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TRURO SCHOOL FOUNDATION LIMITED ACCOUNTS AND REPORT FOR THE YEAR ENDED 31ST AUGUST 2021 The charitable cnmpany is a registered eharity no. 1070969 and the registered eompgny no. Ès 03S82642
TRURO SCHOOL FOUIYDATION LIMITED Year ended 31 August 2021 CONTENTS Page Trustees and advisor5 Trustees, Annual Report 34 tndependent Ex8tniAer's Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Noles to the Accounts 9-14
TRURO SCHOOL FOUNDATION LIMIT&D TRUSTEES AND ADVISORS TRUSTEES The Trustees, who are alw tha Directors of the Comparty for the purposes of the Companies ACL who sei'ved duving the yeay and sinc¢ weit.. Mi's R Vaughan Former Pupil, cllrrt P8iEnt, Employee and Chair of the Trnro S¢hool Association Friend of Tiuro School (appointed 29 Januai'y 2021) Foriner Paient Fomier Paient (appointed 29 January 20211 Former Pupil Fom)er Pupil and Parent Chair of Trustees Former Parent (appointed 29 January 20211 Former Parent Foriner Headmas. of Ti'uro S¢hool Goyemor of Truro School and Fonner Pupil Governor of Truro School and Former Parent Chair of Govei'noi'5 of TTuro School and Former Parent (appointed 29 January 2021) Foi'rnei. Headmaster of Truro School (resigned I 8¢pt¢mb¢r 2020) T BuntÈng W Conchie . R Cowie . G Chegwidden .JEddy Mi. G Hooper Mr P Munro-Lott Mrs N Pooley fr P Smitb Mi. P Stdlllidge Mis H Sullivan ' R Thoma5 Mr A Goixlon-Brown Clauses 29, 30 and 32 of the Articles of Association provide that at e8¢h annual general eeting one-third of the TNstees shall retire but may be reappointed and that tlie retiring Tistee shall be the otte who has been longest in olTi¢e. ADVISORS Independent Examlner Nicholas Sladdett RSM lJtC Tax and A¢countli)g Limitcd 25 Fairingdon Stt'eet Londnn EC4A 4AB Banker5 HSBC plc 17 Boscawell Street Ti'uro, Comwdll TRI 2Q7 Solleitors Pothcary Witham Weld 70 St George's Square London SWIV 3RD Stephens and Scown 05prey House, Malpas Road Truro, Cornwall TRI IUT R¢gistered Office Truro School Trennick Lat)e wo. Comwall TRI ITH
TRURO SCHOOL fiOUNDATION LIMITEI D TRUSTKKS, RLPORT The Trvsl¢es pi'esei)I theu. A1Ual Repoit together with the Aecounts and Independent Examination Report. The Financial S¢at¢m¢nt$ Comply witli the Charities Act 2011. the CompaE]i¢s Act 2006. the Memorandum amd Ai'ticles of As$o¢iation, and the Charities Statement of Recoinmended Practic¢ ("Cliai'ilies SORP") (applicable to charities pi'epai'ing their a¢coullts in accordance with the Financial Reporting Statal'd applicable in the UK al Republic of Irelattd. FRS102} issued in October 2019. OBJECTS The objects as set out in the Memoyandum of Associatioii are the provision of educ&tion or the Df educational bursariesfoi'pupils attending, orto attend, Truro School. Mol'e specifically the Tiustees, policy is to build up a dcsignated fund ('Bursaries Fund,) from donations from Truto School, alumni alld others and use the incoine aeei'uing and past growth on the investments to pi'ovide bursaries for children who. w&th the demise of ttie Govei'nment A.%%i8tcd Places Scheme, could not othawise attend Ti'uro S¢hool. STRUCTURE, GOVERNANCK AfiD IVIANAGEMEf+4T The Trustees of ibe Coinpany al'e appointed in accordance with the Aiticlcs of A.%sociation. It was agreed by the First Trustees that the mtnitnuin nuinber of Ti'uslees shall for the time being, be and rcmait) at tluce. The Tyustees ongoitLg training is addressed iii conjunction with the operation of Tir0 School, tt eonnected charity. FINANCIAL AcfivrIIES Af4D RESULTS The TTUStees cotffwin that they have complied with the duty in scctioii 17 of tl)e Charities Act 2011 to have due regard to pllblic benefEt guidance published by the ConISsion in d¢t¢mJinitig the activities undei'taken by the Charity. In lill¢ with the objectives as stated above, the charity Colltinlled iL8 cfforts during the yeay to attiact furtli¢r dollatLQnS. and Enade a colltt'Ébution of £10S,OQO to help fund thc bursarics provided by Truro School itt the same y¢ar. The f]nancial results for the yew. 8T¢ Set out in the Statement of Financial Activities ott p4gB 6. The Investments as held in the Balattce Shcct al'e rcvicwed annuallyto ensure the asset allocation sbBl¢gy is such to make sure a consisten¢ l¢v¢l of return is achieved in oiLtei' to fiilf&l the objective of bur54ry assistance. RESERVES POLICY At 31 Augu8t 2021 the charEty had unrestricted ndS of £702,258. Th¢5¢ included iTkve5tmenls valued ai £502,645 and deposits with Methodi8t Cliurch C.FB amounting to £50,822. The Trn5tees airn lo increase the reserves so as to enable the ¢harity to ¢ontinue to fulfil its objects. The policy will be review by the Trustees on an anllual bas15. GRANTS POLICY The TTUStees' policy is to donate the majority of the iiive5ttn¢nl inconie and past gi'owth on the investments to TruiD School to help it meet the cost of bursaries awardEd to pupils under its own assisted places scheme. Pennission has been grantcd by the Charities Commission to Sell any Investments h¢ld and transfer the pi'oceeds to Truro School by WRY of grant, should the Truro School Foundation Truste pei'mit. INVESTMENT POWERS, POLICY AND PERFORMANCE The investinent powers 'e dei'ived from the Trustee Investtnent Act 2000. The w)licy of ihe charity is to invest in the investment funds of the Metbodist Church CFB so as to ensuTe professional management and to plvide i'etuins in line with the Irlevant indices. Duringthe year the inyestinents performed in lille with this policy. This policy inay be changed at any titne to invest th6 fund5 With all ¢ntity other than the Methodist Chlwch Central Fftnance Board in accordance with the Investtnent Str&tcgy. RISK REVIEW The majoi. risk to which the chai'ity is ¢XP05ed to is the undei. perfonnallce of the Investments, the steps taken to mitigats this is to evaluate the portfolio in ¢oDjun¢tion with the fund manager and move the ndS in accordance with the
TRURO SCHOOL FOUNDATION LIMITED TRusfEI ES, REPORT (continu¢d) Investment Strategy. At t])e onset of the Covid-19 pandemic, tlie majority of the inveglments were moved into cash in order to miligate against the risk of losses. CONNECTED CHARITY Tivro School Foundation Limited is closely related to the Methodist Indepemdent Scliools Tti]st of wliich Truro School is a division. The Chair of Governors of Trurts School served Bs Trste£ of tlie Company during tl)e year. Trui'o School Foundatioii Limit¢d and Truyo School administeird by th£ same staff. At the date of signing two of the Trustees weir Governors of Tnjro School. FUTURE PLANS The fuiuir plans for the Charity are to raise fther fijnds from appeals and otherwise, and to go from stt'ength to strength. This will be achieved by matutaining and building on strong connections with the whole SLhuol Communily e0Mpri5ll alumni. parents, formrr parents and the local business tommunity. The Twro School Foundation Limited 18 also looking at the vai'ious ways it can suppoit the Truro School l'ther witl) its bursari¢$ and other ne¢d$. GOING CONCEI RN The tru8t¢e¥ hav¢ taken into ¢othsiderdtii)n the effect of Covid-19 on the ¢hai'ity'$ ability to Continue in opeiation for the foreseeable future. We believe the charaty has 8uffi¢i¢nt thnd$ in pla¢e and cash at bank io be able to pay the charity's liabilities as they fall due within the next Iwelve moT]th8 fi'om the date these fEnan¢ial statements wei'e signed. Thus, the tstees continue to adopt the going Concern basis of a¢¢ounting in preparing the financial statements. STATEMENT OF TRUSTEES, RLSPONSIBILITIES The Tiustees (who are also the di]ECtors of Truro School Foundation Limited foi. the purposes of company law) ave responsible forpreparing tl)e Tiustees, Report and the financial statements in accordance witb applicable law and United Kingdom Accountii)g Stsndaiyls (United Kingdom Generally Accepted Accounting Practice)- Company lawyequires the Trustees to prepare financial st&tements for each fmancial year which giye a trne and fair VIBW of the state of &fYairs of the Chai'itable Company and of the incoming resottrces and application of resourc¢s, includiiig income and expendtture, of the Charitable Company foi. tbat period. In pi'eparitig these faE1claI statements, the Ti'ustees ale Eequired to.. Select suitable accounting policies and then apply them consistently., Obsetve the methods and piinciples in the Charities SORP. Mak¢ judgements and estimate5 that air reasonable and prndent. State whethei. applicable UK AwouTlting Standards have been followed, subject to any matwial departure5 disclosed and explained in the fmancial stateinents. Prepare the fmancial statements on the going concern basis unl¢ss it is ioappi'opriate to presum¢ that the cojnpany will continue in business. The Trustees are responsible for keeping proper accountingi'ecords that di8close with reasonable accuracy at at)y time of the financial position of the Charitable Company and enable them to ensure that th¢ financial 8tatcmcnts coinply with the Compai)ies Act 2006. They are &lso responsible foi. safeguardii)g thc ass¢ts of thc Charitable Company and hence for taking reasonable steps for the pi'¢vention and detection of fraud and oth¢r i¢BU]rItiCs. INDEPENDEP4T EXAMINERS Nieho128 Sladden of RSfvI UK Tox and Accounting Limited off¢T th¢mselves foy reappointment and a resolution will be put to th¢ g¢neral meeting. Approved by Il)e Truste¢s at th¢ii' m¢¢ting on 21 Janry 2022 at)d signed on theÈr beha Graham Hooper (Tn]stee}
INDFPENDENT KXAMINER'S REPORT TO THE MXMBERS OF TRURO SCHOOL FOUNDATION LIMITEI D I report to the trustees on my examination of the accounts of Truro School Foundation Limited ('the coinpany,) for th¢ yeai. ended 31 August 2021, which al'e set out orn pages 6 to 14. Rt5PODsibilities and basis of report As the trustees of the company (and also its director& for the pllrposes of company law) you arc it5ponsibl¢ for the prepaiz¢ioD of the accounts in accoithnce with the i'equirements of the Companies A¢t 2006 ('the 2006 Act')- Having satisfied myself that the accounts of the eompany are ttot required to be audited under Part 16 of the 2006 A¢t and are eligible for independent examination T I'eport in itspect of my exaininatioll of your charity's accounts as ¢aii'ied out undei. sectioll 145 of the Charities Act 2011 ('the 2011 Act,). tn cai'iying out my examination I have followed the DitTctions given by the Charity Corninission ui)der section 145 (5)(b) of the 2011 A¢L An independent examination does hot involve gatliering all the evidence that would be required in all audit and consequently does notcover all thc In&ttcrs ihat an auditor conslders in giving thelr opinion on the accoullts. The planning and conduct of an audit g(Je8 bcyand tl)e limited assufdnce that an indEpeiid¢iil ¢xaTnination can provide. Consequently, l expyess tto opinion to whether the acu)unts present a 'truE at fail. view, and Iny report is limited to those specific m8tt¢1'$ set out in the independent examiller's StateEnt. Independent examiner's statement I have ¢ompleted my examination. I confjrm that no material Inatt¢rs have come to Iny attention in connection with the exaTnination giving me reasonable cause to believe that in any Inaterial respect.. accounting recoi'ds were not kept in resp1 of th¢ Company as requu'ed by section 386 of the 2006 Aet. or the accounts do not accoKd with those T¢¢ords,' oi. the accounts do not comply with the accounting requll'ements of section 396 of the 2006 Act othtr than any I'equirement tbat the accounts give a 'true and fair view, which ig not L maiter cottsidered as parl of ai) indEpendent ex91nination' or the a¢¢ounls have not been prepared in accordance with the methods and principles of the Statement of RecDmillended Pi'a¢ti¢e.' Accounting and Rep)Iting by Charities applicèble to charities pi'eparin8 tli¢ii' awunts in accordance with the Financial Reporting Standard applicabltt ITr th£ UK ad Ireland (FRS 102). I Iiav¢ no ¢oncerns and have come across i)0 othei. matters in connection with tlie ¢xamination to which attention should be drawn in this report in order to enable a proper illiderstanding of the accounts to be reached. Signed- Name.. Nicholas Sladden Name of applicable listed body.. The Ingtituts of chts.¢d Accountmts in England and Wales Relevant professional qualifLC&tion or membership of professioiial body: CharteiEd Accountant ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants 25 Farringdon Street London EC4A 4AB Date.. 14 March 2022
TRURO SCHOOL FOUNDATION LIMITfi D STATEMENf OF FINANCIAL ACTIVKTIES INCORPORATING INCOME AND EXPJINDITURE Accouwr FOR THE YEAR ENDED 31 AUGUST 2021 Total 2021 Total 2020 Unrestricted D¢$lgn&ted Restricted Note INCOME FROM: Donations and l¢ga¢ies Inv¢slment income Coiitt'ibution from Tii]ro School E49,349 30,600 744 179,949 7,442 2,963 66.197 16,132 3,277 6,698 2,963 Total income 9,661 149,349 31,344 190,354 85,606 EXPENDITURE: Charitable activiti¢$ (ii'ants made to Ti'uro School - Assisted Places Scheme Covid-19 Emergency Bursary Funds Granls made- Other GoverR#llce costs 14,519 90,481 105,000 150,000 64,594 8,733 3,277 850 850 2.963 2,963 Total expenditure 17,482 90,481 850 108,813 226,604 NET INCOMEI(EXPENI)ITURE) BEI FORE OTHER RECOGNISRD GAINS AND LOS?>ES (7,821} 58,868 30.494 81,541 (140,998) Other RecogRi5ed G#Èns and Losses Uni'calised (loss)Igain on invcstment assets 64258 7,140 71,398 (19,975) MOVEMEE4T IN FUNDS (7,821) 123,126 37,634 152,939 (160,973) Balances brought foriyard at I September 2020 14,519 572,434 157,066 744,019 904,992 Balance ¢8rrled forward at 31 August 2021 6.698 695,560 194,700 896,958 744,019 The notes on pages 9 to 14 form part of tbese awounts. These unaudited fittaneial statements have been subjected to indep¢nd¢nt examinatioll. See report on page 5.
TRURO SCHOOL fouNDATION LIMITED Company number 03582642 BALANCE SHEET ASAT 31 AUGUST2021 Note5 2021 2020 FIXED ASSETS Investments 697,345 208.907 CURRENT ASSETS Debtors- Gift aid Debtorn- Truro S¢hool Cash held by inY¢$tment managers Cash in bank and in hand 12,494 3,711 50,822 134,026 8224 531,159 16,807 TOTAL CURRENT ASSETS 201,053 556,190 CREDITORS.. amounts due withiti on¢ yeay (1,440) 121,078) NET CURRENT ASSETS 199,613 535,112 1+4ET ASSETS 896,958 744,OE9 REPRESEwfED BY: Ujll'ests'ieted fvnds- General Um'esh'icted funds - Desig]iated- Bui'5ary Fund 6.698 695.560 14,519 572,434 Total llnrestricted llds 702,258 586,95J Restricted fLmds 194,700 157,066 896,958 744,019 Fotr the year ended 31 August2021 the company was entitledto exemption forni audit under section 477 ofthe Companies Act 2006 relating lo small companies. Dii'¢ctors and trustees responsibiltties.. The metnbers hav¢ not requiird tbe company to obtsin an audit of its accounts for the year in questioll in aordanCe with se¢tion 476,. and The directors and trustees ackjiowledge their responsibilities for complying with the requirements of the Act with I'espect ttk accounting Yecords and the preparation of ac¢ounts. App d and authori5ed foi. issue by the Trnslees at their ineeting on 21 January 2022 and Signed on their behalf by: - Tntee i'ah In Hoopei. Istee Rob Cowie The notes on page5 9 to 14 forrn part of these accounts. These unaudited financial statements have been subjected to ind¢pendent exainination. See report on page 5.
TRURO SCHOOL FOUNDATION LIMITED STA TEMENT OF CASH FLOWS AS AT31 AUGUST 2021 2021 2020 CASH FLOW FROM OPERATING ACTIVITIES: Net income from the reporting period (as per stateinent of financial actiYitie5) Adlustmenls for: (GainsyLosses on investment assets Dividends and interest Deci'ease/{Increase) in Debtors (Dccira%eyIttcYcasc in eredttors NET CASH (USED BY)IPROVIDED BY OPERATtNG ACTIVITIES 152,939 (160,973) 171,398) (7,442) 472,356 19,975 {16,132) (299,883) 526817 507 539 CASH FLOW FROM INVESTING ACTIVITIES: Dividends and interest Proceeds fi'om sale of shares Payinents for purchase of sbares NET CASH RECEtVED FROM INVESTING ACTIVITIES 7,442 253,924 670 964 409 598 16,132 477,494 493 626 CHANC.E IN CASH AJ¥D CASH EQUIVALENTS IN THE REPORTING PERIOD Cash and cash equival¢Dts at the beginning of the Teporting period CASH AND CASH EQUIVALEf4T5 AT THE END OF THE REPORTIPIG PERIOD 117.219 16,807 30,720 134026 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand 134026 16,807 These unaud&ted fllknci81 staterllents have been subjected to independent examÈnation. See report on page 5.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THL ACCOUNTS FOR THE YEAR EF4DED 31 AUGUST 2021 I. ACCOUNTING POLICIES GeDeral Infoi'matioii Tivi'o School Foundation Limited ("the Chai'itable Coinpany") is a company timited by gllarantet in¢oi'porated in England and has no share capital. The registered office address of tho Coinpany is Truro School TrelIck Lan¢, Truro. Cornwall, TRI ITH. In the event of the charity beiAg wound up, the liability in respect of the guarantee is liinitedio £10 per memb. of the chaiity. Ba%5s of Prep2ratio The Financial StateJnei)ts have been prepared in aecoi'dan¢e with the Charities.. Stateixent of Recommended Practice (applicable to Charities preparillg their accounts Én accordan¢e with the Financial Reporting Standai'd applicable irk the UK and K¢public ol Thyldiid (FRS 102)) (issu¢d in Octobei. 20191- (ChaTlties SORP (FRS 102)), the Finallcial Reporting Standard applicable irt the UK and Republic of Ireland (FRS 102) and the Companie5 Act 2016. b) Preparalioii of the aecounls on u guiDgi conceru ba51$ Th¢ fJnaAce Trustees Ineei on il IYSFular basis and have a strdlegy to safeguard the investment proffle. This ts in light of a changing eCU01L Vutlook for the United KEngdom. Short tei'm investment needs hav¢ b¢¢n trdnsferred into to pi'ulwt lh¢ value of the shares frotn declining. Going Cojkcern is thtore assured for the following 12 OnthS and beyond. Ineomlng Resources Incoming rebuurcttb are cognised on & receivable basis, as soon as the Charity has eTrtitlem¢nt to the incoine, there is probability of receipt ad the amount is quat)tifiable. d) Resoui'ce$ Expended ExpenditUlT Is I.ecols¢d on an accru&ls basis, inclusive of itrecoyerable VAT. Cliai'itable activities comprise expenditure 2SSOCiated with the provEsion of buiBai'ieslScholBh]ps for children, and include both the direct costs and support costs ielating to these activities. Governance costs for the yeai. were £2,963 beiiig th¢ Burling BuKsary Administration Fees, indep¢nd¢nt eXalation fees and bank charges. These were fjnaiiced by a conts'ibution from Truro School. These unaudited financial stateinents have been subjected to independent exainll)atioi). See pOrt on page 5.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR II NDED 31 AUGUST 2020 Fund Accounting General funds are unrestricted fullds which are available foi. use at the discretion of the Trnstees in fL]rthera*ce of the general objectives of the company and which have JTrotbeen designated for other purposes. Designated funds comprise UrStrIcted fuDds thai have been set aside by the Trustees foi. particular pui'poses. The aim and use of each designated fulld is set out Tll th¢ notes to the financial statements. Restrictsd flinds are fiJnd&whichare to be used in accordance with specific restrictIOIk5 imposed by donors which have bttn raised by the company for particular purposes. The cost of i'aising and ad]nistering such fundg are chai'g¢d against the specific fund. The aiin and use of each restricted fund is set out in the notss to the financÉal statements. Invcslment Policy Incoine frojn inYestm6nts is accounted foi. as it accrues. Investllients are acquired in awordan¢e with ihe pow¢is available to the Tn]stees. Investments al'e shown at market value. Realised ad unrealised gains and losses are sbown in the Statement of Financial ActivÈties. g) instrumeiils The tswst only has fiiiancial assets and fmancial liabilities of a kind that qualify as basic fincial instnunents. Bll&iL fmancial ins(ruinents are initially recognised at transaotioll Value aa subsequently measuted at their settleD]ent value. INCOME FROM DONATIONS AND LECACIES 2021 2020 Donaliolls Legacies 92,433 66,197 Income from donations and legacies was £179,949 (2020.. £66,197) of which £149J49 (2020.. £36,197), was Ujll'estricted, and £30,600 was restricted to be used for Sixth Foi'm B w$aries. ll¥VESTMEI NTS 1021 M4rlcet V&lue 2020 Myrket V#lu¢ At I September 2020 AdditlOlJS Disposals unrealis Gainsl{105ses) Total Investments (excluding cash) 208,907 670,964 (253,924) 706,376 257,604 (735,098) 697,345 208,907 At 31 Avgust 2021 Cost of InvesbnentS These unaudited fittancial statements have been subjected to independent examinatiom. See Yeport on page 5. 10
TRURO SCHOOL FOUNDATION LIMrrEI D NOTES TO THB ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021 DEBTORS 2021 2020 Gift aid Owed from Truro School 12,494 3,711 8,224 16,205 8,224 CREDITORS: AMOUNTS DUE WITHtN I YEAR 2021 2020 Owillg to TFWY) School Accruals 19,758 1.320 1,440 1,440 21,078 FUNDS 2021 Balance at I September 2020 Inco]n¢ Expenditure Other Balance at 31 August 2021 Rtstiicted Funds 157,066 31,344 (850) 7,140 194,700 Unresti'icted Fund 14.519 9,661 (17,482) 6,698 Designated Fund 572 434 149 349 64 695 560 Total Funds These unaudifrd financial statements have been subjected to independ¢nt examination. See r¢port on page 5.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDfi D 31 AUGUST 2021 FUNDS 2020 Balance at I September 2019 Ineome ExpeT]diture Other Balance at 31 Augllst 2020 Restricted Funds 136,l83 31,613 (8,733) (1,997) 157,066 UDrestricted Fund 19,120 17,796 {22,397) 14,519 Designated Fund 749 17 572 434 Totsl Fund5 Unrestricted Fund The designat¢d 'BursAries Fund, repiesents unr¢stiicted fijnds retained to provide bursaries foi. children who, withthe demise of the Governinent Asslsted Places Scheine, would not otherwisebe able to attendTruro School. Tl)e Trustees, policy is to bllild up this fund from donations fTomTruro School a]id othffl's, attd to use the income accruing and past growth on the investments to fund the bursaries. Restrleted Funds Restri¢t¢d Funds are made up as follows: A l¢gaey to be used for a s¢holaEship in the name of Mr William Andrew, which will enable pupi]s lo come to Truro S¢hool and study Art of £60,000 received in 2006. A dnnati(ME from the Truro School Fonner Pupils Association of £14,266 r¢¢¢ived in 2017. for the purpose of allowing sixth Form students, receiving a Means Tested BiiYsary> to travel to univ¢rsities to attend int¢iviews, open days, elc. This was valued at £1 1,644 in 2021, (2020 - £12,494). A ant from The Bishopsdown Trust which will allow & ehosen Trui'o School pupil to benefit from additional music lessons. This totalled £600 (2020 - £0). One Hundred Pounds of this fund also relates lo a donation which was received with the striot ¢xpi'essiotL to be paid to help pupils pay foy their Sports tot on tlie Assisted Places Scheme. A donation from Mr Ttm HendersoD, £35.000 (2020 £30,000) (a fomey pupil of Truro S¢hool), of which £30,000 is to be used spe¢ifi¢8lly for Sixth Form Bursai'ies. The remaining ,000 was Designated as 3 donation towards the Guy Dodd Appeal. The remaining balance of the Restricted Fund was generated from the allocation of the Investment Earningsy and the annual mov¢n)ent over the years of Unrecognised Gains and Losses, created by the Jnve5tmellt of the Restricted funds into the Funds as managed by the TMCP. These unaudited financial statements have been subjected to independent exaittination. See report on page 5. 12
TRURO SCHOOL FOUNDATJON LIMITED NOTES TO THE ACCOUNTS FOR THE YEI AR ENDED 31 AUGUST 2021 TRUSTEES No Tiustees I'eceived any expenses or remunei'Jtioii fron) tbe company. INDEPEIWENT EXAMINERS RETrIUNERATJON 2021 2020 Independent Examinei s Fees 1.440 1,320 RELATED PARTY TRAP4SACTIONS During the year, the Truste¢5 made donations to Tnyo School Foundation Limited. The aggregate amount of thesc donatÉons totalled £1,173 {2020.' £973). Atthe y&v-end, the charity was due £3,711 (2020.. £19,758 owed to Truro School) from Tn]iD S¢hool, a chai'ity itt which two tt'ustees of'l ruro School Foundatioii Limited are ulb'o ttee5. During the year, the chai'&ty made net bank transfers alOltIng to £124,758 (2020.. £50,610)- io. ANALYSIS OF NET ASSETS 2021 Restrleted Unrestrieted Total 2021 Total 2020 Fixed Assets- Investment Current Assets CuTI'¢nt Liabilities 194,700 502,645 201,053 (1,440) 697,345 201,053 (1.440) 208,907 556,190 (21,0781 194,700 702,258 896,958 744,019 ANALYSIS OF NET ASSETS 2020 Restrlcted Unrestricted Total 2020 Total 2019 Fixed Assets- Investment CuiTent Assets Current Liabilities 157,066 51,841 208,907 556.190 556,190 (21,078) (21,078) 706,629 269,967 (71,604) 157,066 586,953 744,019 904,992 These unaudited finan¢ial statements liaye been subjected to independent exatninAtion. See report on pagB 5. 13
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS VOR THE YEAR ENDED 31 AUGUST 2021 STATEMENT OF Fll¥ANCIAL ACTIVITIES 2020 Total 2020 Totol 2019 Unrestricted Desfigmated Restricted r4ote INCOME FROM: Donations and legacies Investinent income CoDtribution from Truro School 36,197 30.000 1,613 66,197 16,132 3,277 29,468 24,963 14,519 3,277 Totsl Intome 17.796 36,197 31,613 85,606 54,431 EXPENDITURE: Charitable activities Oi'ants made to Trllri) School- Assisted Places Scheme Covid-19 Emergency BuTsary Funds Grants made- Other Governance Costs 19,120 130,880 64,594 150.000 64.594 8,733 3.277 15Q.000 8,733 3,277 3,347 Total expendffiture 22,397 195,474 8,733 226,604 153,347 NET INCOMFJ(FXPFNDITURE) BEFORE OTHER I COGNtSED GAINS AND LOSSES (4,601) (159,277) 22.880 (140,998) (98,916) Olh¢r Recognised Gains and Losses Unrealised (loss)/gain on investsnent a55el$ (17,978) (1,9971 (19,9751 (10,986) Movfi I}Er(T IN FUNDS (4,601} (177255) 20.883 (160,973) {109,91r2) Bnlanees brought forward at J September 2019 19.120 749,689 136,183 904,992 1,014,894 Balance carried forivard at 31 August 2020 14,519 572.434 57,066 744,019 904,992 Thsse unaudited financial $tateTnents have been subjected to independent exaTnination. See report page 5. 14
TRURO SCHOOL FOUNDATION LIMITED ACCOUNTS AND REPORT FOR THE YEAR ENDED 31ST AUGUST 2021 The charitable cnmpany is a registered eharity no. 1070969 and the registered eompgny no. Ès 03S82642
TRURO SCHOOL FOUIYDATION LIMITED Year ended 31 August 2021 CONTENTS Page Trustees and advisor5 Trustees, Annual Report 34 tndependent Ex8tniAer's Report Statement of Financial Activities Balance Sheet Statement of Cash Flows Noles to the Accounts 9-14
TRURO SCHOOL FOUNDATION LIMIT&D TRUSTEES AND ADVISORS TRUSTEES The Trustees, who are alw tha Directors of the Comparty for the purposes of the Companies ACL who sei'ved duving the yeay and sinc¢ weit.. Mi's R Vaughan Former Pupil, cllrrt P8iEnt, Employee and Chair of the Trnro S¢hool Association Friend of Tiuro School (appointed 29 Januai'y 2021) Foriner Paient Fomier Paient (appointed 29 January 20211 Former Pupil Fom)er Pupil and Parent Chair of Trustees Former Parent (appointed 29 January 20211 Former Parent Foriner Headmas. of Ti'uro S¢hool Goyemor of Truro School and Fonner Pupil Governor of Truro School and Former Parent Chair of Govei'noi'5 of TTuro School and Former Parent (appointed 29 January 2021) Foi'rnei. Headmaster of Truro School (resigned I 8¢pt¢mb¢r 2020) T BuntÈng W Conchie . R Cowie . G Chegwidden .JEddy Mi. G Hooper Mr P Munro-Lott Mrs N Pooley fr P Smitb Mi. P Stdlllidge Mis H Sullivan ' R Thoma5 Mr A Goixlon-Brown Clauses 29, 30 and 32 of the Articles of Association provide that at e8¢h annual general eeting one-third of the TNstees shall retire but may be reappointed and that tlie retiring Tistee shall be the otte who has been longest in olTi¢e. ADVISORS Independent Examlner Nicholas Sladdett RSM lJtC Tax and A¢countli)g Limitcd 25 Fairingdon Stt'eet Londnn EC4A 4AB Banker5 HSBC plc 17 Boscawell Street Ti'uro, Comwdll TRI 2Q7 Solleitors Pothcary Witham Weld 70 St George's Square London SWIV 3RD Stephens and Scown 05prey House, Malpas Road Truro, Cornwall TRI IUT R¢gistered Office Truro School Trennick Lat)e wo. Comwall TRI ITH
TRURO SCHOOL fiOUNDATION LIMITEI D TRUSTKKS, RLPORT The Trvsl¢es pi'esei)I theu. A1Ual Repoit together with the Aecounts and Independent Examination Report. The Financial S¢at¢m¢nt$ Comply witli the Charities Act 2011. the CompaE]i¢s Act 2006. the Memorandum amd Ai'ticles of As$o¢iation, and the Charities Statement of Recoinmended Practic¢ ("Cliai'ilies SORP") (applicable to charities pi'epai'ing their a¢coullts in accordance with the Financial Reporting Statal'd applicable in the UK al Republic of Irelattd. FRS102} issued in October 2019. OBJECTS The objects as set out in the Memoyandum of Associatioii are the provision of educ&tion or the Df educational bursariesfoi'pupils attending, orto attend, Truro School. Mol'e specifically the Tiustees, policy is to build up a dcsignated fund ('Bursaries Fund,) from donations from Truto School, alumni alld others and use the incoine aeei'uing and past growth on the investments to pi'ovide bursaries for children who. w&th the demise of ttie Govei'nment A.%%i8tcd Places Scheme, could not othawise attend Ti'uro S¢hool. STRUCTURE, GOVERNANCK AfiD IVIANAGEMEf+4T The Trustees of ibe Coinpany al'e appointed in accordance with the Aiticlcs of A.%sociation. It was agreed by the First Trustees that the mtnitnuin nuinber of Ti'uslees shall for the time being, be and rcmait) at tluce. The Tyustees ongoitLg training is addressed iii conjunction with the operation of Tir0 School, tt eonnected charity. FINANCIAL AcfivrIIES Af4D RESULTS The TTUStees cotffwin that they have complied with the duty in scctioii 17 of tl)e Charities Act 2011 to have due regard to pllblic benefEt guidance published by the ConISsion in d¢t¢mJinitig the activities undei'taken by the Charity. In lill¢ with the objectives as stated above, the charity Colltinlled iL8 cfforts during the yeay to attiact furtli¢r dollatLQnS. and Enade a colltt'Ébution of £10S,OQO to help fund thc bursarics provided by Truro School itt the same y¢ar. The f]nancial results for the yew. 8T¢ Set out in the Statement of Financial Activities ott p4gB 6. The Investments as held in the Balattce Shcct al'e rcvicwed annuallyto ensure the asset allocation sbBl¢gy is such to make sure a consisten¢ l¢v¢l of return is achieved in oiLtei' to fiilf&l the objective of bur54ry assistance. RESERVES POLICY At 31 Augu8t 2021 the charEty had unrestricted ndS of £702,258. Th¢5¢ included iTkve5tmenls valued ai £502,645 and deposits with Methodi8t Cliurch C.FB amounting to £50,822. The Trn5tees airn lo increase the reserves so as to enable the ¢harity to ¢ontinue to fulfil its objects. The policy will be review by the Trustees on an anllual bas15. GRANTS POLICY The TTUStees' policy is to donate the majority of the iiive5ttn¢nl inconie and past gi'owth on the investments to TruiD School to help it meet the cost of bursaries awardEd to pupils under its own assisted places scheme. Pennission has been grantcd by the Charities Commission to Sell any Investments h¢ld and transfer the pi'oceeds to Truro School by WRY of grant, should the Truro School Foundation Truste pei'mit. INVESTMENT POWERS, POLICY AND PERFORMANCE The investinent powers 'e dei'ived from the Trustee Investtnent Act 2000. The w)licy of ihe charity is to invest in the investment funds of the Metbodist Church CFB so as to ensuTe professional management and to plvide i'etuins in line with the Irlevant indices. Duringthe year the inyestinents performed in lille with this policy. This policy inay be changed at any titne to invest th6 fund5 With all ¢ntity other than the Methodist Chlwch Central Fftnance Board in accordance with the Investtnent Str&tcgy. RISK REVIEW The majoi. risk to which the chai'ity is ¢XP05ed to is the undei. perfonnallce of the Investments, the steps taken to mitigats this is to evaluate the portfolio in ¢oDjun¢tion with the fund manager and move the ndS in accordance with the
TRURO SCHOOL FOUNDATION LIMITED TRusfEI ES, REPORT (continu¢d) Investment Strategy. At t])e onset of the Covid-19 pandemic, tlie majority of the inveglments were moved into cash in order to miligate against the risk of losses. CONNECTED CHARITY Tivro School Foundation Limited is closely related to the Methodist Indepemdent Scliools Tti]st of wliich Truro School is a division. The Chair of Governors of Trurts School served Bs Trste£ of tlie Company during tl)e year. Trui'o School Foundatioii Limit¢d and Truyo School administeird by th£ same staff. At the date of signing two of the Trustees weir Governors of Tnjro School. FUTURE PLANS The fuiuir plans for the Charity are to raise fther fijnds from appeals and otherwise, and to go from stt'ength to strength. This will be achieved by matutaining and building on strong connections with the whole SLhuol Communily e0Mpri5ll alumni. parents, formrr parents and the local business tommunity. The Twro School Foundation Limited 18 also looking at the vai'ious ways it can suppoit the Truro School l'ther witl) its bursari¢$ and other ne¢d$. GOING CONCEI RN The tru8t¢e¥ hav¢ taken into ¢othsiderdtii)n the effect of Covid-19 on the ¢hai'ity'$ ability to Continue in opeiation for the foreseeable future. We believe the charaty has 8uffi¢i¢nt thnd$ in pla¢e and cash at bank io be able to pay the charity's liabilities as they fall due within the next Iwelve moT]th8 fi'om the date these fEnan¢ial statements wei'e signed. Thus, the tstees continue to adopt the going Concern basis of a¢¢ounting in preparing the financial statements. STATEMENT OF TRUSTEES, RLSPONSIBILITIES The Tiustees (who are also the di]ECtors of Truro School Foundation Limited foi. the purposes of company law) ave responsible forpreparing tl)e Tiustees, Report and the financial statements in accordance witb applicable law and United Kingdom Accountii)g Stsndaiyls (United Kingdom Generally Accepted Accounting Practice)- Company lawyequires the Trustees to prepare financial st&tements for each fmancial year which giye a trne and fair VIBW of the state of &fYairs of the Chai'itable Company and of the incoming resottrces and application of resourc¢s, includiiig income and expendtture, of the Charitable Company foi. tbat period. In pi'eparitig these faE1claI statements, the Ti'ustees ale Eequired to.. Select suitable accounting policies and then apply them consistently., Obsetve the methods and piinciples in the Charities SORP. Mak¢ judgements and estimate5 that air reasonable and prndent. State whethei. applicable UK AwouTlting Standards have been followed, subject to any matwial departure5 disclosed and explained in the fmancial stateinents. Prepare the fmancial statements on the going concern basis unl¢ss it is ioappi'opriate to presum¢ that the cojnpany will continue in business. The Trustees are responsible for keeping proper accountingi'ecords that di8close with reasonable accuracy at at)y time of the financial position of the Charitable Company and enable them to ensure that th¢ financial 8tatcmcnts coinply with the Compai)ies Act 2006. They are &lso responsible foi. safeguardii)g thc ass¢ts of thc Charitable Company and hence for taking reasonable steps for the pi'¢vention and detection of fraud and oth¢r i¢BU]rItiCs. INDEPENDEP4T EXAMINERS Nieho128 Sladden of RSfvI UK Tox and Accounting Limited off¢T th¢mselves foy reappointment and a resolution will be put to th¢ g¢neral meeting. Approved by Il)e Truste¢s at th¢ii' m¢¢ting on 21 Janry 2022 at)d signed on theÈr beha Graham Hooper (Tn]stee}
INDFPENDENT KXAMINER'S REPORT TO THE MXMBERS OF TRURO SCHOOL FOUNDATION LIMITEI D I report to the trustees on my examination of the accounts of Truro School Foundation Limited ('the coinpany,) for th¢ yeai. ended 31 August 2021, which al'e set out orn pages 6 to 14. Rt5PODsibilities and basis of report As the trustees of the company (and also its director& for the pllrposes of company law) you arc it5ponsibl¢ for the prepaiz¢ioD of the accounts in accoithnce with the i'equirements of the Companies A¢t 2006 ('the 2006 Act')- Having satisfied myself that the accounts of the eompany are ttot required to be audited under Part 16 of the 2006 A¢t and are eligible for independent examination T I'eport in itspect of my exaininatioll of your charity's accounts as ¢aii'ied out undei. sectioll 145 of the Charities Act 2011 ('the 2011 Act,). tn cai'iying out my examination I have followed the DitTctions given by the Charity Corninission ui)der section 145 (5)(b) of the 2011 A¢L An independent examination does hot involve gatliering all the evidence that would be required in all audit and consequently does notcover all thc In&ttcrs ihat an auditor conslders in giving thelr opinion on the accoullts. The planning and conduct of an audit g(Je8 bcyand tl)e limited assufdnce that an indEpeiid¢iil ¢xaTnination can provide. Consequently, l expyess tto opinion to whether the acu)unts present a 'truE at fail. view, and Iny report is limited to those specific m8tt¢1'$ set out in the independent examiller's StateEnt. Independent examiner's statement I have ¢ompleted my examination. I confjrm that no material Inatt¢rs have come to Iny attention in connection with the exaTnination giving me reasonable cause to believe that in any Inaterial respect.. accounting recoi'ds were not kept in resp1 of th¢ Company as requu'ed by section 386 of the 2006 Aet. or the accounts do not accoKd with those T¢¢ords,' oi. the accounts do not comply with the accounting requll'ements of section 396 of the 2006 Act othtr than any I'equirement tbat the accounts give a 'true and fair view, which ig not L maiter cottsidered as parl of ai) indEpendent ex91nination' or the a¢¢ounls have not been prepared in accordance with the methods and principles of the Statement of RecDmillended Pi'a¢ti¢e.' Accounting and Rep)Iting by Charities applicèble to charities pi'eparin8 tli¢ii' awunts in accordance with the Financial Reporting Standard applicabltt ITr th£ UK ad Ireland (FRS 102). I Iiav¢ no ¢oncerns and have come across i)0 othei. matters in connection with tlie ¢xamination to which attention should be drawn in this report in order to enable a proper illiderstanding of the accounts to be reached. Signed- Name.. Nicholas Sladden Name of applicable listed body.. The Ingtituts of chts.¢d Accountmts in England and Wales Relevant professional qualifLC&tion or membership of professioiial body: CharteiEd Accountant ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chartered Accountants 25 Farringdon Street London EC4A 4AB Date.. 14 March 2022
TRURO SCHOOL FOUNDATION LIMITfi D STATEMENf OF FINANCIAL ACTIVKTIES INCORPORATING INCOME AND EXPJINDITURE Accouwr FOR THE YEAR ENDED 31 AUGUST 2021 Total 2021 Total 2020 Unrestricted D¢$lgn&ted Restricted Note INCOME FROM: Donations and l¢ga¢ies Inv¢slment income Coiitt'ibution from Tii]ro School E49,349 30,600 744 179,949 7,442 2,963 66.197 16,132 3,277 6,698 2,963 Total income 9,661 149,349 31,344 190,354 85,606 EXPENDITURE: Charitable activiti¢$ (ii'ants made to Ti'uro School - Assisted Places Scheme Covid-19 Emergency Bursary Funds Granls made- Other GoverR#llce costs 14,519 90,481 105,000 150,000 64,594 8,733 3,277 850 850 2.963 2,963 Total expenditure 17,482 90,481 850 108,813 226,604 NET INCOMEI(EXPENI)ITURE) BEI FORE OTHER RECOGNISRD GAINS AND LOS?>ES (7,821} 58,868 30.494 81,541 (140,998) Other RecogRi5ed G#Èns and Losses Uni'calised (loss)Igain on invcstment assets 64258 7,140 71,398 (19,975) MOVEMEE4T IN FUNDS (7,821) 123,126 37,634 152,939 (160,973) Balances brought foriyard at I September 2020 14,519 572,434 157,066 744,019 904,992 Balance ¢8rrled forward at 31 August 2021 6.698 695,560 194,700 896,958 744,019 The notes on pages 9 to 14 form part of tbese awounts. These unaudited fittaneial statements have been subjected to indep¢nd¢nt examinatioll. See report on page 5.
TRURO SCHOOL fouNDATION LIMITED Company number 03582642 BALANCE SHEET ASAT 31 AUGUST2021 Note5 2021 2020 FIXED ASSETS Investments 697,345 208.907 CURRENT ASSETS Debtors- Gift aid Debtorn- Truro S¢hool Cash held by inY¢$tment managers Cash in bank and in hand 12,494 3,711 50,822 134,026 8224 531,159 16,807 TOTAL CURRENT ASSETS 201,053 556,190 CREDITORS.. amounts due withiti on¢ yeay (1,440) 121,078) NET CURRENT ASSETS 199,613 535,112 1+4ET ASSETS 896,958 744,OE9 REPRESEwfED BY: Ujll'ests'ieted fvnds- General Um'esh'icted funds - Desig]iated- Bui'5ary Fund 6.698 695.560 14,519 572,434 Total llnrestricted llds 702,258 586,95J Restricted fLmds 194,700 157,066 896,958 744,019 Fotr the year ended 31 August2021 the company was entitledto exemption forni audit under section 477 ofthe Companies Act 2006 relating lo small companies. Dii'¢ctors and trustees responsibiltties.. The metnbers hav¢ not requiird tbe company to obtsin an audit of its accounts for the year in questioll in aordanCe with se¢tion 476,. and The directors and trustees ackjiowledge their responsibilities for complying with the requirements of the Act with I'espect ttk accounting Yecords and the preparation of ac¢ounts. App d and authori5ed foi. issue by the Trnslees at their ineeting on 21 January 2022 and Signed on their behalf by: - Tntee i'ah In Hoopei. Istee Rob Cowie The notes on page5 9 to 14 forrn part of these accounts. These unaudited financial statements have been subjected to ind¢pendent exainination. See report on page 5.
TRURO SCHOOL FOUNDATION LIMITED STA TEMENT OF CASH FLOWS AS AT31 AUGUST 2021 2021 2020 CASH FLOW FROM OPERATING ACTIVITIES: Net income from the reporting period (as per stateinent of financial actiYitie5) Adlustmenls for: (GainsyLosses on investment assets Dividends and interest Deci'ease/{Increase) in Debtors (Dccira%eyIttcYcasc in eredttors NET CASH (USED BY)IPROVIDED BY OPERATtNG ACTIVITIES 152,939 (160,973) 171,398) (7,442) 472,356 19,975 {16,132) (299,883) 526817 507 539 CASH FLOW FROM INVESTING ACTIVITIES: Dividends and interest Proceeds fi'om sale of shares Payinents for purchase of sbares NET CASH RECEtVED FROM INVESTING ACTIVITIES 7,442 253,924 670 964 409 598 16,132 477,494 493 626 CHANC.E IN CASH AJ¥D CASH EQUIVALENTS IN THE REPORTING PERIOD Cash and cash equival¢Dts at the beginning of the Teporting period CASH AND CASH EQUIVALEf4T5 AT THE END OF THE REPORTIPIG PERIOD 117.219 16,807 30,720 134026 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand 134026 16,807 These unaud&ted fllknci81 staterllents have been subjected to independent examÈnation. See report on page 5.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THL ACCOUNTS FOR THE YEAR EF4DED 31 AUGUST 2021 I. ACCOUNTING POLICIES GeDeral Infoi'matioii Tivi'o School Foundation Limited ("the Chai'itable Coinpany") is a company timited by gllarantet in¢oi'porated in England and has no share capital. The registered office address of tho Coinpany is Truro School TrelIck Lan¢, Truro. Cornwall, TRI ITH. In the event of the charity beiAg wound up, the liability in respect of the guarantee is liinitedio £10 per memb. of the chaiity. Ba%5s of Prep2ratio The Financial StateJnei)ts have been prepared in aecoi'dan¢e with the Charities.. Stateixent of Recommended Practice (applicable to Charities preparillg their accounts Én accordan¢e with the Financial Reporting Standai'd applicable irk the UK and K¢public ol Thyldiid (FRS 102)) (issu¢d in Octobei. 20191- (ChaTlties SORP (FRS 102)), the Finallcial Reporting Standard applicable irt the UK and Republic of Ireland (FRS 102) and the Companie5 Act 2016. b) Preparalioii of the aecounls on u guiDgi conceru ba51$ Th¢ fJnaAce Trustees Ineei on il IYSFular basis and have a strdlegy to safeguard the investment proffle. This ts in light of a changing eCU01L Vutlook for the United KEngdom. Short tei'm investment needs hav¢ b¢¢n trdnsferred into to pi'ulwt lh¢ value of the shares frotn declining. Going Cojkcern is thtore assured for the following 12 OnthS and beyond. Ineomlng Resources Incoming rebuurcttb are cognised on & receivable basis, as soon as the Charity has eTrtitlem¢nt to the incoine, there is probability of receipt ad the amount is quat)tifiable. d) Resoui'ce$ Expended ExpenditUlT Is I.ecols¢d on an accru&ls basis, inclusive of itrecoyerable VAT. Cliai'itable activities comprise expenditure 2SSOCiated with the provEsion of buiBai'ieslScholBh]ps for children, and include both the direct costs and support costs ielating to these activities. Governance costs for the yeai. were £2,963 beiiig th¢ Burling BuKsary Administration Fees, indep¢nd¢nt eXalation fees and bank charges. These were fjnaiiced by a conts'ibution from Truro School. These unaudited financial stateinents have been subjected to independent exainll)atioi). See pOrt on page 5.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR II NDED 31 AUGUST 2020 Fund Accounting General funds are unrestricted fullds which are available foi. use at the discretion of the Trnstees in fL]rthera*ce of the general objectives of the company and which have JTrotbeen designated for other purposes. Designated funds comprise UrStrIcted fuDds thai have been set aside by the Trustees foi. particular pui'poses. The aim and use of each designated fulld is set out Tll th¢ notes to the financial statements. Restrictsd flinds are fiJnd&whichare to be used in accordance with specific restrictIOIk5 imposed by donors which have bttn raised by the company for particular purposes. The cost of i'aising and ad]nistering such fundg are chai'g¢d against the specific fund. The aiin and use of each restricted fund is set out in the notss to the financÉal statements. Invcslment Policy Incoine frojn inYestm6nts is accounted foi. as it accrues. Investllients are acquired in awordan¢e with ihe pow¢is available to the Tn]stees. Investments al'e shown at market value. Realised ad unrealised gains and losses are sbown in the Statement of Financial ActivÈties. g) instrumeiils The tswst only has fiiiancial assets and fmancial liabilities of a kind that qualify as basic fincial instnunents. Bll&iL fmancial ins(ruinents are initially recognised at transaotioll Value aa subsequently measuted at their settleD]ent value. INCOME FROM DONATIONS AND LECACIES 2021 2020 Donaliolls Legacies 92,433 66,197 Income from donations and legacies was £179,949 (2020.. £66,197) of which £149J49 (2020.. £36,197), was Ujll'estricted, and £30,600 was restricted to be used for Sixth Foi'm B w$aries. ll¥VESTMEI NTS 1021 M4rlcet V&lue 2020 Myrket V#lu¢ At I September 2020 AdditlOlJS Disposals unrealis Gainsl{105ses) Total Investments (excluding cash) 208,907 670,964 (253,924) 706,376 257,604 (735,098) 697,345 208,907 At 31 Avgust 2021 Cost of InvesbnentS These unaudited fittancial statements have been subjected to independent examinatiom. See Yeport on page 5. 10
TRURO SCHOOL FOUNDATION LIMrrEI D NOTES TO THB ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2021 DEBTORS 2021 2020 Gift aid Owed from Truro School 12,494 3,711 8,224 16,205 8,224 CREDITORS: AMOUNTS DUE WITHtN I YEAR 2021 2020 Owillg to TFWY) School Accruals 19,758 1.320 1,440 1,440 21,078 FUNDS 2021 Balance at I September 2020 Inco]n¢ Expenditure Other Balance at 31 August 2021 Rtstiicted Funds 157,066 31,344 (850) 7,140 194,700 Unresti'icted Fund 14.519 9,661 (17,482) 6,698 Designated Fund 572 434 149 349 64 695 560 Total Funds These unaudifrd financial statements have been subjected to independ¢nt examination. See r¢port on page 5.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDfi D 31 AUGUST 2021 FUNDS 2020 Balance at I September 2019 Ineome ExpeT]diture Other Balance at 31 Augllst 2020 Restricted Funds 136,l83 31,613 (8,733) (1,997) 157,066 UDrestricted Fund 19,120 17,796 {22,397) 14,519 Designated Fund 749 17 572 434 Totsl Fund5 Unrestricted Fund The designat¢d 'BursAries Fund, repiesents unr¢stiicted fijnds retained to provide bursaries foi. children who, withthe demise of the Governinent Asslsted Places Scheine, would not otherwisebe able to attendTruro School. Tl)e Trustees, policy is to bllild up this fund from donations fTomTruro School a]id othffl's, attd to use the income accruing and past growth on the investments to fund the bursaries. Restrleted Funds Restri¢t¢d Funds are made up as follows: A l¢gaey to be used for a s¢holaEship in the name of Mr William Andrew, which will enable pupi]s lo come to Truro S¢hool and study Art of £60,000 received in 2006. A dnnati(ME from the Truro School Fonner Pupils Association of £14,266 r¢¢¢ived in 2017. for the purpose of allowing sixth Form students, receiving a Means Tested BiiYsary> to travel to univ¢rsities to attend int¢iviews, open days, elc. This was valued at £1 1,644 in 2021, (2020 - £12,494). A ant from The Bishopsdown Trust which will allow & ehosen Trui'o School pupil to benefit from additional music lessons. This totalled £600 (2020 - £0). One Hundred Pounds of this fund also relates lo a donation which was received with the striot ¢xpi'essiotL to be paid to help pupils pay foy their Sports tot on tlie Assisted Places Scheme. A donation from Mr Ttm HendersoD, £35.000 (2020 £30,000) (a fomey pupil of Truro S¢hool), of which £30,000 is to be used spe¢ifi¢8lly for Sixth Form Bursai'ies. The remaining ,000 was Designated as 3 donation towards the Guy Dodd Appeal. The remaining balance of the Restricted Fund was generated from the allocation of the Investment Earningsy and the annual mov¢n)ent over the years of Unrecognised Gains and Losses, created by the Jnve5tmellt of the Restricted funds into the Funds as managed by the TMCP. These unaudited financial statements have been subjected to independent exaittination. See report on page 5. 12
TRURO SCHOOL FOUNDATJON LIMITED NOTES TO THE ACCOUNTS FOR THE YEI AR ENDED 31 AUGUST 2021 TRUSTEES No Tiustees I'eceived any expenses or remunei'Jtioii fron) tbe company. INDEPEIWENT EXAMINERS RETrIUNERATJON 2021 2020 Independent Examinei s Fees 1.440 1,320 RELATED PARTY TRAP4SACTIONS During the year, the Truste¢5 made donations to Tnyo School Foundation Limited. The aggregate amount of thesc donatÉons totalled £1,173 {2020.' £973). Atthe y&v-end, the charity was due £3,711 (2020.. £19,758 owed to Truro School) from Tn]iD S¢hool, a chai'ity itt which two tt'ustees of'l ruro School Foundatioii Limited are ulb'o ttee5. During the year, the chai'&ty made net bank transfers alOltIng to £124,758 (2020.. £50,610)- io. ANALYSIS OF NET ASSETS 2021 Restrleted Unrestrieted Total 2021 Total 2020 Fixed Assets- Investment Current Assets CuTI'¢nt Liabilities 194,700 502,645 201,053 (1,440) 697,345 201,053 (1.440) 208,907 556,190 (21,0781 194,700 702,258 896,958 744,019 ANALYSIS OF NET ASSETS 2020 Restrlcted Unrestricted Total 2020 Total 2019 Fixed Assets- Investment CuiTent Assets Current Liabilities 157,066 51,841 208,907 556.190 556,190 (21,078) (21,078) 706,629 269,967 (71,604) 157,066 586,953 744,019 904,992 These unaudited finan¢ial statements liaye been subjected to independent exatninAtion. See report on pagB 5. 13
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS VOR THE YEAR ENDED 31 AUGUST 2021 STATEMENT OF Fll¥ANCIAL ACTIVITIES 2020 Total 2020 Totol 2019 Unrestricted Desfigmated Restricted r4ote INCOME FROM: Donations and legacies Investinent income CoDtribution from Truro School 36,197 30.000 1,613 66,197 16,132 3,277 29,468 24,963 14,519 3,277 Totsl Intome 17.796 36,197 31,613 85,606 54,431 EXPENDITURE: Charitable activities Oi'ants made to Trllri) School- Assisted Places Scheme Covid-19 Emergency BuTsary Funds Grants made- Other Governance Costs 19,120 130,880 64,594 150.000 64.594 8,733 3.277 15Q.000 8,733 3,277 3,347 Total expendffiture 22,397 195,474 8,733 226,604 153,347 NET INCOMFJ(FXPFNDITURE) BEFORE OTHER I COGNtSED GAINS AND LOSSES (4,601) (159,277) 22.880 (140,998) (98,916) Olh¢r Recognised Gains and Losses Unrealised (loss)/gain on investsnent a55el$ (17,978) (1,9971 (19,9751 (10,986) Movfi I}Er(T IN FUNDS (4,601} (177255) 20.883 (160,973) {109,91r2) Bnlanees brought forward at J September 2019 19.120 749,689 136,183 904,992 1,014,894 Balance carried forivard at 31 August 2020 14,519 572.434 57,066 744,019 904,992 Thsse unaudited financial $tateTnents have been subjected to independent exaTnination. See report page 5. 14