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 (nUM￿r 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 Worship￿1 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 pU￿oseS 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 fi￿dS 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 fi￿d 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
UnrealL￿d 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, A￿dernY Foundation is a registered charity and its income is not liable to direct tsxation
as it is wholly applied to charitable purposes.
Page 15