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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, cllrr￿t 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 Ti￿stee 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. A1￿Ual 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 Stat￿al'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 Ti￿r0 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 Co￿nISsion 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 pl￿vide 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 Tr￿ste£ 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 f￿ther 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
t￿stees 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 f￿aE1claI 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 Jan￿ry 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 State￿Ent.
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 resp￿1 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 a￿d 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 ch￿ts.¢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
a￿ordanCe 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:
- Tn￿tee
i'ah
In Hoopei.
I￿stee
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 Tre￿lIck 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 eCU￿0￿1L 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 th￿t￿ore 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 a￿d the amount is quat)tifiable.
d)
Resoui'ce$ Expended
ExpenditUlT Is I.eco￿ls¢d on an accru&ls basis, inclusive of itrecoyerable VAT.
Cliai'itable activities comprise expenditure 2SSOCiated with the provEsion of buiBai'ieslSchol￿Bh]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
eXa￿l￿ation 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 U￿rStrIcted 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 a￿d 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 fi￿ncial instnunents.
Bll&iL fmancial ins(ruinents are initially recognised at transaotioll Value a￿a 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 t￿￿tee5. During the year, the chai'&ty made
net bank transfers al￿O￿ltIng 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, cllrr￿t 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 Ti￿stee 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. A1￿Ual 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 Stat￿al'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 Ti￿r0 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 Co￿nISsion 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 pl￿vide 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 Tr￿ste£ 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 f￿ther 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
t￿stees 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 f￿aE1claI 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 Jan￿ry 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 State￿Ent.
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 resp￿1 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 a￿d 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 ch￿ts.¢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
a￿ordanCe 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:
- Tn￿tee
i'ah
In Hoopei.
I￿stee
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 Tre￿lIck 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 eCU￿0￿1L 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 th￿t￿ore 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 a￿d the amount is quat)tifiable.
d)
Resoui'ce$ Expended
ExpenditUlT Is I.eco￿ls¢d on an accru&ls basis, inclusive of itrecoyerable VAT.
Cliai'itable activities comprise expenditure 2SSOCiated with the provEsion of buiBai'ieslSchol￿Bh]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
eXa￿l￿ation 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 U￿rStrIcted 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 a￿d 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 fi￿ncial instnunents.
Bll&iL fmancial ins(ruinents are initially recognised at transaotioll Value a￿a 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 t￿￿tee5. During the year, the chai'&ty made
net bank transfers al￿O￿ltIng 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