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
Independ￿tr 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 I￿LIdIng 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
tn￿teeShIp 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 I￿een 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 accompaT￿lng 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 Re￿rt 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 ch￿ltieS 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 reCO￿lSed 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 sTATEmE￿s (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
unT￿liSed 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
ma￿et 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 sKIl￿ERs, ACADEMY FOUNDATION
NOTES TO THE FINANCIAL SrATEMEI￿s (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 ￿AT￿M￿￿s (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-
A￿demY
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