Charity No. 312710 (England and Wales) THE SKINNERS) ACADEMY FOUNDATION TRUSTEE'S REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2025
THE SKINNERS, ACADEMY FOUNDATION COIYTENTS Page Report of the Trustee Independtr examiner's report lo the trustee Statement of fmancial activities Balance sheet Notes to the financial statements 8-14
THE SKINNERS, ACADEMY FOUNDATION REPORT OF THE TRUSTEE FOR THE YEAR EIWED 31 MARCH 2025 Introduetion On 25 March 21M)8 The Skinners, Company's School for Girls Foundation (registered charity number 312710) hanged its name to The Skinners, Acad¢my Foundation. The original Foundation was established in 1886 and had responsibility for the Skinnffs, Company's School for Girls until the early 1920s. The School bccame a separate body under the control of its own govemors. The Charity held the Sch(l,s ¢ndowment funds and most of its land and buildings. This propety was sold in June 2008 aThJ was leased back from the PUTch&sers until Dec¢mber 2010. The SkinneTS' Company School for Girls closed at the end of the Summer terni 2010. Pupils transfentd to a new Acad¢my called The Skinners. Academy at Woodlkny Down with the sponsorship of The Skinners, Academy Foundation. The Academy leased the Girls School ILIdIng for the Autumn terni 2010 during construction of the new Academy buildings. The net proceeds from the sale of the original Schix)I were largely invested in this new Academy. Th¢ Charity has one subsidiary charity, the Consolidated Prize Fund. This is registered with the Charity Commission as The SkinnerJ' Academy Prize Fund (number 31271(kl). Th¢ addres5 of the Clwity is Skinners. Hall, 8 Dowgate Hill, Londo EC4R 2SP. Constitstlon and objeets 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 Worshipful Company of Skinners is the sole Trustee. Each member of the Court of the Trustee is selected with a view to retaining a broad specttum of expertise and receives an indwtion into the r¢spotL8ibiliti¢s of tnteeShIp and ongoing training where require(L Ojvnership of land and buildings The Foundation holds a onethird share ofthe fr¢ehold ofthe land and buildings comprising the Skinnern. Academy Sik Woodlw DOW Hackn¢y, London N4 subject to the Head Le&se dated 22 May 2009 Ieen The London Borough of Hackney and the Foundation to the London Borough of Hackney for a terni of 128 years. This is subject to a 125 year underlease to The Skinn¢rs' Academy. The Charity's operations The endowment income and donations received pern]it the Charity to: Maintain and improve the buildings ofthe Academy by fmancing expenditure for which other funding is not available. Provide advice and technical 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 THE YEAR ENDED 31 MARCH 2025 Financial review Unrestricted Funds The unrestricted funds are the funds available to the Trustee for the general purposes of the Charity. The following summary of movements in the unresthcted funds is drawn from the attach¢d Statement of Financial Activities (and accompaTlng notes): 2025 2024 Resources expended Charitable Activities Other 43.504 97,313 43.504 97,313 Incoming resources Voluntary income - Donations Investment income- Dividends - Interest 27.424 3,093 30,517 (12,987) 48,016 2,773 50,789 (46,524) Surplus/(Deficit) for the y¢ar Cash to finance a buyout of the pension fund in 2014 was borrowed from Pellipar Investsnents Limited, repayable interest free over 14 years as shown in note I l. Restrleted fllnd This is the Consolidated Prize Fun(L There were no prizes awarded during the year (2024: none). These funds are invested as shown in note 8. Elldowment fund - General The original endowment of 1886 was from Thomas Hunt's Charity and Lawrence Atwell's Charity. A fiuther £100,0 was given by Lawrence Atwell's Charity in 2000. The fund is now invested &s 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 funds, as shown in the Statement of Financial Activities. Endowment fund - Academy An endowment of £2,000.000 has been created from des1)ated funds to provide an in¢ome to the Academy to be spent &8 the Governors see fit. Avallabllity of assets The TnLstse confms that the ets of the unrestricte(L restricted and endowment fun(ts are availabl¢ and adequate to fulfil the relevant obligations. Page 2
THE SKINNERS, ACADEMY FOUNDATION REPORT OF THE TRUSTEE (continued) FOR THE YEAR ENDED 31 MARCH 2025 Reserves p)li¢y The Charity exists solely to support the School and the Academy and all its fimds are devoted to this purpose. There is therefore no intention to hold reserves. From time to time unTestricted fijnds may be accumulatsd, but this will generally be to fund a Major item of expenditure such as a new building. At the year-end there was an unrestri¢ted deficit of £48,790. 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 funds. The pandemic bas had little impact on the actual reserves held and none on the reserves policy. This will be kept under review. Risk management The Trustee has sought to identify the major risks to which the Charity is ex and has established systems to ensure that these risks are reviewed and are minimised &8 far as p)ssible. Public benefit The Trustee has complied with the duty in section 4 of the Charities Act 2011 to have due regard to all guidance published by the Charity Commission. Trustee's responsibilltlej The Trustee is responsible for preparing the Trustee's Rert and the financial statements in ac¢ordance with applicable law and United Kingdom Accounting Standarts (United Kingdom Generally A¢¢¢pted Accounting Pra¢ti¢e). The law applicable to chltieS in England & Wales Tequires the trustees to prepare financial statements for each fu)ancial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resourc&s of the clwity for that pericd. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently" observe th¢ methods and principles in th¢ Charities SORP; make judgements and estimates that are reasonable and pruden¢ state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the fuwicial statements. prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustee is respoLsible forkeeping proper accounting records that disclose with reasonable awacy at any time the fllmicial position of the charity and enable them to ensure that the fmancial statements comply with the Charities Act 2011, the Charity (Accounts and Rep)rts) Regulations 2008 and the provisions of the trust deed. 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 sIaNNERS' ACADEMY FOUNDATION REPORT OF THE TRUSTEE {continued) FOR THE YEAR ENDED 31 MARCH 2025 Bankers and professional advisers Bankers Royal Bank of Scotland PLC City Office 62163 Threadneedle Street London EC2R 8LA Solieitors FaTh & Co LLP 66 Lincoln's Inn Fields London WC2A 3LH Independent examiner Cara Turtington FCA DChA Saffery LLP 71 Queen Victoria St London EC4V 4BE Insurance Advisers Marsh Brokers Limited Education Practice Capital House 1-5 Perrymount Road Haywards Heath West Sussex RH16 3DY Approved by the Trustee on 4 December 2025 and signed on th¢ir behalf by ACP Clerk Page 4
THE SKINNERS, ACADEMY FOUNDATION INDEPENDENT EXAMtNER'S REPORT TO THE TRUSTEE FOR THE YEAR EfqDED 31 MARCH 2025 I report to the trustees on my examination of the accounts of The Skinners, Academy Foundation (the Foundation) for the year ended 31 March 2025. Respective Responsibilities of trnstees and examiner As the charity's tn]stee 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 carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5Mb) of the Act. Basis of iDdependent examiner's report My examination was ¢arri¢d out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting ordS kept by the Foundation and a comparAson of the accounts presented with those 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. Th¢ procedures undertaken do not provide 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 examlner's statement I have completed my exatnination. E confirni that no material matters have come to my attention in connection with the examination giving me cause to beli¢ve that in any material respect: accounting records were not kept in respect of the Foundation &8 required by section 130 of the Act" or 2. the accounts do not ac¢ord with those records. or 3. the accounts do not comply with the applicable requirements concerning the forni and Content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any Tequirement that the accounts give a 't 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 be reached. Cara Turtington F Saffery LLP 71 Queen Victoria Street London EC4V 4BE DChA IioaZQ Page 5
THE SKINNERS, ACADEMY FOUNDATION BAIANCE SHEET AS AT 31 MARCH 2025 2025 2024 Notes Fixed a53et8 Academy Land & Building Endowment fund invesiments Endowment investrAents - Academy 1,833,334 523,198 2,413,153 4,769,685 1,833,334 514,002 3.052,174 5.399,510 Current assets Debtors Cash at bank 26.235 1,147,006 1,173,241 18,736 594,860 613,596 io Amounts falling due within on¢ year Net eurrent assets 11 (9,351) (16,646) 1.163,890 596,950 Amounts falling due after more than one year 11 (15.192) (21,972) Net assets 5.918.383 5,974.488 Endowment Funds General Endowment Funds Academy Restricted funds Academy Restricted Prize Funds Unrestricted Funds 2,612,683 3,046,539 278,762 29,189 (48,790) 5,918,383 2,603,487 3,054,475 323,140 29,189 (35.803) 5.974,488 Approved by the Trustee on 4 December 2025 and igned on their behalf by ACP Clerk Page 7
THE SKINNERS, ACADEMY FOUNDATIOIY NOTES TO THE FIF4ANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting polieios 1.1 Basis of *¢eounting The accounts ar¢ prepared under the historical cost convention as modified by the revaluation of investments (including property held for investment purposes), and in accordance with the second edition of the Statement of Recon]mended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the UK alld Republic of Ireland (FRS 102) published in October 2019 and the Financial Reporting Standard applicable in the Unit¢d Kingdom and Republic of Ireland {FRS 102) and the Charities Act 2011. The accruals b&8is is followed throughout. The accounts (fmancial statements) have been prepared to give a 'true and fair, view and have d¢parted from the 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 thcir accounts in accordanc¢ with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102) issued on 16 July 2014 ratkner 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 sterlin& whi¢h is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to th¢ nearest £. 1.2 Going concern Investment markets are enduring a period of uncertainty and instability. However, invesknents are held for the long terni and valuations are expected to recover over the long tern]. After reviewing the Charity's fOre¢ts and projections, the Truste¢ has a reasonable expectstion that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going ¢oncem basis in preparing its accounts. 1.3 Ill¢ome Donations and legacies are accounted for as and when entitlement arises, the amount can be reliably quantified and the economic b¢n¢fit to the charity is consid¢red probable. Dividends and int¢r¢st on investments ar¢ COgniSed when they becom¢ due and payable. 1.4 Expenditure Expenditure is accrued &s soon as a ]iability is considered 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 Raisillg funds The cost of raising funds consists of investment management fees. 1.7 Land and buildings Depreciation is not provided on the school buildings as are a¢quired at no cost. See note 6 for further details. Page 8
THE SKtNNERSY ACADEMY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (contlnlled) FOR THE YEAR ENDED 31 MARCH 2025 1.8 Charitable activitAes Costs of charitable activities ¢omprises direct costs attributable to each activity Ivhich include grants made to third parties and directly attributable overhead and support cost5. including govemall¢e costs. as shown in Note 3. 1.9 Cash and eash equivalents Cash and cash equivalents include cash in hand, deposits at call with banks and bank overdrafts. 1.10 Finanelal instruments The Charitable Fund only has financial assets and fmancial liabilities of a kind that qualify as basic financial instruments. Basic fmancial instrum¢nts are initially reCOlSed at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently me&8ured at amortised Cost using the effective interest method. The charity has selected to apply the provisions of Section I I 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. 1.1 l Restrlcted Prize Fund: This is the Consolidated Prize Fund. Its net deficit for the year was £160. There was no expenditure on prizes during the year. These funds are invested as shown in note 8. 1.12 Restrieted Fund- A¢ademy: This is the income on th¢ Endowment Fund- Academy. Costs representing 15Yo of tb¢ staff and office Costs of charitable activities in note 3 are chargd to this 1.13 Endowment Fund- General: The original endowment of 1886 w&8 from Thom&s Hunt's Charity and Lawr¢nce Atwell's Charity. A further £IOO,O(Xl was given by Lawrenc¢ Atwell's Charity in 2000. The fund 15 now invested as shown in note 8. In additio the surplus on disposal of the original site has been added to this endowment. The income on this endowment is expendable and 15 credited to Unrestricted 1.14 Endoivment Fund - Aeademy: 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 15 invested as shown in note Page 9
THE SKINNERS, ACADEMY FOUNDATION NOTES TO THE FINANCIAL STATEMEIYTS (eontinued) FOR THE YEAR ENDED 31 MARCH 2025 Investment income 2025 2024 Dividends Inter¢st 111,720 23,531 135,251 138,907 17,969 156.876 Expenditure Charitable activities 2025 2024 Grants to Academy Salaries, national insurance, etc Independent Examination Office accommodation Insurance School Governor5, meeting and training expKnses. etc (note 8) Travel (note 8) Printing, postage and telephone Bank Charges Legal and profcssional fees Prize giving expenses 143,648 31,772 1,946 4,572 665 275200 68.625 2.092 7,51)0 704 4,147 311 202 25 24,706 84 16 9,408 83 192,194 383,512 Governance costs included in above: Salaries, national insurance, etc Independent Examination Printin& postage and telephone Bank charges Office accommodation 4,765 1.946 13 16 686 7,426 10.294 2.092 30 25 13,566 Page 10
THE SKINIYERS, ACADEMY FOUNDATION NOTES TO THE ANCIAL STATEMENfs (conthiued) FOR THE YEAR ENDED 31 MARCH 2025 Administration The amounts stated for salaries. national insurance. printin& postage. telephone. other offi¢¢ expenses and recruiknent cost include certain costs incurred by the Skinners, Company in administering the affairs of the Charity under a "Paymaster Arrangement" These costs totalld £31,404 (2024: £68.827). The salary costs reimbursed to the Skinners, Company did not exceed £60,000 in respect of any one individual and totalled £31,736 (2024: £68,625). The average number of employees in the year was less than one FTE. No remuneration was paid to the Trustee. Meeting expenses and travel These figures include the cost of travel and refr&5hment for meetings of the Governing Body ofthe School and Academy as well as for visits of pupils to Skinners, Hall and certain expenses connected with the annual prize giving. No reimbursement of expenses has been made to trustees in connection with their services to the ChaTity. Academy land and buildlngs 2025 2024 At l April Addition- Academy Disposal - A¢ad¢my At 31 March 1,833,334 1,833,334 1,833 334 1833,334 Depreciation At l April Charge for the period Disposal At 31 March Net book value At 31 March 1,833,334 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 DoThTr Hackney London N4 subject to the Head Lease dated 22 May 2009 between The London Borough of Hackn¢y and the Foundation to the London Borough of Hackney for a tern] of128 years from 22 May 2009. This 15 subject to a 125 year Underleas¢ to The Skinners'Academy. The buildings of The Skinners Academy were acquired at no c05t 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 SKINIYERS, ACADEMY FOUIYDATION NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR EIYDED 31 MARCH 2025 Comparative figures for income and e4JeDditure for year ended 31 Mareh 2024 Undesiglla¢ed R¢stii¢ted Fundj Funds Restricted Endowm¢nt EndoTh]neDt Totsl fMDd$ Funds Funds Fullds Aeadenry Celler*l A¢Ademy Ineome from: Investtnents Total income and Cndowments 50,789 925 105.162 156.876 50,789 925 105.162 156,876 Expenditure on: Raising funds Clwitable activities Total resouwes expended 450 96,863 450 383,512 286,649 Unrealised ga1(lOsS) on investftnents Realised loss on investments Net iDeoniel(expenditure) (33,614) 953 12,514 (28) (181,487) (46,128) 152,251 118,637 (46,524) 152,251 (121,916) Transfers between funds Net movements in funds (46.524) (28) (181.487) (46,128) 152,251 (121,916) Balances brought forward at I April 2023 Balances carried forward at 31 Mareh 2024 10,721 504,627 2,649 615 2 902,224 6,096,404 35,803 29,189 323.140 2,603 487 3,054,475 5,974,488 Page 12
THE sIaNNERS' ACADEMY FOUNDATION NOTES TO THE FINANCIAL sTATEmEs (Continued) FOR THE YEAR EIWED 31 MARCH 2025 Investments and unrealtsed gains 2025 2024 Endowment Fund - General Market Value at brought forward Additions Disposals Loss on disposal unTliSed gain in portfolio SI4.2 816,107 (256,428) (12.063) (33,614) 9,196 Market Valu¢ at 31 March 523.198 514,002 Endowment Fund- Academy Market value brought forward Addition5 Disposals Gain on disposal Unrealised gainl(loss) in portfolio 3.052,174 2.900,700 (631,085) 67,352 (75,288) 151,474 maet Value at 31 March 2,413,153 3,052.174 Restrieted Fund Market Value brought fortrvard Additions Disposals Loss on disposal UnTealised loss in portfolio 16.112 (15,159) (953) Market Value at 31 March Totsl Market Value of Investments at 31 March 2,936,351 3,566.176 As at 31 March 2025 the dwity held th¢ following material inv&stments: Market value °hof portfolio Investment COIF Charities Investment Fund Units Schroder Charity Multi-Asset Fund Charities Property Fund Units Properties Income Trust for Charities Units Patrizia Hanover Property Unit Trust 1,405.971 950,296 269,187 254,011 56,886 48.1 32.5 Debtor3 2025 2024 Prepayments Accrued income Loan to school staff member 201 16,034 10,000 26235 387 18.349 18,736 A loan was made during the year to a member of staff at the school to enable the purchase of a vehicle. This is repayable at the rate of £51K) per month over twenty months and attracts interest at a rate of 2.250A. Page 13
THE sKIlERs, ACADEMY FOUNDATION NOTES TO THE FINANCIAL SrATEMEIs (eontlnued) FOR THE YEAR ENDED 31 MARCH 2025 10 Cash balances 2025 2024 RBS Current accounts CCLA- COIF Deposit Cazenove d¢posit- Endowment fimds Academy CCLA- COIF - Endowment funds Academy 183,197 329,037 157,337 477,435 1,147,006 305,892 288,932 36 594,860 I l Liabilities 2025 2024 Independent examination Other creditors Long tern] loan due within one year Total ¢r¢ditors due in less tlwi one year 1,950 621 6,780 9,351 1,900 7,966 6,780 16.646 Long terni loan du¢ after more than one year 15,192 24,543 21,972 38,618 The long terni loan is an Inte$t free loan from Pellipar Invesknents 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 Allocation of net assets to funds for year ended 31 March 2025 Unrestricted fund Restrmcted pri%e fund EDdowment fund geDer*l Endowment fund Academy Restricted fund Academy Totsl Academy land buildings tnvesttnents Net current sets less long temi liabilities Net assets 1,833,334 523,198 256,151 1.833,334 2,936.351 1,148.698 2.413,153 633,386 (48,790) 29,189 278,762 (48,790 2 612 683 3,046,539 278 762 5 918 383 Page 14
THE SKINNERS, ACADEMY FOUNDATION NOTES TO THE FINANCIAL ATMs (continued) FOR THE YEAR ENDED 31 MARCH 2025 Comparative fwires for allocation of net assets to funds for year ended 31 March 2024 Unrestricted fund Restritted Endowment prize fund fund- gener41 Endowment fund- Academy ReJtricted fund- AdemY Total Academy land & buildings Investments Net current assets le&8 long temi 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 13 Revaluation reserves Included within the funds in note 9 are revaluation reserves with th¢ following values: 2025 2024 Endowment fiJnd- Quoted securities Endowment fund Academy- Quoted securities 53.198 905.903 44,002 1,052,351 14 Related party transacÉioDS During the course of the year £4,739 (2024: £10,196) excluding VAT was paid to a company wholly owned by the Wors]]ipful Company of Skinners, in respect of recharges for rent and other costs, see note 6 for fijrther details. All such recharges were made on an arni's length basis. Related party transactions in respect of staff costs are detailed in note 5. 15 Taxation The Skinners. Academy Foundation is a registered charity and its income is not liable to direct taxation as it is wholly applied to charitable purposes. Page 15