TRURO SCHOOL FOUNDATION LIMITED ACCOUNTS AND REPORT FOR THE YKAR ENDED 31Sf AUGUST 2022 The charitxble company is a rcgistered charity llo. 1070969 Hnd the reElStered eompaiiy no. is 03582642
TRURO SCHOOL FOUNDATION LIMITED Year ended 31 August 2022 CONTENTS Page Trustees and advisors Trustees, Atjnual Report Indepei)dent Examiner's Rq)ort Statemeiit of finaTrcial Activities Balallce Sheet Statell)ent of Cash Flows Not¢s to the Accounts 9-14
TRURO SCHOOL FOUNDATION LIMITED TRUSTII Et S AND ADVISORS TRUSTEES The Trustees, who are also the Directors of the Company for the purposeg of the Companies Act. who served duiing the year and sinc¢ were.. Mi. P Ash¢roft Mr T Bunting Mr W Conchie Mr R Cowie Mr G Chegwidden Mr J Eddy Mr G Hoopey MY P Munro-Lott N Pooley MrP Smith Mr P Stethridge Mrs H Sullivan Appointed 22 May 2022 Friend of Trnro School Fonner Parent Foiiner Parent FoiTner Pupil Foimer Pupil and Pai'ent Chair of Trustees foiinei. Parent roiTh¢i' Parent- Resigned 2110112022 Fonner Headinagter ol'Truro School Goveinoi. of Ti'uro School and fom)er Pupil GoveiTror of Trui'o School and Fornier Parent Resigtied 2110112022 Chair of Goveinoi% of Tnwo School alld FDrnier P&i'ent Mr R Thomas Clauses 29, 30 and 32 of the AKticles of Association provide that at Each annual general meeting one-third of thc Trnstees shall retire but may be re¢tppoinled ad that the iEtiring Irustee shall be the one who lia5 been longest in office. ADVISORS Independent Examiner Nicholas Sladden RSM UK TAX and Accountsng Lunited 25 FcaiTingdon Street London EC4A 4AB Bankers HSBC plc 17 Boscawen Street Truly), Coinwall TRI 2Q7 Solleitor5 Pothcary Witham Weld 70 St George's Squai Lottdon SWIV 3RD Stephens and Scow 0gpi.ey House. Malpas Road Truro, Comwall TRI iu'r RegÉstered Offkce Truro School Ti'emiick Lanc Ti'uro, Cornwall TRI ITH
TRURO SCHOOL FOUNDATION LIMITED TRUSTEES, REPORT The ts'uslees pi'esent theu. Annual report together with the aOUntS and tndependent examination report. M)e fJnall¢ial statements comply with the Charities Act 2011, Companies Act 2006, thc Memorandum and Articles of Association. and with the Charities Statement of Recommeiided Practice {"Charitie5 SORP") (applicable to charities pi'eparing their accounts in atcoi'dan¢e with the financial Reporting Stalldard applicable in the UK and Republic of treland. FRS 1021 issued in Octob. 2019. OBJECTS The objects as Set out in the Memorandum of Asgociation air Éhe pi'Dvision of edllcation or the 'ant of educational bursaries foi'pupils attending. or to atteIid. Tiuro School. More specifically the TrDstees' policy is to build lip a designated fund ('Bursai'ies Fund,) from donations fJ'0i Truro School, aluTnni atld oth¢rs Bnd use tlie income acciuing and past gi'owth on the inveslments to provide bui'sai'ses for chtldi'en who, with the deinise of the Govemvient Asslsted Places Scheme. could not otheThvise attend ThIiD Scliool. STRUCTURE, GOVERNANCE AND MANAGEMENT The Trustees of the Company 8Te appointed in accoixlanee with tb¢ Articles of A5s(Iciation. Tt was agweed by the First Trustees that the minimum number of Trustees sh811 foi. the time beik]& be and remain at three. The Tiustees ongoing ttainillg is addressed in COlljUDCtion with the operation of Tnll'o School, a connected charity. FINANCIAL ACTIVITIES AND RESULTS The Truslees conftrm that they hav¢ cornplied with the duty in section 17 of the C.liai'itjC8 Act 201 L to haye due regard to public b¢nefIt guidance published by tlie Coniinission in deteiinining the activili¢s undertaken by the Charity. ltt line with the objettives as stat¢d above, the charity continued it5 effort5 duiing the year to attract hrth6r donations, and made a contTibution of £50,000 to h¢lp fund the btjrsaiies provided by Truro School in the same yeai.. The fittancial r¢sults for the year al'e set out in the Statement of Financial Activities on pag¢ 6. The Investmcnts as held in the Balance Sheet are reviewed annually to ensure the a*Ect allock)tion strategy is such to make sure a consistent level of return is achieved in ordei. to fulfil the ob]lIve Df bursary assistance. RESERVES POLICY Al 31 August 2022 the Charity had unrestricted funds trf £690,203. Thue included investmettts valued at £442,891 and deposits witl) Methodist Cl)ur¢h CFB ainounting to £56,186. The Trllstecs aim to in¢i'ease the resei'ves so as to enable the charity to continue to fulfil Èts objects. The policy will be Feviewed by the Tnjstees on an annual basis. GRANTS POLICY The Trustees, policy is to donate th¢ majoi'ity of the investment iE]come and p&%t growth on the investsnents to TruiD School to help it meet tlie cost of bursaries awarded to pupils under its own assistcd places scheme. Penn$ton has been granted by tkie Charities Coinmission to sell any Inveshnents held and transfer the proc¢¢ds to Ti'uro School by w&y of a grant, should the Truro School Foundation Trustees pthmit. INVESTMKNT POWERS, POLICY AND PERFORMALNCE The investsneTht powers are derived from the Ti'ustee Investment Act 2000. The policy of the ¢harity is to fftvest in the investmeiit funds of the Methodist Chui'¢h CFB so as to ensui'e piDfessional management arÈd to provid6 retums in line witli the relevant indices. During the yeartl)e investments perfonned in line with this policy. 111is policy may be changed at any tune to invest the funds willi an entity otlier tl)an the Methodist Church Celltral Finance Boai'd lli accordance with the Investsnet Stt'ategy. RtSK REVIEW The Inajoi. i'isk to wl)ich Ilie charity is exposed to is the u]ideT perfornjance of the Investments, the steps taken to Initigate this is to evaluate the portfolio in conjuncti021 witli the fvnd InanagEr and inoye th¢ funds in auoi'danc6 With the
TRURO SCHOOL IIOUNDATIofq LIMITED TRUSTEKS, REPORT (¢outimu¢d) Inv¢stmetit Strategy. At the onset of the Covid-19 partdemkc. the m&jotity of the inve51metits were moved into ¢&sh in order to mitigat¢ a88iTrSt th¢ risk of losse5. CONNKCrD CHARnY Trurv S¢hod Fouadation Limited is ¢105¢1y related to the Methodist Indtp¢Thd¢nt Schoolg Trnst of w]Jich Truro Sohoo] is a division. The Chair of Govemors of Tnsro School served as Twstee of the Company during iheyear. Truro School F{xllation Limited and TTuro Sthool adminigter¢d by the samc staff. Ai the date of si8lling two of theTm$le¢swei¢ GoY¢mor8 of Truro sch1. FirruRK PLANS The fvtur¢plHns forthechatity are to Faisefurtherfunds fmm appeals and othmvise, andto gofrom strengthto strertglb. This will be a¢liieved by maiTrt&ining building on st¥Oll8 connections with thc whole Trum School Cot)ullI1Y ¢ompristng alumni, psrent4 foet parents and the local bu8ine55 commutiity. TlieTn]ro Sthool Fvuiid&tion Limited is so looking Bt the Yarious ways it ¢an support Ihe'l'furts S¢hoo] fyrt]ierwith its but¥aries and other twds. GOING CONCERN Th¢ trustees have taken into CODsideration the eff1 of Covid-19 on the drity'S ability to continue in operation for the for¢5eeable thre. We bdi¢ve the charity has sufficieTht funds place and Gash at bank to be able to pay the charity's tiabilities as they fall due witbin the next twelve months from the date thtse finan¢ial statements were signd. Thus, the itttstees continue to adopt the goiftg cottcern basis of a¢couDtin8 in preparing tlie filwkcial staiemen*5. STATEMENT OF TRIISTEESI RESPONSIBiiIrI&s The Trustees (who are also the directors of Tllo School Foundation Limited for the purposes OF eompany law) are responsible eor preparing the Tmstce$' Report andth¢ financial statements in accord&nce with appli¢&blelaw und United Kingdum A(¢ounting Stsrtdards (United Kingdoni G¢eallY Aw¢pted AccouThting Pr8¢ti£e). Comporty law requires theTru8tees to prepare fitsartcÉal stht¢metktg for each financial year which give a trne 8nd fairview of the state of etyairs of the Charitable Com]yarty aod of the inGomin8 resources and application of resources, including incomo and expenditure. of the Charitable Company for thatPBriod. pr¢pwingthe%e firt&n¢iai stat6ments, thg Tnjstees r¢quired to.. Select suitable accountin8 policies and then Apply tbtm consistendy. Observe the m¢Èhods and ptincipl&% tn the Charities SORP, Make jud¥em¢nts and estimate8 that &re reas0tble atsd pDJdertL State whether applirable UK Accounting Standards have been followed, subject to any material deparr disc1%e0 atsd explained in th¢ financial stateM¢nls- Prepare the finan¢i41 statements on the going concern baqis uDlesg li 13 inappropriwte to Ptesume that th6 Gomwdiiy yrill coftbnuein bu5lliCS5. The Thistees ar¢ tE$pottsibl¢ for keeping proper aOLInt1118 recordsthat disd{ with reèsonable accurECy at arty time of thc finaAcial poyiuoll ofthe Cli&itable Company and enable them ¢0 ensure that thefinanGial statcmeDts Comply with ilJe Companies 2006. They #re atsg iesponsible fur safeguardittg the assets of the Charitable Cotnpany and hence for tskkn8 reasonable 81eps for the prevpntiDffl and detection of fraud and other irre8uIwFitics. DRPENDENf EXAMINKRS N101a$ Sftadden of RSM UK T8x and Acwuntin8 Limited otyer thetnsdves for reapilltnt and tt resolution will be put to the gelleral meeting. Approved by ihe Trustees at tlkesr meetins on IOFehnwy 2023 and skgned on theirbehalf by.. Rob Cowie (Ttust¢e)
INDEPENDENT EXAMINER'S RCI PORT TO THE MEIVIB£RS OF TRURO SCHOOL FOUNDATION LIMITED I report to the trustees ou my examination of the 8¢COUJlts of Truro School Foundation Limit¢d ('thE company,) for the year ended 31 August 2022, which are s¢t out oil pages 6 to 14. Responsibilities aiid basis of report As the trustees of the ¢ompaiiy (and also its directors fov the p.poSeS of company law) you are responsible for the preparation of the accounts in a¢coi'danc¢ with the i'equirenients of the Companies Act 2006 ('Ihe 2(M)6 A¢t'). HavTng satisfied Inyself t[t the accounts of the company are not requii'ed ttr be audited under Pait 16 of the 2006 Act and are eligible for independent examination I report in respect of my examination of your chgl'ity's accounts as caled out under sution 145 of ths Charities Act 2011 ('Ihe 2011 Act.). In cairying out my examinalioii I liave followed th¢ Directions given by ihe Charity Commission under s¢¢tioll 145 (5)Ib} of th6 2011 Act. An independent examinatioii does not involve gathering all the evidence that would be requir¢d in an audit and consequcntly does not coyer all the matlei's that an audit(Trr considei's in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the liillitLd ussui'ance that an sndependent examination can provide. Con.%cqueMtly, l express Do opEnion as to whetl)er the accounts pi'esei)t a 'trne and fail. view, and my i'EPOrt is limited to those specific matters set out in thc sndependent exafftiner's state]nent. Independent examiNer'5 Stateent I have completed my examillation. I confirm that no material matters have come tts my atteThtion cone(tiOn witli the examination giving ]ne reasonable cause to believe that any material i'espect.. acCOnting records were not kept in respe¢l of the company as required by section 386 of the 2006 Act,. or the accounts do not accord wilh those record5. or th¢ accounts do not comply witli the accounting i'equirements of sect2on 396 of tbe 2006 Act other than any i'¢qu%reincnt that the accounts gEve a 'true and fair view, which is not a matter considered as pait of an independent examination; or the accou]]ts have not been pi'epared in accordance with tlie rnethod# and principles of the Statement of RecoJnmended Practice.. Accounting and Repoiting by Chai'ities applEcable to charities pieparing their accounts in accordance with the Financial Reportii)g Standai'd 8ppliLable ill the UK and Ireland (FRS 102). I have no coiicei'ns aDd liave coiiie across 110 other Inaltei's in Loiiiiection with the examination to which attention should be dixwn in this irport itl order to enable a propel. understandii)g of the aceouiits to be iyached. Signed.. Name: Nicholas Sladdeii Name of applicable listed body.. The Jnstitute of Chai'lered Accountants in England and Wales Relevant ptofessional qualification or membersliip of professional body., ChE1rt'ed Accounlallt ON BEHALF OF RSM UK TAX AND ACCOUNTING LtMITED Chartered Accountants 25 Farringdon SttEet Londos) EC4A 4AB Date: 11104123
TRURO SCHOOL fiOUNDATION LIMITED STATEMENT or FINANCIAL ACTIVITIBS ANCORPOiiATING INCOME AND EXPENDITURE Accouwr FOR THE YEAR CI NDED 31 AUGUST 2022 Total 2022 Total 2021 Unrestrieted Designated Restrieted Note INCOME FROM.. Donations and legacies Investment income Contributioll from Tnuo School 479 13,902 3,559 14,202 16,0(K) 1,545 30,681 15,447 3,559 179,949 7,442 2.963 Tot91 iAcome 17,940 14,202 17,545 49,687 190,354 EXPENDITURE: Charitable aetivilÉe5 GraTktS Enade to TtlTro School- Assi8tcd Places Schenie Covid-19 Emergency Bursary Funds GranLs made- Otlier GoveriJ%nce costs 6,698 43,302 50,000 105,000 481 481 3,559 850 2,963 3,559 Total expendlture 10,257 43,302 481 54,040 108,813 NET INCOME/(EXPENDITURE} BEFORE OTHER RV,COCNISED GAINS AND LOSSES 7,683 {29,100) 17,064 (4,353) 81,541 Other Recognised Galns and Losses Reali5ed and Unrealised (loss)Igain on investinent assets {50,638) (5,626) (56,264) 71,398 Transfer in Funds 60,000 {60,000) MOVEMfi NT IN FUNDS 7.683 (19,738} (48.562) (60,617) 152,939 Balance5 bruughl forivard at I September 2021 6,698 695,560 194,700 896.958 744,019 Balance earried forsvard at 31 August 2022 14,381 675,822 146.138 836,341 896,959 Tlie notes on page5 9 to 14 foim) pait of these accounts. These unavdiled financial ststemei)ts have beEn subjected to ii)dependent eK&mination. See I'eport on page S.
TRURO SCHOOL Fouf4DATIOFI LLWTED Compgny numb6r 03582642 BANCE SHKKT AS AT JI AUGUST 2021 Nole8 2022 2021 FIXED ASSETS tnve8tsneAt¥ 649,028 697.34S CURREhryASSETS Dd)tors- Gsft aid Debtots- Trnro School held by investment manager$ Cosh ID battk al in hand 3,819 16 56,186 128.642 12.494 3.711 50.822 134.026 188.663 201.053 CREDTfoRS". amounts due within offte year (1.350) (1,440) T CURRENT Assrrs 187,313 199.613 NXT ASSETS 836,341 896,958 REPRISENT£D BY: Unreslrlcted fuDd$-GMeral Unr¢thicted funds-De8iSfed- Bur6Ary Fund Totsl urtre8tri¢ted fund8 14,381 675,822 6.698 695.5(A> 690.203 702.258 Restri¢ted fuDds 146,138 194,700 836,341 896,958 For ih¢y¢areThJ¢d 31 Augu9t2022 thepY wa$entitledto ¢xemptiofi forn] auditunder wtion477of the Compatii A¢t 2006 r¢lating to small rAmpaNe4. DI¢10r8 atxl truthes re¥pon51bilitio5.' Tho mwnbcrs hav¢ llot r¢quired th¢ comp4ny ts obtain aud1¢ of its fL thè yr iti qU¢Sti¢ i atcordance with se£ioA 476. attd The dire¢lors and trn&tees ad(nowledge their respc1bil1ti¢S for COTnplying with the T4uir¢ments of the Act with respect to awunting rerdS the prepBrntion of accouTrtJ. Approved and author18ed for issue by the Thh¥tees at their meeting 10 Febtuary 2023 and slgned on their behalf by.. Rob Tb¢ not&* on paw 9 to 14 forn) part of thesr &¢Ullts. These UnadI] finincid $t8tements have been subjeded w independent examinatlon. See report oll page 5.
TRURO SCHOOL FOUNDATION LIMITII D STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2022 2022 2021 CASH FLOW FROM OPERATING AcfIviTIES: Net income fi'oiL the reporting period (as per sÉatement of fmancial acliviiies) Adjustmcnts for,. Loss¢51(Gain5) on investmeiit a5SEts Dividends and interest Decitasel(Increase) in Debtoi (Dea'ease)ITl)ca$e in Creditors NET CASH (USED BY)IPROVIDED BY OPEI RATING ACTlVtTIES (60,617) 152,939 56,264 (15,447) 7,005 90 (71,398) (7.4421 472,356 526 817 CASH FLOW FROM INVISTING AcfiviTIES: Dividends and interest Proceeds froin sale of shares PaymeThts for purchase of shares NET CASH RECEIVED FROM INVESTING ACTIVITIES 15,447 18,051 7.442 253.924 670,964 CHANGE IN CASH AND CASH EQUIVALfi NTS IN THE REPORTING PERIOD Cash and cash equivalents at the beginning of the reporting period CASH AND CASH EQUIVALKNTS AT THI ND OF TEtV REPORTING PEI RIOD 117219 16.807 134,026 l28,641 134026 ANALYSIS OF CASH AND CASH EQUIVALELYrs Cash at bank and Èn hand 134.026 134 026 128 641 These utjaudiled fanCial statemeiits h&ve been subjected to independent exatnination. Se¢ repDrt on page 5.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO TAE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES General InformatlDII Truro School Foundation Limiied {"the Charitabl¢ Compaiiy") is a company limited by guarantee in¢orporated iii England and has no share capital. The registered office address of ihe Coinpany is Th'uyo School Trennick L&ne, Th]ID, Comwall, TRI ITH. In the event of the charity b¢ing wound up, the liability in respect of th¢ guarantee is limited to £10 per men)ber of the charity. Basls of PreparalioD The fulancial statemeThts have been prep3red in a¢cordance with the Charities.. 8ttttement of Recommended Practice (applicable to ¢haJ'ities PiEpai'ing thetr accounts in accoi'dance with the Financial Reporting Standard appli¢able in tlie UK and Republic of Ir61aMd (FRS 102)) (issued October 2019) - (Charitses SORP (FRS 102}). the Financial REptIng Standaixl applicable in the UK alld R¢public of Ireland (FRS 102) the Companies Act 2016. Tmro School F(wndation l.imited meets the defmition of a public benefit entity under FRS 102. Assets and liabilities are initially recogiii%ed at historical Cost ui. ti'ansaction value unless ntheiwise stated in the itlevallt accounting policy note5. b) PrepAr8tion of the &ecounts on a goiiig concern bAsls The fmance Trustees mect (xi a i'cgular basss and havc a strategy to safeguard the investment profile. This is in ligbl of a ¢hangiDg econornic outlook for tlie Uniled Kingdoin. Short t¢17n investnient needs have b¢eD tr%nsf¢ri'ed into casli, to pi'atcct the value of the shares fr02n declining, Gokng coii¢ern is Ihe]rfoiE assui'ed for the followirtg 12 months and beyond, Incoming Resources Incoming re50uires are re¢ngnÈsed on a receivable basis, as soon as the Charity has entitlement to the ineome, there is probability of receipt ind the ainount is quanlsfiable. d) Resource5 ExperAded Exp¢iidityJt is re¢ogllised on an accruals basis, inclusive of ll'recovewable VAT. CbarÉtable activities comprise expendsknre associated with the pyovision of bursarieslscholai'ships for cliildren, and include both the dll'ect costs and support costs retating to tILese activities. Govemance costs foi the year were £3,559.19 being the Burling Bui'sary Adtninistt'ation Fees, independenl examinatson fees and bank chai'ges. These were fuiaTLced by a contt'ibulion from Truyo Scliool. These unaudited financial stateinents have been subjected to iT)dependent exaillination. Se¢ repoit on p&ge 5.
TRURO SCHOOL FOUNDATION LIMITE NOTII S TO THJ£ ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2022 Fund Accounting General fi]tLds are untrIcted funds which are available for use at the discretion of the Ti'ustees in fuitherance of the geTheral objectives of die company and which have not been designat¢d for other purposes. Designated fiinds comprise unrestt'ieted funds that hav¢ been set aside by the Trustees for particular purposes. The aim and use of ea¢h dtsignated fund is set out in the notes to the financial statements. Restt'ieted funds ai'efvnds which ait to be used in ac¢ordance with specificrestrictions imposed by donors which have been I'aised by th¢ company for partIlar puiposes. The cost of i'ai5ing and administei'ing such funds are charged against the sppxific fund. The aini at]d use of each Lrstt'icted fund is set out the note5 to the fmancial statements. Iiive5tment Policy Income froin knvestments is a¢counEd for as it accrues. Investments are acquired in accordance with the powei"s Ilvailuble to the Ti'ustees. InvtMcnts al'e shown at market value. Realised and uniralised gaiT)s and losses are sl)own in the Statement of Financibl Activities. g) Finaneial instruments The ts'usl only htt& fanCial asset8 and fancIal liabilities of a kind that qualify as basie fthaDcial instt'uments. Basic fanCIal instrument5 are initially recognised at transaction value and subsequcntly ineasllred at their settlement value. INCOME FROM DONATIONS AND LEGACIES 2022 2021 Donaliuns Legacies 24,681 92.433 Incoine from doiiations alld legacics was £30,681.32 (2021.. £179,949) of which £14,681.32 (2021.. £149,349). was uni'Esti'icted, and £16,000 was rcstricted to be used for 51Xth fonll bursai'ies. INVESTMENTS 2022 Market Vale 2021 Market Value At I September 2022 Additions Disposals Unrealised (losges)Igaitis Total Investments (excluding cash) 697,345 25,998 (18,051) 208,907 670,964 (253,924) 649,028 697,345 At 31 August 2022 Cost of Investmeiits Tlie5e unaudited financial ststemellts havE been subjected to iiidependent examination. See report page 5. 10
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS IPOR THE YEAR ENDED 31 AUGUST 2022 DEBTORS 2022 2021 Gift aid Owed fi'om Truro School 3,819 17 12,494 3,711 3,836 16,205 CREDITORS: AMOUNTS Dilc WITHIN I YEAR 2022 2021 Owing to Trnro School Accruals 1,350 1,440 1,350 1,440 FUNDS 2022 BalAnee at I Scpttmber 2021 Ineome Expenditure Other Balanee at 31 August 2022 Restricted Fuiids 194,700 17,545 (481) (65,626) 146,138 Unrestricted Fund 6,698 17.940 (10,257) 14.381 DesignAted Vund 695 560 675 822 Total FuThds These unaudited financial stateinents have been subjected to independeTrt exaininatloll. See repoit on page 5.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE yAR ENDED 31 AUGusf 2022 FUNDS 2021 Balgnce at I Septelllbcr 2020 Ineome Expendlture Olher Balance at 3J August 20ZI Restricted Fuiid5 157,066 31,344 (850) 7,140 194,700 Unrestrieted Fund 14,519 9,661 (17,482) 6,698 Designated Fund 149 349 695 560 TotAI Funds Unrestrieled Fund Th¢ designated 'Bursarie$ Fund, leprEnts unrestricted funds r¢tsined to provide bursaTies for ¢hilditn wlio, with the demise ofthe Governm#nt Assisted Places Sclitnie, wouldnot otheiwisebe ableto altend Trllro School. The Trustees, policy is to build up this fund from donations froin Trui'o School ad others, and lo us¢ the income a¢cruing ad past 'Owth on the investments to fund the buiBaries. R¢strleted Funds Restricted Funds are made up as follows: A legacy to be used for a scholarshÈp in the naine of Mr William Andrew, whi¢h will ertable pupils to Come to Truro School. A donation from the Truro School Fonner Pupils Association, foi. the purpose of allowing Sixt]i Fonn students. reK¢iving a Means Tested Bui"5aiy, to trdvel to universEti¢s to attcnd interviews, cipen days, etc. A grant from The Bishop5down Ti'llst wl)ich will allow a chosen Truro School pupil to benefit froni additional music lessons. One Hutidred Pounds of tliis fund also relates to a donation whi¢h was receiycd with the sts'ict expression to be p&id to help pupils pay foi. tlieir Sports Kil on the AssEsted Place$ Sd)eme. tk)nations from Mr Tim Henderson {a forll)er pupil of Th'uro School), to be used 8pecifically for sixth fon bui-saries. A traNsfeT to reallocate £60k from the Resti'icted Fund to the Designated Fund to i'Eflect £30k from Mr 14ettderson which was paid to Tr0 School for Bur5ai'ies in 2020 and 2021. These unaudited fmancial statements have been subjected to illdq)Bndent exainination. See repoit on page 5. 12
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS VOR THE YEAR ENDED 31 AUGUST 2022 TRUSTEES No Trustees re¢eivtd any expenses or remulleration from the company. IF4DEPENDENT XAMINERS REf¥tUNERATION 2022 2021 Independent Examiner's Fees 1,350 1,440 RELATED PARTY TRANSACTIONS During the year, the Trust6es made donations to Twro School Foundation Limited. The aggi'egate amount of these donatiuns tolalled £120 {2021.. £1,173). At the year-eDd, the cliarity was due £k6.74 (2021.. £3.711 owed from TNro School) from Ti'uro School, a charity in whiLh two ¢iste6S of Truro School Foundation Limited air also tsust¢es. During tl)e year, the charity made net repayments ainountirtg to £50,000 (2021: £124,758). io. ANALYSIS OF rT ASSETS 2022 Restricted UDrestri£ted Total 2022 Totyl 2021 Fixed A&sets- Investment Current Asset Current Liabilities 146,138 502,890 188,663 (1,350) 649,028 188.663 (1,350) 697,345 201,053 (1,440) 146,138 690,203 836,341 896,958 ANALYSI,8 OF NET ASSETS 2021 Restricted Unrestricted Total 2021 Totsl 2020 Fixed As8ets- Investment Cui'ient AssEts Current Liabilities 194,700 502,645 697,345 201,053 201,053 (1,440) (1,440) 208,907 556,190 (21.078) 194.700 702,258 896,958 744,019 Tl)ese unaudited fmancial statements have been subjected to independent examination. See ieport oll page 5. 13
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2022
II.
STATEMENT OF FINANCIAL ACTivrrIEI S 2021
Tot21
2021
Total
2020
Unre5trieted
Des5gKated Restricted
Note
INCOME FROM:
Donat&ons and legacies
thvesttnent incoin¢
Coiitribution from Truro School
149,349
30,6(K)
744
197,949
7,442
2,963
66,197
16,132
3,277
6,698
2,963
Total ineom¢
9,661
149,349
31,344
190,354
85,606
EKPENDITURE:
Charitable activlties
Grants made lo TMYO School -
Assisted Places Schetne
Covid-19 &nei'gency Bursary Funds
Grants ni