Charity No. 312710 (England and Wales) THE SKtNNERS' ACADEMY FOUNDATION TRUSTEE9S REPORT AND AccouNrs FOR THE YEAR ENDED 31 MARCH 2024
THE SKINNERS, ACADEMY FOUNDATION CONTENTS Page Report of the TTUStee Independent examiner's rewrt to the trustee Statsment of financial activities Balance sheet Notes to the financial statements 8-14
THE SKINNERS, ACADEMY FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 MARCH 20244 Introduction On 25 March 2008 The Skinners, Company's School for Girls Foundation (registered charity number 312710) changd its name to The Skinners, Academy Foundation. The original Foundation was established in 1886 and had responsibility for the Skinners, Company's School for Girls until the early 1920s. The School became a s¢paratc body under the control of its own governors. The Charity held the School's endowment funds and most of its land and buildings. This property was sold in June 2008 and was leased back from the purchasers until December 2010. The Skinners, Company School for Girls closed at the end of the Swnmer terni 201 O. Pupils transferred to a new Academy called The Skinners, Academy at Woodbery Down with the sponsorship of The Skinners, Academy Foundation. The Academy leased the Girls School building for the Autumn terni 2010 during construction of the new Academy buildings. The net proceeds from the sale of the original School were largely invested in this new Academy. The Charity h&8 one subsidiary charity, the Consolidated Prize Fund. This is registered with the Charity Commission as The Skinners, Academy Prize Fund (nUMr 312710-1). The address of the Charity is Skinners, Hall, 8 Dowgate Hill, LK)ndon, EC4R 2SP. Constitution and objects The Charity's governing document is a Scheme made on 25 March 2008 which replaces fornier Schemes dated 26 June 1886, 4 November 1901, 24 October 1904, 4 April 1911, 3 March 1922, 12 February 1931 and 27 March 2006. The object of the Charity is the advancement of education by: a) provision of services and facilities for the Academy* b) scholarships and prizes. c) educational activities ancillary to the running of the Academy. Trustee The Worship1 Company of Skinners is the sole Trustee. Each member of the Court of the Trustee is selected with a view to retaining a broad spectrnm of expertise and receives an induction into the responsibilities of trusteeship and ongoing training where required. Ownership of land and buildings The Foundation holds a one third share of the freehold of the land and buildings comprising the Skinners, Academy Sit¢, Woodbery Dowm, Hackney, London N4 subject to th¢ Head Lease dated 22 May 2009 between The London Borough of Hackney and the Foundation to the London Borough of Hackney for a tern) of 128 years. This is subject to a 125 year underlease to The Skinners, Academy. The Charity's operations The endowment income and donations received pern)it the Charity to: Maintain and improve the buildings of the Academy by financing expenditure for which other funding is not available. Provide advice and tecl)nical support to the Governors of the School and the Directors of the Academy. These main objectives do not change from year to year. Page I
THE SKINNERS, ACADEMY FOUNDATION REPORT OF THE TRUSTEE (continued) FOR YEARENDED 31 MARCH 2024 Finaneial review Unrestricted Funds The unrestricted funds are the funds available to the Trustee for the general pUoseS of the Charity. The following summary of movements in the unrestricted fijnds is drawn from the attached Statement of Financial Activities (and accompanying notes): 2024 2023 Resources expended Charitable Activities Other 97,313 63,168 97.313 63,168 Incoming resources Voluntary income - Donations Investment incotne - Dividends - Interest 72.500 39,739 2,233 114,472 51.304 48,016 2,773 50,789 (46,524) Surplus for the year C&8h to finance a buyout of the pension fund in 2014 was borrowed from Pellipar Investments LiJnits(L repayable interest free over 14 years as shown in note I l. Restricted fund This is the Consolidated Prize Fund. Its deficit for the year was £28 (2023: deficit £160), there were no prizes awarded duringF the year (2023: none). These fidS are invested as shown in note 9. Endowment fund - General The original endowment of 1886 was from Thomas Hunt's Charity and Lawrence Atwell's Charity. A further £IOO,000 was given by Lawrence Atwell's Charity in 2000. The fund is now invcsted as shown in note 9. The profit on disposal of the original School site is also included in this fund. The income earned is treated as accruing to the unrestricted fvnds. as shown in the Statement of Financial Activities. Endowment fund - Academy An endowment of £2,000,000 has b¢¢n created from designated funds to provide an income to th¢ Academy to be spent as the Governors sce fit. Availability of a85ets The Trust¢e confirnis that the assets of the ullrestricte(L restricted and endowrnent funds ar¢ available and adequats to fijlfil the relevant obligations. Page 2
THE SKINNERS, ACADEMY FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 31 IWL4RCH 2024 Reserves policy The Charity exists solely to support the School and the Academy and all its funds are devoted to this pury)ose. There is therefore no intention to hold reserves. From time to time unrestricted funds may be accumulated, but this will generally be to fund a major item of expenditure such as a new building. At the year-end there was an unrestrictsd defACIt of £35,803. This deficit is mainly due to the pension buy inlbuy out and will remain for the near future. The Consolidated Prize Fund does not seek to hold reserves of distributable fimds. The pandemic has had little impact on the actual reserves held and none on the reserves policy. This will be kept under review. Risk management The Trustce has sought to identify the major risks to which the Charity is exposed and has established systems to ensure that these risks are reviewed and ar¢ minimised as far as possible. Public beneflt The Trustee has complied with the duty in s¢¢tion 4 of the Charities Act 2011 to have due regard to all guidance published by the Charity Commission. Trustee's responsibilities The Trustee is responsible for preparing the Trustee's Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each fmancial year which give a true 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 fmancial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the m¢thods 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 departures disclosed and explained in the financial statements. prepare the financial statements on th¢ going concern basis unless it is inappropriat¢ to presume that the charity will continue in business. The Trustee 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 fmancial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trnst decd. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities, Page 3
THE SKINNERS, ACADEMY FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 31 MARCH 2024 Bankers and professional advise Bankers Royal Bank of Scotland PLC City Office 62163 Threadneedle Street London EC2R 8LA Solicitors Farrer & Co LLP 66 Lincoln's Inn Fields London WC2A3LH Independent examlner Cara Turtington FCA DChA Saffery LLP 71 Queen Victoria St London EC4V 4BE Insurance Advisers Marsh Brokers Limited Education PractAce Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3DY Approved by the Trustee on 12 December 2024 and signed on their behalf by ACPKen Clerk Page 4
THE SKtNNERS' ACADEMY FOUNDATION INDEPENDEiYf EXAMtNER'S REPORT TO THE TRUSTEE li FOR THE YEAR ENDED 31 LVL41ICH 2024 I report to the trustees on my examination of the accounts of The Skinners, Academy Foundation (the Foundation) for the year ended 31 March 2024. Respective Responsibilities of trusteey and examiner As the charAty's trustee of the Foundation 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 my examination of the Foundation's accounts carried out under section 145 of the 2011 Act and in canying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of th¢ Act. Basis of independent examiner's report My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Foundation and a comparison of th¢ accounts presented with tliose records. It also includes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustee concerning any such matters. The procedures undertaken do not provid¢ all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the statement below. Independent examiner's 8tatement I have completed my examination. I confirn] that no material matters have come to my attention in connection with the examination giving me caus¢ to believe that in any material respect: accounting records were not kept in respect of the Foundation as required by section 130 of the Act; or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements concerning the fonn and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the 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 examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to b¢ reached. Cara Turtington FCA Saffery LLP Statutory Auditors hA 71 Queen Victoria Street London EC4V 4BE 2? ols Pag¢ 5
THE SKINNERS, ACADEMY FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Academy Land & Building Endowment fid investments Endowment invesknents - Acad¢my Restricted fund investments 1.833.334 514,002 3,052,174 1,833,334 816,107 2.900,700 16,112 5,566,253 5,399,510 Current assets Debtors Cash at bank 10 18,736 594,860 613,596 18,315 551.639 569,954 LiAbilltles Amounts falling due within one year Net current assets 11 (16,646) (11,051) 596.950 558,903 Amounts falling due after more than one year (21,972) (28,752) Net assets 5,974,488 6,096.404 FUNDS Endowment Funds Gener Endowment Funds Academy Restricted funds Academy Restricted PrAZe Funds Unrestricted Funds 2,603,487 3,054,475 323,140 29,189 (35,803) 5,974,488 2,649,615 2,902,224 504,627 29,217 10,721 6,096,404 12 Approved by the Trustee on 12 December 2024 and si ed on their behalf by ACPKen Cle Page 7
THE SKINNERS, ACADEMY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IVL4RCH 2024 Accounting policies 1.1 Basis of Accounting The accounts are prepared under the historical cost convention as modified by the revaluation of invesknents (including propety held for investrnent pury)oses), and in accordance with the second edition of the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with 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 accruals basis is followed throughout. The accounts (financial statements) have been prepared to give a 'true and fair, view and have departed from th¢ Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 rather than the 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 financial statements are prepared in sterling, which is the fijnctional currency of the Charity. Monetary amounts in thes¢ financial statements are rounded to the nearest £. 1 .2 Going concern Investment markets ar¢ enduring a period of uncertainty and instability. However, investments are held for the long tern] and valuations are expected to recover over the long t¢rm. 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 therefore continues to adopt the going concern basis in preparing its accounts. 1.3 Income Donations and legacies are accounted for as and when entitlement arises, th¢ amount can be reliably quantifi¢d and the economic benefit to the charity is considered probable. Dividends and interest on investments are recognised when they become due and payable. 1.4 Expendlture Expenditure is accrued as soon as a liability is nsidered probable. 1.5 Investments Fixed asset investments are stated in the balance sheet at market value, any realised or unrealised surplus or deficit being taken to the Statement of Financial Activities. 1.6 Raising funds The cost of raising funds Consists of investment management fees. 1.7 Land and buildings D¢pr¢ciation is not provided on the school buildings &s arc acquired at no cost. See note 7 for further d¢tails. Page 8
THE SKINNERSY ACADEMY FOUFIDATION NOTES TO THE FINANCIAL STATEMEIYTS (Continued) FOR THE YEAR ENDED 31 MARCH 2024 1.8 Charitable activities Costs of charitable activities comprises direct costs attributable to each activity which include grants made to third parties and directly attributsble overhead and support Costs, including governance costs, as shown in Note 4. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hanl deposits at call with banks and bank overdrafts. 1.10 Financial instruments The Charitable Fund only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction valu¢ and subsequently measured at their s¢ttlement value with the exception of bank loans which are subsequently measured at amortised Cost using the effcctive interest method. The charity has selected to apply the provisions of Section I I 'Basic Financial Instrnments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. 1.] l Restricted Prize Fund: This is the Consolidated Prize Fund. Its net deficit for th¢ yeaT was £160. There was no expenditure on prizes during the year. These funds are invested as shown in note 9. 1.12 Restricted Fund - Academy: This is the income on the Endowment Fund- Academy. Costs representing l 5 % of the staff and office costs of charitable activities in note 4 are charged to this fund. 1.13 Endowment Fund - General: The original endowment of 1886 was from Thomas Hunt's Charity and Lawrence Atwell's Charity. A further £IOO,000 was given by Lawrence Atwell's Charity in 2000. The nd is now invested as shown in note 9. tn addition, the surplus on disposal of the original site has been added to this endowment. The income on this endowment is expendable and is credited to unrestricted funds. 1.14 Endowment Fund - Acyddemy: An endowment of £2,000,000 was created from designated funds to provide an income to the Academy to be spent as the Governors see fit. This is invested as shown in note 9. Page 9
THE SKINNERS, ACADEMY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MAIICH 2024 Voluntary income 2024 2023 Donation from Lawrence Atwell Charity Donation from Skinners Malmesbury Foundation 12.500 72,500 Investment income 2024 2023 Dividends Lnterest 138,907 17,969 156 876 129,680 9.293 138 973 Expenditure Charitable activities 2024 2023 Grants to Academy Salaries, national insurance, etc Independent Examination Office accommodation Insurance School Governors, meeting and training expenses, etc (note 6) Travel (note 6) Printing, postage and telephone Bank charges Legal and professional fe¢s Prize giving expenses 275,200 68,625 2,092 7,500 704 4,147 311 202 25 24.706 90,500 55,211 1,724 6,900 669 1.831 582 496 23 3,825 383 512 162 866 Governance costs includ¢d in above: Salari¢s, national insurance, etc Independent Examination Printing, postage and t¢lephone Bank charges Office accommodation 10,294 2,092 30 25 8,282 1,724 74 23 13,566 Pag¢ 10
THE SKtNNERS' ACADEMY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR THE YEAR ENDED 31 MARCH 2024 Administration The amounts stated for salaries, national insurance, printing, postage. telephone, other office expenses and recruitment cost include certain costs incurred by the Skinners, Company in administering the affairs of the Charity under a "Paymaster Arrangement" These costs totalled £68,827 (2023: £55.707). The salary costs reimbursed to the Skinners, Company did not exceed £60,000 in respect of any one individual and totalled £68,625 (2023: £55,211). The average number of employees in the year was less than one. No remuneration was paid to the Trustee. Meeting expenses and travel These figures include the cost of travel and refreshment for m¢¢tings of th¢ Governing Body of th¢ School and Academy as well as for visits of pupils to Skinners, Hall and certain expens¢s connected with th¢ annual prize giving. No reimbursement of expenses has been made to trustees in connection with their servAces to the Charity. Academy land and buildingy 2024 2023 At l April 2023 Addition - Academy Disposal - Academy At 31 March 2024 1,833.334 1,833,334 1833,334 1,833,334 Depreciation At l April 2023 Charge for the period Disposal At 31 March 2024 Net book value At 31 March 2024 1833,334 1,833 334 The Foundation acquir¢d at a cost of £1,833,334 a one third share of the freehold of the land and buildings comprising the Skinners, Academy Site at Woodberry Down Hackney London N4 subject to the Head Lease dated 22 May 2009 between The London Borough of Hackney and the Foundation to the London Borough of Hackney for a terni of 128 y¢ars from 22 May 2009. This is subject tr) a 125 year Underlease to The Skinners'Academy. The buildings of The Skinners Academy were acquired at no cost and are not included in the valuation and are therefore not depreciated. The value above relates entirely to the donation of land to the Academy. Pagell
THE SKIIYNERS, ACADEMY FOUNDATION NOTES TO THE FJNANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 Comparative figures for income and expenditsre for year ended 31 March 2023 Undesignatsd Funds Restricted Funds Restrictsd Endowment Endowment TDtsI funds Fund8 Funds Funds Academy General A¢ademy Income from: Donations and legacies Inveslments Total income and endowments 72,500 41,972 114,472 72.500 138,973 211.473 894 894 96,107 96,107 ExpeDditure on: Raising funds Charitable activities Total resources exp¢nd¢d 193 62,975 63,168 193 162,866 163,059 99.891 99,891 Unrealis¢d loss on investments (1,054) (127,467) (195,167) (323,688) Net Incomel{expenditure) 51,304 (160) (3,784) (127,467) (195,167) (275,274) Transfers between funds Net movements in fllnds 51.304 (160) (3,784) (127,467) (195,167) (275,274) Balances brought forward at l (40.583) April 2022 Bydlgdnces cArried forward at 31 March 2023 29.377 508,411 2,777,082 3,097.391 6,371,678 10.721 29,217 504,627 2,649,615 2,902,224 6,096,404 Page 12
THE SKINNERS, ACADEMY FOUNDATION NOTES TO THE FINANCIAL STATEMENfs (eontinued) FOR THE YEAR ENDED 31 MARCH 2024 Investments and unrealised gains 2024 2023 Endowment Fund - General Market Value at brought forward Additions Disposals Loss on disposal Unrealised loss in portfolio 816,107 943,574 (256,428) (12,063) (33,614) (127,467) Market Value at 31 March 2024 514.002 816.107 Endowment Fund - Academy Market value brought forward Additions Disposals UnrealLd gainl(loss) in portfolio 2,900,700 3,095.867 151,474 (195,167) Market Value at 31 March 2024 3,052,174 2,900,700 Restricted Fund Market Value brought forward Additions Disposals Loss on disposal Unrealised loss in portfolio 16.112 17,166 (15.159) (953) (1,054) Market Value at 31 March 2024 16,112 3.732,919 Total Market VAlue of Investments at 31 March 2024 3,566,176 As at 3 l March 2024 th¢ charity held the following material investments: MArket value /oof portfolio Investment COIF Charities Investment Fund Units Schroder Charity Multi-Ass¢t Fund Patrizia Hanov¢r Property Unit Trust Charitie5 Property Fund Units Properties Incom¢ Trust for Chariti¢s Units 1.474,680 965,269 612,225 263,316 250,686 41.4 27.1 17.2 l O Debtors 2024 2023 Prepayments Accrued income 387 18,349 355 18,315 Page 13
THE SI(INNERS' ACADEMY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (eontinued) FOR T YEAR ENDED 31 MARCH 2024 I l LiabilitAes 2024 2023 Independent examination Other creditors Long terni loan due within one year Total creditors due in less than one year 1,900 7.966 6,780 16.646 1,650 2.621 6,780 11.051 Long tenn loan due after more than one year 21,972 38,618 28,752 39,803 The long terni loan is an interest free loan from Pellipar Investments Limited (company number 62908) repayable by monthly instalments over 14 years and should be fully repaid by 2029. This loan was made to fund the Charity's portion of the defined benefit pension fund buyout. 12 Allocatlon of net assets to funds for year ended 31 Marcb 2024 Endowment Endowment Restrlcted fund fund rund general Academy Academy Unre8tricted fund Restrieted prize fund Total Academy land & buildings Investments Net current assets less long terni liabilities Net assets 1,833,334 514,002 256.151 1,833,334 3,566,176 574,978 3,052,174 2,301 (35,803) 29,189 323,140 35.803 2 603,487 3,054 475 323,140 5,974 488 Comparative figures for allocation of llet assets to funds for year ended 31 March 2023 Endowment Endowment Restricted fund fund fund general Academy Academy Unrestricted fund Restricted prize fund Total Academy land & buildings Investments Net current assets less long tern) liabilities Net assets 1,833,334 816,107 174 1,833,334 3,732,919 530,151 16,112 13,105 2,900,700 1,524 10,721 504,627 10,721 2649615 2,902 224 504,627 6 096,404 Page 14
THE SKINNERS, ACADEMY FOUNDATION NOTES TO THE FINANCIAL STATEIVIENfs (eontinued) FOR THK YEAR ENDED 31 MARCH 2024 Revaluation reseryes Included within the funds in note 12 are revaluation reserves with the following values: 2024 2023 Endowment fund- Quoted securities Endowment fund Academy- Quoted securities Restricted fimd- Quoted securities 44,002 1,052,351 227,893 900,100 12,883 13 Related party transactions During the course of the year £1 0,196 (2023: £9,491) excluding VAT was paid to a company wholly owned by the Worshipful Company of Skinners, in respect of recharges for rent and other costs. see note 6 for further details. All such r¢charges were made on an arn)'s length basis. Related paty transactions in resp¢¢t of staff costs ar¢ detailed in not¢ 5. 14 TAxation The Skinners, AdernY Foundation is a registered charity and its income is not liable to direct tsxation as it is wholly applied to charitable purposes. Page 15