Act 2011 ('the Acl.). I report in respect of my examination of the Charity's acoounts carried out under section 145 of the 2011 Act and in Carrying out my examination I have followed all the applicable Directions giv¢n by the Charlty Commission under section 145(5Xb) of the Act. B4si8 of independent examiner's report My examination was Carried out accordance with the g¢n¢ral Directions given by th¢ Charity Commission. An examination includes a review of the accounting records kept by the Charity and a compari50n of the accounts presented with those reciyrds. It also in¢ludes consideration of any unusual items or disclosures in the accourrts. and seeking explanations from you as Trustee concernlng any such mat¢¢rs. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is 8iveD as to whether th¢ ants present a 'tru¢ and fair view, and the report is limited to those matters set out in the statement below. Indepelldent examiner's statemellt I have completed my ¢xamillation. I confirni that no material matters have come to my attention in connectii)n with the examtn&tion 8ivin8 me cause to b¢li¢v¢ that in any material r¢spwt'. accounting records were not kept in respect of the Charity as required by section 130 of the Act. or 2. the accounts do llot accord wilh those records. or 3. the accounts do not COllLply with the applicable requirements conc¢rning the forni and content of accounts set out in the Charities (Accounts and RetKyrts) Regulations 2008 oth¢r tlwi any requirement that th¢ accounts give a 'true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examinationto which attention should be drawn in this report in order to enable a proper understanding of the accounts to be a¢hea. Cara Turtington FC Saffery LLP Statutory Auditors 71 Queen Victoria Street London EC4V 4BE Page 6
SI(INNERS% HERITAGE FOUNDATION STATEMENT OF FINAIYCIAL ACTivrrIES FOR THE PEIUOD ENDED 30 JUNE 2025 Unreslricted Fund Totsl 2025 Notss Income from: Donations Bank inteTe5t 37,744 63 37,744 63 Total in¢orne 37,807 37,807 Expenditure on: Grants and charitabl¢ activities ,015 Totsl Expenditure (2,015) {2,015) Net income Transfers between funds 35.792 35.792 Net movement in funds for the peri(•d 35.792 35,792 Balances brought forward B8lanees Cydrried for*vanl al 30 June 2025 35,792 35,792 The staternent of financial activities ¢ontains all gains and losses for the year. which all relat¢ to continuing activities. Page 7
SKIIYNERS* HERITAGE FOUIYDATION BALANCE SHEET AS AT 30 JUNE 2025 2025 Notes Currenl assets Debtors and pr¢payments Cash at bank 5.094 32,654 37,748 Current Ilabilities Amounts falling due within one year (1,956) N¢t ¢urrent agAet8 35,792 Fullds Unrestricted fund 35,792 35,792 ved by the T¢¢ on 4 December 2025 and signed on behalf of the Truste¢ by AKe Clerk Page 8
SKERs, HERITAGE FOUNDATIOPI NOTES TO THE FINANCIAL STATEMENTS FOR THE PERtOD EI¥DED 30 JUNE 2025 A¢eoulltiDg poli¢ieJ Basts of •¢countillg The ac¢ounts are prepar under the historical cost ci)nvention as modified by the Tevaluation of investh)ents (including property held for invesknent purposes). and in accordomce with the second editiort of th¢ Statement of Re¢ommended Practice: Accounting and Reporting by Charities preparing their accounts tn accordance with the Financial Reporting Standard appli¢able in the UK and Republic of treland (FRS 102) published in October 2019 and the Financial Reporting Standard applicabl¢ in the United Kingdom and Republic of Ireland {FRS 102) and the Charities A¢t 2011. The accruals basis is followed throughout. Th¢ accounts (fin8n¢ial statements) have been prep8xed to give a'trne and fair, view and have departed from the Charitie5 (Accounts and ReN)rts) Regulatio 2008 only to the extent required to provide a 'tru¢ and fair view.. This departure has involved folli)wing Accounting and Rq)orting by Charities preparing their accounts in accordance with the Finala1 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the AoUnting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdraw The Chlty constitutes a public benefit entity defmed by FRS 102. The fll]ancial statements are prepared in sl¢rlin& which is the f]ctiOnal currency of the Clwity. Monetary amounts in these fin¢la1 statements ar¢ rounded to the near £ Reporting Period These financial Statements are drawn covering a period of I I months. The Thtee h&8 chosen to close the period on 30 June annually to align reporting with other 30¢Lated Charities. As this is th¢ charity's first Peri of account there no comparative figuw. Going concern Investrient rnketS are enduring a period of uncertainty and instability. However. inv¢stments are held for the long terni and valuations are expected to re¢over over the long temi. After reviewing the Clwity's forecasts and projeclions. the Trustee has a reasonable expectation that the Charity has adequate resources to continue in operational exist¢nc¢ forthe foreseeable future. The Chlty therefore continues to adopt the goin8 concern basis in preparing its accoimts. 1.3.1 Investments Investments Stated at market value. sulUst$ ct deficits on revaluation ar¢ taken to restricted or endoHrnent funds as appropriate. Investment income arising on restricted investments is crnlited io the rresponding restricted fund. Investment income arising on endoTh]nent Ittvestmet is craited to 4mrestricled fillth or a restri¢ted fLd deent on the ternis ofthe endowmert. Profit and Ioss on disposals is calculated as the difference between the sal¢5 proceeds and th¢ market value at the b¢8itming of the Y {purch&8e date if later). Ineome DonatioJK8 and lega¢i¢s are accounted for as and when entitlement arise4 the amount can be reliably quantified and the economic benefit to th¢ charity is considered probable. Property r¢ntsls and interest on sh(Kt tsrni dwits are recOlsed when they arise. Dividends and interest on investments are reuignised when they become due and payable. Page 9
SKINNERS, EtERITAGE FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2025 Aeeounting policiej (continued) E¥enditure Expenditure is accrued a3 500n &8 a liability is ¢onsidered probable. Crints Gram exwdilute is recorded once the Charity has made an unconditional commitsnent to pay the wt and this is Mmlted to th¢ recipient or the grant has been pai wthich¢v¢r is ¢arlier. Cbaritsble ctivltle8 Costs of clwitable activities ¢ompris¢s direct costs attributable to each activity which include grants made lo third parties and directly attributable overhead and supN)rt costs. including governance costs, as shown in Note 3. Csb and c48b ¢qulvalents C&sh and cash ¢quival¢nts include cash in han deposits at call with banks and bank overdrafts. Flll*nciAI Instrumellts The Charitable Fund only h&s financial ets and fmancial liabilities of a kind that qualify as basic financial instruments. Basic fman¢ial instruments are initsally rewgnised at transaction value aud subsequently measured at their settlement va]ue with the exception of bank loans which are subsequently Mured at amortised cost using the effective interest method. The charity has selected to apply the provisions of Section I I 'Basi¢ Financial Insttijments, And Section 12 '0th¢r Finaacial Instnrnents Issues, of FPS 102 to all of its financial ItrUments. 1.10 UndeBigMt¢d fid$ are the ful available to the ThL%tee f the general purFoses of the Charity. Pag¢ 10
SKllYNERS' HERrrAGE FOUNDATION NOTES TO THE FINAIYCL4L STATEMEI¥TS (Continued) FOR THE PERIOD ENDED 30 JUNE 2025 Income r¢ceived 2025 Donations Bank inter¢st 37.744 63 ChAritsble divities 2025 Bank charg&s Independent examination 59 2.015 The key management personnel of the Charity are the Cl¢rkto the Trustee and the Director of Finance of The Skinners, Company. The total cost of key management personllel. as re¢harged by The SkinTrs' Company is £Nil. Debtor8 2025 AcCnl income Current liabilKties: Amounts filling due within one year 2025 Accruals- Independent exarninatlon fee 1,956 Skinners. Heritage Foundation is a registered charity. Its income is not liable to direct ttion as it is applied to wholly charitable purpses. Pag¢ 11