Charity No. 307846 (England and Wales) THE SKINNERS, SCHOOL FOUNDATION TRUSTEE?S REPORT AIYD ACCOIINTS FOR THE YEAR EIYDED 31 MARCH 2025
THE SKINIYERS, SCHOOL FOUNDATION COIYTENTS Page Report of the Trustee Independent Examiner's report to the truste¢ Statement of financial activities Balance sheet Notes to the fllLqncial statements 8-16
THE SKINNERS, SCHOOL FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 2025 Introduction Th¢ Skinners, School Foundation is registered as a charity underthe number 307846. It was established in 1880 (then known as The Skinn¢rs' Company's School) and had r¢sponsibility for the Skinners, School until the early 1920s. The School (now an Academy) is a separate body under the control of its own governors. This Charity holds the Academy's endowment and most of its land and buildin&5. The Charity has two restricted funds, the Skinners, School General Prize Fund. which is registered with the Charity Comrnission (under the same number as the parent charity) and The Skinners, Kent Academy Fund. RefeTen¢¢s in this docum¢nt to '%he School" are to the Academy, and not to this Charity. The address of the Charity is Skinners. Hall, 8 Dowgate Hill, Londo EC4R 2SP. Constitution & objects The Charity's governing document 15 a Scheme made on 26 March 2006 which replaces fornier Schemes dated 19 May 1910, 5 November 1921 and 7 June 1932. The object of the Charity is the advancement of education the provision of services and facilities for the Academy* the provision of scholarships and prizes" educational ancillary activities Inciden to the running of the Academy. b) Trustee The Worsbipful Company of Skinners is the sole Trustee. Each member of the Court of the Trustee is selected with a view to retaining a broad spectrum of expertise and re¢eiv¢s an induction into the responsibilities of trusteeship and ongoing training wher¢ required. OwDersbip of land and buildings Apart from Southfields Park Playing Fields and the etaker'S house, which were transfetred from the LEA to the School on l April 1992, the school buildings and land are held by the Skinners, Company as Trustee for the Charity. The Charlty's operations The endowment income and donations received perniit the Charity to: Maintain and improve the buildings of th¢ Academy by financing expenditure for which other funding is not available. Provide advice and technical support to the Governors of the School. These main objectives do not change from year to year. Page I
THE SKINNERS, SCHOOL FOUNDATION REPORT OF THE TRUSIEE (continued) FOR THE YEAR ENDED 31 MARCH 2025 Finanelal review This was a stable year for the charity, with no particularly noteworthy events to report. The deficit on undesignated funds was corrected and the charity is in good fuwi¢ial health. Unrestricted funds (undesignated) The undesignated funds are the fimds available to the Trustee for the general purposes of the Charity. The following summary of movements in the undesignated funds is drawn from the attached Statement of Financial Activities. 2025 2024 iture on: Cbarktable Activities Governance 33,627 7,090 40,717 53,933 20,446 74,379 Income from: Investment income - Dividends - Interest 15.270 10,590 1,387 1,387 Surplus/(defi¢it) before transfers Funds transferred to desiwted funds re capitslised assets (39,330) (48,519) Surplus after transfers (39,330) (48,519) Cash to finance a buyout of the pension fimd in 2014 was boTrowed from Skinners Malmesbury Foundation, repayable interest free over 14 year5 as shown in note 13. The funds are now ow¢d to Skinnffls Education Foundatio The support given each year by Skinners, Company charities is liable to fluctuate in amount. but the Tnistse is not aware of any possible withdrawal. Designated fvnds - general Designated funds are maintained at a level equal to the written down value of school buildings on the CharAty'S balance sheet. This reflects the fact that the funds represented by those assets e not available for distribution. Any minor capitsl projects were met from the government funded School Condition Allocation which passes through the Foundation and in]mediately on to the Academies. Restrieted fund- Prize Fund This is the Skinners, Academy General P]ize Fund. Its income and expenditure are detailed in note I l. Restricted fund- Armes This was a donatkon forni RB.H. Arnies in 2024. It is restricted for capital projects for Skinners School Page 2
THE SKIIYNERS, SCHOOL FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 31 MARCH 2025 Financlal revieTrv (continued) Restricted Fund- Sklnners, Kent Academy {SKA) The Skinn¢rs' Academy is the lead sponsor to the Skinners, Kent Academy> which opened in September 2009. The Academy is committed to the good governance of the SKA, in¢luding the provision of the majority of the Governors and to using its best endeavours to build up a fund for the benefit of the pupils of the Kent Academy. The Foundation is assisting the Academy in fulfdling its role as lead sponsor of the SKA. The Skinners, Kent Academy has become a Multi Academy Trust (MAT) having taken on Skinners Kent Primary School. The Board of Trustees now sit over both SKA and SKPS with local Governing Bodies acting at each of the schools with restricted powers as set out in Schemes of Delegation. Endowment fund The original endowment of £20,000 was contributed by Thomas Huavs Charity, Lawren¢e Atwell's Charity and the Skinners, Company when the charity Started in 1880. The endowment was further enhanced by the sale for £65,000 of part ofthe school land known as "Hillgarth" in March 1973. the sale of the balance of that land in May 1976 realised £27,000. The fid is now invested as shown in note 10 and the income earned is treated as accruing to the unrestricted funds, as shown in the Statement of Financia] Activities. Availabilfity of a&8ets The Trustee confmns that the assets of the UndesIgnat restricted and endowment fund5 are available and adequate to fulfil the relevant obligations. Reserves policy The Charity exists solely to support the Academies and all its fidS are devoted to this purpose. There is therefore no intsntion to hold reserves. From time to time undesIated funds may be accumulated, but this will generally be to fund a major item of pendIture such as a new building. Rbk management The Trustee has sought to identify the major risks to which the Charity is exposed and have established systems to ensure that these risks are reviewed and are minimised as far as possible. Publ1¢ benefit The Trustee h&8 complied with the duty in section 4 of the Charities Act 2011 to have due regard to all guidan¢¢ published by the Charity Commission. Trustee's responsibilities The Trustee is responsible for preparing the Trustee's Report and th¢ financial statements in attordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Aepted Accounting Practice). The law applicable to charities in England & Wales requires the trustee to prepare financial statements for each financial year which give a tnie and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to: select suitable accounting licieS and then apply them consistently9 observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departwes disclosed and explained in the ftnancial statements" prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. Page 3
THE SKINNERS, SCHOOL FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 31 MARCH 2025 The Truste¢ is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust ded. They are also responsible for safeguarding the &8sets of the charity and hence for taking reasonable stcps for the prevention and detection of fraud and other irregularities. Bankers alld professional advisers Bankers Royal Bank of Scotland PLC City Office 62163 Threadneedle Street London EC2R 8LA Solicitors Farrer & Co LLP 66 Lincolns Inn Fields London WC2A 3LH Independent Examiller Cara Turtington FCA DChA Safftry LLP 71 Queen Victoria St London EC4V 4BE Insurance Advisers Marsh Brokers Limited FAlucation Practice Capital House 1-5 Perrymount Road Haywards H¢ath West Sussex RH16 3DY Approved by the Trustee on 4 December 2025 and signed on its behalf by ACP C]e ett Page 4
THE SKINNERS, SCHOOL FOUNDATION INDEPENDENT EXAMINER?S REPORT TO THE TRUSTEE FOR THE YEAR EM)ED 31 MARCH 2025 I report to the trustees on my examination of the accounts of The Skinners, School Foundation (the Charity) for the year ended 31 March 2025. Respective Responsibilities of trustees and examiner As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act.). I report in respect of rny examination of the Charity's accounts carried out under section 145 of th¢ 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Basts of indepeDdent examiner's report My eXamition was Carried out in accordance with the general Directions given by the Charity Commission. An examination includes areview of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes ¢onsideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trwstees concerning any such matters. The procedures undertaken do not provide all the eviden¢e that would be required in an audit and consequently no opinion is given as to whether the accounts pres¢nt a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner's statement I have completed my examination. I confirn] that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: l. accounting records were not kept in respect of the Charity as r¢quired by sedion 130 of the Act" or 2. the accounts do not accord with those records: or 3. the accounts do not comply with the applicable requirements concerning th¢ forni and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirementthat the accounts give a 'true and fair view. which is not a matter considered as part of an independent examinatio I have no concerns and have come across no othermatters An connection with the examinationto which attention should be drawn in this reFK)rt in order to enable a proper understanding of the ac¢ounts to be reached. Cara Turtington FC Saffery LLP 71 Queen Victoria Street, London, EC4V 4BE Date: I I P£c&knAozf Page 5
IBI.
THE SKINNERS, SCHOOL FOUIYDATION BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed assets School buildings 1,209,353 1,251,123 1,209.353 1251,123 Current assets Debtors Cash at bank and in hand 12 50,905 2,470,284 021 2,451.257 2,521,189 2,451,878 Liabilities Amounts falling due within one year Plet current assets 13 (14,000) (8,768) 2,512,421 2,437,878 Amounts falling due after more than one year Net a&4ets 13 (15,192) (21.972) 3,706,582 3,667,029 Funds Endowment Fund Restricted Fund- Prizes Restricted Fund- SKA Restricted Fund- Arnies Restricted Fund - Harris Designated Fund- G¢n¢ral Undesignated Fund 14 259,738 15,732 (69,280) 50,189 2.310,494 1,209,353 (69,644) 259,738 15,732 (69,280) 2,240.030 1,251.123 (30,314) 3,706,582 3,667,029 ed by the Tnthe on 4 December 2025 and signed on its behalf by A Kenn Clerf( Page 7
THE SKINNERS, SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Aeeounting policies 1.1 Basis of accountlng The accounts are prepared under the historical cost Convention as modified by the revaluation of investments (including property hcld for investment purposes). and in accordance with the second ¢dition of the Stat¢ment of Recommended Practice: Accounting aTKI Reporting by Charities preparing their accounts in accordanc¢ with the second edition of the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The a¢crnals basis is follow¢d throughout. The accounts (fllwicial statements) hav¢ been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view.. This departure h&s involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable inthe UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather thanthe Accounting and Reporting by Charities: Statement of Recommended Practice effective from l April 2005 which has since been withdrawn. The Charity constitutes a public benefit entity as defined by FRS 102. The fUClaI statements are prepared in sterling, which is the functtonal currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. 1.2 Going concern Investment markets are enduring a period of uncertainty and instability. However, investments are held for the long terni and valuations are expected to recover over the long terni. After reviewing the Charity's forecasts and projections, the Trustee has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity will have negligible expenditure going fonvard and income in future years will be used to bring the funds back into Credit over the next few years. The Charity therefore continues to adopt the going concern basis in Preing its accounts. 1.3 Income Donations and legacies are accounted for &8 and when entitlement arises, the amount can be reliably quantified and the economic benefit to the charity is considered probable. Dividends and interest on inveslments are reColIsed when they become due and payable. 1.4 Expenditure Expenditure is accrued as soon &8 a liability is considered probable. 1.5 Academy premises and depreciation Expenditure of a capital nature on school buildings is capitalised and is written down on a straight line basis over 50 years. This policy was adopted for the fwst time in the accounts for the year to 31 March 2001. In previous years such expenditure was written off in the year in which it was incurred. 1.6 Investments tnvesiments are stated in the balance sheet at market value, any realised or unrealised surplus or deficit being taken to the Statement of Financial Activities. Page 8
THE SKINNERS, SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 31 MARCH 2025 1.7 Charitable actfvlties Costs of ctwitable activities Comprises direct costs attributable to each activity which include ants made to third parties and directly attributable overhead and support costs, including governance costs, as shown inNote 4. 1.8 Cash and easb equivalents Cash and cash equivalents include cash in han& deposits at call with banks and bank overdrafts. 1.9 Finanelgl Instruments The Charitable Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instnllnents. Basic financial instruments ar¢ initially regnised at transaction value and subsequently measured at theiT settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The charity has selected to apply the provisions of Section I I 'Basic Fitwicial Instruments, and Section 12'0ther Financial Instruments Issues, of FRS 102 to all of its fmancial instruments. 1.10 Unrestricted funds General fimds are donations and other incoming resources receivable or generated for the objects of the charity without specified purpose. Designated funds are maintsined at a level equal to the Itten down value of School buildings on the charity's balance sheet. 1.1 l Restrietsd funds This is the Academy's general prize fund and the Skinners, Kent Academy (SKA) fund. The Academy is committed to the good governance of the SKA, including the provision of the majority of the Governors, for an initial period of seven years, and to using its best endeavours to build up a fund for the benefit of the pupils of the SKA. The Foundation is assisting the Academy in fulfilling its role as Eead sponsor of the SKA. The Charity has been a major beneficiary of the estate of Mr Colin Harris who left 51P/o of his residuary estate for the benefit of the Charity to be spent on capital works at the School or prizes. 1.12 Endojvment fund The endowment fund is pernianent and has been received by way of donations over a number of yearJ. Income arising from this fund can be used for general purposes. Donations and legaeies 2025 2024 Donations - Arnies Legacy- Mr Colin Harris 50,189 2.453,860 50,189 2,453,860 Investment income 2025 2024 Dividends 15.270 Interest 1,387 82,464 10,590 22241 Interest- HalS Fund 83,851 48.101 Page 9
THE SKINNERS, SCHOOL FOUI¥4DATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 31 MARCH 2025 Resources expended for year ended 31 Mareb 2025 Charitable activities Aeademy SKA Total Grants for depreciation of property Grants to Academy- Harris Fund Salaries, national insurance, elc Office accommodation Independent examination Other professional fee Insurance Gov¢rnors' meeting expenses, etc (note 6) Governors, training Staff travel (note 7) Bank Charges Prizegiving expenses Printing and other office costs Totsl resources expended 41,770 12,000 31,873 4,416 3.449 41,770 12,000 31,873 4,416 3,449 801 76 801 76 49 49 46 46 94.487 94,487 Comparative figures for resources expended for year ended 31 March 2024 Academy SKA TotAI Grants for depreciation of property Grants to Skinners Primary School Grants to Academy- Harris Fund Salaries, national insurance, etc Office accommodation Independent Examination fee Other professional fee Insurance Governors, meeting expenses, etc (note 6) Governors, training Staff travel (note 6) Bank Charges Prizegiving expenses Printing and other office costs Total resources expended 41.770 41,770 1,156 236,071 117,595 12,660 7,367 926 1,254 1,580 5,702 900 12 1,926 411 1,156 236,071 55,459 5,940 7,367 461 703 926 2,851 450 12 62,136 6,720 465 551 654 2,851 450 1,926 201 210 352,220 77,110 429,330 Governance cost included in above 2025 2024 Salaries, national insurance, etc Independent Examination fee Printing, postage and telephone Bank charges Office accommodation 3,187 3,449 11,760 2,092 41 12 442 7.090 15,171 Page 10
THE SKINNERS, SCHOOL FoulATIO1¥ NOTES TO THE Fll¥ANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 Administration The amounts stated for salaries, National Insurance. printi postage, telephone and other office expenses include certain costs incwred by th¢ Skinners, Company in administering the affairs of the Charity und¢r a "Paymaster Arrangement" Costs for 6 employees were recovered under this arrangement (2024.7). These totalled £31,919 (2024: £118,006). The share of salary costs reimbursed to the Skinners. Company did not exceed £60,000 in respect of any one individual gnd totalled £31.873 (2024: £117,595). No remuneration was paid to the Trustee. Meetlng eenseS and travel These figures include the cost of travel and refreshment for meetings of the Governing Body of the Academy as well as for visits of pupils to Skinners, Hall and cetsin expeeS ¢(Kmected with the annual prize giving. No reimbursement of eXpe5¢S has been made to the Trustee in connection with its services to the Charity. Transfers behveen fund8 A transfer is made from undeSid to designated funds of an amount equal to the gross capital expenditure in the year on school buildings less the depreciation Charge forthe year. This reflects the fact that the fimds represented by those assets are not available for distributio Page 11
THE SKINIYERS, SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMEIYTS (continued) FOR TH YEAR ENDED 31 MARCH 2025 Aeademy bulldln 2025 2024 Cost At l April Additions 2,088,499 2,088,499 At 31 March 2,088,499 2,088,499 Depredation At l April Clwge for the period 837,376 41,770 795,606 41,770 At 31 March 879,146 837,376 Iyet book value At 31 March 1,209,353 1,251,123 Page 13
THE SKINNERS, SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 31 MARCH 2025 10 Investments and ullrealised gains 2025 2024 Endowment Fund Market Value brought forward Additions Disposals Loss on disposal Unrealised loss in portfolio Market Value at 3 l March 2025 272,854 (259,738) (13,116) Restricted Fund Market Value brought forward Additions Disposals Loss on disposal Unrealised10&8 in rtfoliO Market Value at 31 March 2025 12,984 (12,225) (759) Total Market Value of Investments at 31 March 11 Restricted fund- Prize fund: Movements in year Income Capltal Total Balance at 31 March 2024 3,507 12,225 15,732 Net movement on Income and Expenditure Unrealised loss on Anvestments for the year Balance at 31 March 2025 3,507 12,225 15,732 Page 14
THE SKtNNERS' SCHOOL FOUNDATION NOTES TO THE FINIINCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2025 Comparative figures for Restricted fund: Movements in year for year ended 31 March 2024 Capital Income Total Balance at 31 March 2023 3,507 12,984 16,491 Net movement on Income and Expenditure Unrealised gain on investments for the year (759) {759) Balance at 31 March 2024 3,507 12,225 15,732 12 Debtors 2025 2024 I¥epayments Donations Otber 621 50,405 500 Total 50,905 621 I3 LIAbilitie 2025 2024 Audit/Independent examination fee Other creditors Long terni loan due within one year Totsl creditors due in IS than one year 1,900 88 6,780 8,768 7.220 6,780 14,000 Long tenn loan due after more than one year 15,192 21,972 The long tern] loan is an interest free loan from Skinners, Education Foundation (Registered Charity Number 1199922) repayable by monthly instalments over 14 years and should be fully repaid by 2029. This loan was received for charitable purposes to fund the Charity's Portion of the defmed benefit pension fimd buyout. 14 Allocation of net assets to funds for year ended 31 Mar¢h 2025 UnMJtYlct• T+]tal od.SK Arwel Fixtd 1,209,353 1,21ff),3S3 Netvjrrart aMelsle5 lon$ tt {69.6441 15.732 (692801 50.189 2JIO,494 259.738 2.4YI229 169,6M) 1.209,35) 15.732 69.280) 50.189 2JIO.494 2$9.731 3,706582 Page 15
THE SKINNERS, SCHOOL FOUNDATION NOTES TO THE FINANC STATEMENTS (continued) FOR THE YEAR EM)LD 31 MARCH 2025 Comparative figures for allocation of Det assets to funds for year ended 31 March 2024 Unrestritted rwidg Dtsign*ted f•J Restricted fynd- Rtitritttd RtrIcted Endmvm¢nt fwnd Total Haris FllLed assets Acaikmy buildings Iov¢stments 1.251.123 1.251,123 (30,314) 15.732 (69,280) 2240,030 259,738 2,415,906 le&8 long term liabililies Net 01obiliti¢&yAa8ets (30,314) 1.251.123 15,732 (69280) 1240,030 259,738 3,667,029 15 Capitvdl commitments There w¢r¢ no capital commitments at 31 March 2025 (2024 none). 16 Related party transactions During the course of the year £4.416 (2024: £16,343) excluding VAT was paid to a company wholly owned by th¢ Worshipful Company of Skinners, in respect of recharges for rent and other costs. All such Techarges were made on an arni's length b&sis. Related party transactions in respect of staff cs)sts are detailed in note 5. 17 Tation The Skinners, School Foundation is a regist¢r¢d cllarity at]d its income is not liable to dir¢¢t tstIOn as it is applied to wholly charitable purposes. Page 16