2023-08-31-accounts

'rRIIRO SCHOOL FOUNDATION LIMITED ACCOUF4TS AND REPORT FOR THE YEAR EN'DED 31ST AUGUST 2023 The chnritRble compniiy is A registered ehttrit). no. 1070969 nd tli¢ r¢glst¢red eompAiiy 110. 1$ 03582042

TRURO SCHOOL FOUNDATION LIMITED Year 31 August 2023 CONTENTS TTUStee5 And advisoys TTllStees' Aniiiial Report Indcpcndent ininer's Report Siaten)et)t of Finai)¢ial A¢iivities Balanee Sheet Siatenient of Cash blows NotCS to tlie Accounts 9-14

TRitRO SCHOOL FOUNDATION LIMtTED TRUSTEES AND ADVISORS Thc Trklstccs, H,lio arc also the Dirc¢iLirs of thc Coimpaiiy for thc puryose5 of the Companies Aci. who seTved during ihe year and since were.. MrPN Ashcrtsft Mr'f Bujilins Mr W Con¥hie Mr R Cowie Nli. G Cliegwidden Mi. J Eddy Mr CJ Hooper Mr P Munro-Lott Mrs B ScaT5brook Mr P qmitli Mr P Stethridge Mr R Thomas Formei. Pupil Friend of Ti'uiy) School orinei. PaiEI)t Forinei. Paient Fonnei. Puptl Fonnei. PLipiI and Parent Cl)air of Trustccs- Resigned 0210912022 fi01)nei' Pareni Fonnei. Piipil- Appoii)ted 0110912022 Formti. Heddinast¢r of Truro SLbool- Resigned 2011012023 Govei'nor of Ti'ui'o School and Foi'mer Pupil Cbair of Governo1% of I ruro School and Former Parenl Clauses 29, 30 and.l? ofihe Ai'li¢les of Association provide thnr at ¢A¢h at)nual genei?I Ineeting one-t1i1i￿ of the TNstees shall retire bLII may he reappointed and that the relirimg Tr￿￿tee shall be the oiie wlio hfts been longe%t in office. ADVISORS Independent ExaniTrner Crowe U.K. LLP 55 Ludgale Hill Londoii EC4M 7JW Banker$ HSBC pl¢ 17 Boscfiwen Street TruiD. Corijwall TRI 2Q7 Solicito Potl)cary WitlJain Weld 70 Si Ge0￿e'S Sqiiare IA)ndon SWIV 3RD Stepliei)s and Scowrs Osprey House. M&lpas Road Ti'Liro, Curnw<ill TRI Itrr Reg15tered Office TruiD School Treiinick Lane Triiro. C()Inwall TRI ITH

TRtrRO SCHOOL FOUNDATION LIMITED TRUSTEES, REPORT The trii%lee8 pre%ent theiT ATiniial repo¥l iogethei. with tlie accouiits and irtdtpeiidenl examijiation repoi'l. The financial stRtemcnts con)ply wirh rhc C.haritics Act 2011. Coinpanies Act 2006, Ihe Memorandiim and Articles ofA5soeiation. aiid wilh ihe Charities Statem¢nl of RecoiwneTrded Practice {"Cliaiitie5 SOiiP") (applicable to cliai'ilies preparillg ilieii. accout]ts iii acLordahce willi the Finaiicial Keportiiigy Stai)dard applicable in ilie UK aiid R¢piiblic of Irelaiid: FIIS 102) issued til October 2019. OBJECTS Tlie objects as set oul in the Memordiidiiin of A5SOCliltion are the provi%ion of education i)r the grant of educatioi)al bursaries for plipils LgttcndiJi8, Ol'to attciid, Truro School, More %pecific£illythc Trustccs, policy is lo build up a designated fund1'14111'saries Fund'l froi)I doiiaiion% froni 'l'ruro Scliool, aliiinni and otliei's and use tl)e ineoine accn]in¥ and p&5t gTowih on Ihe investinents to provide bursaries for children wlio. with the demise of the Goveriiment Assisted Places Scliciiie, coiild iiot olhei￿lSe attend Truro Scliool. STRUC"fuRE. COVERNANCE AND MANAGEMEI NT The Trustees of the Conipany are appoiiiied in accordance with ihe ￿tI¢l¢S OF Association. Lt was a8ieed by the First 'ri'Lisree5 tljat ilie mininium iiumber of 'l-iusiees shall for tlie till)e beingy be ai)d remain ai Ihire. 'I'lie'l'rustees on8oin¥ IrAiiiii)kT 1% 4ddi'essed in conjiinction with the operalion of T￿l.0 School, a coiiiiecled charity. FINANC.IAL ACTIVITIES AND RCSULTS Tlie 'f1715tees confim Ihdt they have coinplied w'ith the dury in seciion 17 of the Charities Act 2011 to have due iEgard to public benefit gllidance pllblished by ihe Commission in determinit)g the a¢tivitie$ undenakei) by Ihe Charity. In line with th¢ object&ves us stllted above, the Charity contijiued it5 efforts dui'ii)g the year to attract futther doni£ tions, a])d made a contribution of £60.000 to help fund the b1115arie5 Ptovidtd by Truro Scho(>l in the saiiie year. A donalion of £300.000 was received on 0110212023 to be held in an F.ndowmcnt fund to generate in¢oJne to be used for sixth forin bursarEes. The finRt)¢ial results f(Ir th¢ y¢ar aye 5e( oui iii the Sl&tement of Finan¢sal A¢iivities on page 6. Tlie liive5tmellts as held in Ilie Balaiicc Sheet al'e Teviewed annually 10 ensure ihe asset allocation slrategy is sucli 10 make SIIL'e a consistent level of reium is acliieved in ord¢i' to fulfil the objective of bw'saiy assisrance. RESERVEI S POLICY At I l Aub)Iis(2023 die charity had {i￿¢st1.1G1cd fvnds ot £698,453. These included ijiyeslments valued at £643,039 and deposit5 Wltli Meil3odisl C.hurcli CFB anioiiiitittg to £62.308. The Tru5teeb aim lo increc1se the reserves so as to enable the chaTily to ronltnue to fulfjl 115 object5. 'l-li¢ policy will be r¢viewed by the Trnstees on An annual basis. G'RANTS POLICY Tlie Trustees, policy is to donaie tlie majority of rhe invegtilleiil iThcoine and past growth on Ihe investments to I'ruro School to help li Ineei Ili¢ cost of buisaries awarded io pupils under lis own assisted places 5cheiiie. perJ￿￿s5JOts hag bee gr8iiled by ihe Cliarilies Coinll)issioii to sell any Ii?ve5tineiils held and transfer the proceeds to TNro School by way of a grant, slioiild the I'ruro School foiinda¢itsn Trustees permit. INVESTMENT POWEI RS. IIOLICY AND PERFORMANCE 'I'lie ini'c5tn)cnt powers 91¢ dcrived fi'oin tlic Ti'usfcc Invcsimcni Act 2000. The policy of tlie charity is to iuvest in tl)e inve8l#ient flind% of Ilie Methodist Chiiith C.FB so a% to ensure professional maiiagemenl aiid to provide reiiirns in liiie with the relevant indiccs. DurTrng tlie year the inveslinents p¢rfortned iii liiie with this ptslicy. This policy may be ¢liaTiged ai any tiine to invest tlie funds wilh an entity other Ihaii the Meiliodist Cliuirli Central Fiiianee Board iii accordance with the Invesffiieni Slraiegy. RISK REVILW I'lie iiiajoi. risk to ivhich the cli&rily is ¢xpos¢d to l5 Ihe linder perfoi'inance of the Investment5, the 5tCP5 t*ken to mitigare thi5 Is lo ev{1Illaie the p(Trrtfnlio iii conjiiiiclton with Ilie tund iilallL?ger and Imove the fund5 in acLOTdk)n¢e willi Ilie

TRURO SCHOOL FOUNDATION LIMITED TRIISTWES. REPORT {eDntinuedl Inve%tiiient Strategy. At Ilie 0115¢t of lh¢ Covid-19 pandemic, the ii)ajority of the investments were moved iiiio ca8h ill ordei. 10 iniiigc11e against the risk of losses. CONNECI'Tr,D CHAiU'rY Tr(Ii'o SLliool FoLiiid£tlioIi Liniiled L5 closcly IElatcd to Ilie Melhodi￿I Indepeiident SLhuo15 Ti'usl of iyliiLh TTiiru Scl)ool l5 a divASlOll. 'l-lie Cliair of G0vel￿Or5 tsf Ti'uri) School 5ei.ved as Trustee of the C.oJnpany diii'ing tlie year. .1 riiro Scliool roiindatioii Liinsted ad Ti'urLI Scliool aye adininislered by Ilie saine staff. At th¢ date of sk8iiii)g7 Iwo of Ilie TrL151ees werc GoveTiiofg of Tivro School. IUI'IIRI,. PI.ANS The fiilure plans foi. the Charily are lo i'aise fiirilier flind¥ frani appeals aiid oihen¥i%e. And to go from slrengrtli Io strengtli. This will be a¢liieved by inAiniaining and building on 51IoMg coDo¢¢tions wilh Ilie wliole Tn]ro School Coiiiinuttily coinpi'ising aluinnÉ. parenis, torinei. pai'enis Atid the locAI bu8ines5 Cotnmuniry. The TTUID School Foundation Liiniied ts also lookiiig at tbe various way5 Xt can support the Twro School further wilh its biirsai'ies aiid otiier needs. GOING CONCERN The trustees have cansideTed the c08t of liviiig i)t] the charity's ability to continue in opei'alion foi. the foreseeable future. Wc bclievc the churily has %iifficicni funds in place and cash al baiik 10 be able to pay the ¢liarity'% liabililics as they fall duc witliin the ncxt twelve months from tile date tSicse financial 5tatcmet]ts were signed. Tliiis. lh¢ Irustccs con¢inue to d(>pt tlic going coiicern basis of acco￿ntIl)￿j ji) pi'epai'iiig tlie fii)aiicial slateii)eii¢%. STATEM£￿'T OF TRUSTEES, RESPONSIBILITIES 'riie Triistees {wlio are also tlje directors of '] iiiro School Foundation Limited for the pu¥pose5 of coinphny IJW) are responsible for PTeP￿Ing Ilie Tw8tee8' Report und the financial siatements in accordaiice with applicable law and United Kingdom A¢coui)tlllg Standard.% (Uniied Kingdom Genei3lly Accepled Ac¢ountit)g Praclicel. Coinpany law requircs the Tru8ttes to prepare financial statements foreach fjjiancial ytAr which givc a tnie aiid fair view ol. the state of Affairs of Ilie Charitable Cotnpaiiy ajid of ihe incoJi)Ing resources aiid application of r¢soiiY¢&%. incliiding income and exp¢nditure. of the Charitable CoJnpAny foi. Ihat P¢Tiod. In pirparijg these financial statem¢nts. the Trustees air required to: Select suilable a¢couJiliii8 policies and thcn apply them Consistently.. Ob5¢tv¢ the inetliod and prijiciples in IlJe C.haritie5 SORP; Make judgemenis and estimates that are reasonable ond prudeni; Stale wliether appli¢abl¢ UK Accouiiting Standards have been followed, $ubjecl to aL)y matei'ial depciityres disclosed and explained tlie financial siaten)enl5' Prepare ihe financtdl siatenient5 on ih¢ gotng Lonceim basis unless it is hnappropi'iate to presume Ihal Ihe coinpany will Continue in busijiess. The Trustees cire responsible lor keeping proper aecoiinting re¢ord$ Ihal disclo%e will) reg8onable aeeurn¢y al aiiy tiine or the finai)¢j£i1 posilioji of ilie Cliarilable Cojnpany at)d enable Ihcin to ensure Iliat Ilic financial stai¢Jiiet)ts comply iviih the Compani¢s Aei 2006. '1'1)ey are also i'esponsiblc for safcgiièrding th¢ a$￿t5 of the Cliaritsble Compaiiy and hence for kiiigF itasoiidble step5 for Ilie pi'evention aiid detection of fraiid ai)d othei. irregularities. INDF,PENDkNT F.XAMINERS c.rowe U.K. LLP liave been appoinied as the independei)l exainitler for the ensuriiis ycay. Approved by the Tnisl¢es at their Ineeiing on 18 January 2(f4 and si8iid on iheii. behalf by.. Rob c.owie ITTusieel

INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS OF TRURO SCHOOL FOUNDATION LIMITED

I report to the trustees on my examination of the accounts of Truro School Foundation Limited (the “company”) for the year ended 31 August 2023, which are set out on pages 5 to 10.

This report is made solely to the charitable company’s trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and the charitable company’s trustees as a body in accordance with section 154 of the Charities Act 2011. My independent examiner’s work has been undertaken so that I might state to the charitable company’s trustees those matters I am required to state to them in an independent examiner’s report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charitable company, the charitable company’s members as a body and the charitable company’s trustees as a body for my independent examiner’s work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Tina Allison

Chartered Accountant FCCA Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW

Date: 19 April 2024

5

TRURO SCHOOL FOIINDATION LIMITED STA TEMb'NT or r4lNAP4C.IAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUCUSI. 2023 Endowment ljnrestrltted DeslgM*ted Re5ti'lcted 2023 2022 Notes INC.QVI IE VROM.. Donalioiis and legacies Inveslineni iiicome Interest Received CoTltribiLtions from Tturo School 337.500 1,915 16.072 26 5,146 54.359 17,228 1,786 411,002 17,858 26 S,146 30,681 15,447 3,559 Total Income 337,500 23.159 19.014 434,032 49.687 EXPTr.,NDITIIRE Ch#i'ilable Activitie5 CJranlS made to Ti'llro School- Means Tcsted Biirsftries Graiii% iTriade- Oiher Governance costs I'otAI expen(liture 7,683 42,317 10.000 60,000 5(1,000 160 160 5,146 65,306 481 3.559 54,040 5.146 12,829 42,317 10,160 NET INCOMEIIEXPENDITURE) BEFORE OTHER RECOCNJSED GAINS AND 337,500 LOSSES 10,330 12,042 8.S54 368.72() 14,353) Vtlier Recogn15ed tiaijis nd L055e5 Realised and Ui)Tea12sed lo.sses on iiiveslmeiil assets (14.122) (1,569) {15.691} 156.264) MOVEMLINT IN FISNDS 137,500 (2,080) 7.285 353,035 (60.617) B￿l￿nCeS broiight fnrwArd At I September 2022 14,381 675,822 146,138 8.36,341 t19C?,958 Balance carried forn'ard At 31 Augiist 21123 337.500 24,711 673,742 153.423 1,189,376 836,341 The noies on page% 9 10 14 foim pari of Ihese accounts.

TRURO SCHOOL f4OUNDATION LIMITED Compui?y nuinbcr 0.3582642 BALANCE SHEET AS AT 31 AUGUST 2023 Notes 2023 2022 FIXED ASSETS Investii)enls 641,039 649,028 C.IJRRENT A%SETS Debiors . Gift aid Dcbiors- Truro School Cash lield by invesiment maNagers Casli in bajjk and in hand 1.555 3.300 62.308 480,974 1.819 16 50,186 128,642 TOTAL CUIiRENT ASSETS 548,137 188.663 CREDITORS= amounts duc within one ye£tr {1,8001 11,350) NET C.URRENT ASSETS 546,337 187,313 NEI. ASSEI'S 1,189,376 836,341 REPRESENTED BY: Unreslricled funds. General Unreslri¢ted ￿lld5- D¢5igiiated- Bursary Fun(1 24.711 673,742 14,J81 675.822 Total unrestricted funds 698.453 690,20.1 Restricted funds Endowintnt fund 153,421 337.500 146,138 1.189,376 836.341 Foi'tlie ye￿r ended 31 August2023 the company was entitled to exemption foriii audit uJidersection477 of the Companies Act 2006 relalinki to sillall con)patiies. DiiEctOls ai]d Iru5tees responsibililic$: The nieinl?ei's Iiavr ntst i'equired Ilje eompany to obtain aai aiidit of its accoiinls for the year in que%tion in accoiylance willi section 476,. and The dire¢iors and trustees £2cknoivled¥e tlieir iEspon5ibilities foi. ¢oJxplying Kvith the requireiiieDts of the Act willi respecl to accoui)tin¥ i'ecords and Ihe preparalioi) ofaccottnls. Approved aiid aiiiliorised for issiie by tlie Trusiees at tli¢ii' Inceliiig oji 18 Januaiy 2024 and si8iied on tlieii. belialf by-. Rob Cowie NigFel licroft The iiotes oil yag ) to 14 forin parl ofthese ac¢ount5.

TRURO SCHOOL FOUNDATION LIMITED STATEMENT OF CASH FLOW8 AS AT 31 AUGIIST 2023 2Q22 Restated 2023 CASH FLOW FROM OP£4 RA'fINC A￿1v]TIES. Net incomelexpendilure fyoin th¢ rept)rliii& perio(l (a8 per stateinent of finaiicial 353.035 (60,017) Ailjustments for.. Losses on iiivesim¢ni assels Dividcnds and interest {IDcieasellDecrea5e in Debtors IiicreasellDeciEa8e) in C.¥ediiors NET CASH PROVIDED BYI(USED BY) OPERATING ACTIVITIES IS,692 (17.8841 (1,0201 450 350 273 56.264 115,447) 90 7520 CASH FLOW FROM INVESTING ACTIVITIES: Dividends and intere51 Proceeds froin sale of share5 Payn)enlS for purcliase ol'shares NET CASH REL'EIVED FROM INVESTING ACTIVITIES 17,884 993,318 1,003.019 8.183 15,447 18.051 CHANGE I1¥ CASH AND CASH EQUIVALENfs IN THE RKPORTING PERIOD Cash and cash equivalenls at Ihe beuinninLI of the reporting p¢riod CASH AND CASH EIQUIVALENTS AI'TIIE EI ND THF. REPORTING 358,456 184,827 20 184,848 543.283 184 827 ANALYSIS OF CASH AND CASII EQUIVALENTS Casli al bank and in haiid Ca511 held iii iiive51incnts 480,974 62.309 543.283 128,641 56,186 184,827

TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR fif%DED 31 AUGUST 2023 ACCOUNTING POLICIES G¢n¢r81 Iiifurniatio TiiiiD School Foui)dation Lin)ited I'the Charitable Company,) is a coJnpany1smited by guarantee incorpoTated in Englaiid aiid lias no sliare capital. The rcgisler¢d office addrcss of the Coillpany is Truro Sehool Trennick Lane, TruiD, Cornwall. TRI ITH. ILI the eveni of the charily being woiii)d up, (he liability in re5PEcI of the guarantee is limited to £10 per inetnber of the charity. B•8is of PrepHration The financial sialeineiits Iiave been prepared ID acLordat]ce with the Chariti¢s'. Slaten)ent of Recommeiided Practice (applicttble 10 cliariti¢s preparins their accounlg Itl 4ccordcll)ce witl) Ilic l.inan¢ial Reporting Staiidai applicable in Ilie UK and Republic of IT¢land IFRS 102)) li%.wed iii ()ctober 2019) - IC.hai'ities SORP (FRS 102)), the Fiiiancial Reporting giaiidard api)licable in th¢ UK aiid R¢public i)f Irclhnd (FRS 1021 and tl)e Conipanies Act 2016. Truro School Foujidation Li￿￿ted Ineets Ilie definition of a public ben¢fil entity under FRS 102. Assets aiid liabilities al-e initially recognised at historical Losi oi. traiisaclion value uiiless otherwise stalcd in the relevant accounting policy ngtes. b) Prepfiratlon of the Aecounts on # goSnE ¢one¢i'n b&sffts Tli¢ I'ruslees iiieet oil a regular basi8 at)d liave a strategy to safeguard the ii)vestnieiJt pi%>file. 'fhis is iii liglit of a clianBiiig ecoijoinic outlook for Ihe Unilcd Kisigdom. Goirtg Concern i.s not coiisidcl'ed & problem for (he foreseeable tiitijre. Jncoming Resources Iiicoining resources are recogni$ed on a receivable basis, as soon as the Charity has entitl¢iii¢DI to the llicome, their is probability of receipt and d)¢ amount is quantifiable. d) R¢sources Expended ExpendiiiiiE IS I'ecoL?iiised on acckwals basi4 inclusive of irrecoverable VAT. Ch41ritable activities coJnpri5e expenditure associated wEth the PTOVI5iOn of bursarie8lscholarships foT Children, and ijicludc boili thc dii'¢¢t ¢osts and support etssis relaiing to Iliesc activities. Governance Costs for the year were £5.145.78 being the Burling Bursary Adn)inislraiion Fees. iiidependeiit examinatioii fees and bank charges. Tliese were fJnaiice£f by a contribution from Trul￿ School.

TRURO SCHOOL FOUNDATION LIMITKD NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2023 Actolliitillg Gereral funds al'e uE]ifStl'iLted fiinds wliicli are available for use at tlie di5¢Fetion of Ilie-l rustee5 iij fLiilheran¢e of IliL geTI¢i-dl objeillVL'S ofilie coinpany aiid ivliich havc nol bcLn dL5ignaled foi. oilici. purposcs. Designated fui)d5 comprise UlllEStI'icted funds il)at have been set asid¢ by the Trustees for particulai. piirpos¢s. Tlie din) and use of eacli designated fund 18 set i)ui in the nott5 to rhe financial st8terneiits. Restri¢tcd funds air funds whiGh are to be used in occordaiice willi 5pe¢ifi¢ resiri¢tions iiiiposed by donoi's %vhi¢h havtt been raised by rl)e coiiipany for pai'liLiilar piitposes. Tlie Cosl of raisingT and admi]iisitring siicli lllnds are chai'ged ag&inst tlie speciftc fuiid. Tlie 8iin and use of eacli resiricied fuiid is set out in tlie iioles lo Il)e financial stateinei)ts. Endowment funds are where lhe donor lTra5 specified the funds iijvesled and only Ilie inconie may be used foi. a specified purpose. liive5tinent Polity Inco&nc from invesimenis is accounted for as it aCC￿e$. Investments are acquired in accordartce with the powers available to the T￿steeS. Investment8 are shown at niarket value. Realised aiTrd unre&lised gains aiid losses ar shown in the StAtement of Financial Activities. g) Fill8￿cl￿{ 1115trumcnts The trust only hds fIt]dnC￿al aSSE15 alld financial liabilities of a kiiid tliat qiialify a% ba8Èc financial sn%truTnents. Basic fit]ancial insirumeiiis are initially recogiii8ed ai Iixnsaction valuc and siibscquently mc&sur¢d at Ilieir sertlen)eni value. INCOMC FROM DOP4ATIONS AND LEGACIES 2023 2022 Re5t#t¢ DoDations Legacies Gift Aid 724,719 7,228 20,862 6,000 It)coine fiDm d05)ations and leg8¢ies was £411.00212022.. £30,681.J2) of which £1,91512022'. £14,681.32), was iinre%tricte<l, £10,O(J(I reslTiGled to be used foi. sixth forin bursaries aiid £7,228 was reslricled lo be used for a Mciliodi5t ytudenl or a named prize in divinity. £337,500 was specified by tlie doiior to be iiivested and the income iised for bursaries oli an ani)u31 basis. INVbSTMEINTS 2023 Market Vfiliie 2022 M&rl£Lt VAlue AE I septe1￿ber 2022 Ad(lilil)ns Disposals Unyealised (Loss) Total Investments {ex¢luding c2511) 649.028 1,003,019 191)ry,318) 15 (?90 643,039 697,345 25,998 {18,051) 649,028 Ai 31 A￿SU5¢ 2023 Cost of Iiiv¢sim¢nts 10

TRURO SCHOOL fouNDATION LIMITED NOTE8 TO THB ACCOIJNTS FOR THE YEAR ENDED JI AuG1J￿ 2023 DEB'IORS 21123 2022 Gift llid Owed from TruiD School ,555 3,300 3,819 4,855 3.836 CRli l)I'foRS: AMOUNTS DIIE WITFIIN I YEIAR 2023 2022 OIvin8 to Truro School Ac¢rua15 1,800 .350 1,800 1,350 FUNDS 2023 Balanc¢ 8t SeptembLr 2022 Expenditui'e Other BalAnce At 31 August 2023 Endoivmeiit Flind5 337.500 337,500 Re¥tricted Fund4 146,138 19.014 {10,160> (1.569) 153,423 lInr￿tric¢ed Fund 14,381 23,159 (12,Y29) 24,71 Designated und 673 742 Total Fuiids

TRURO SCHOOL FOUNDATIOh' LINIITED NOTES TO THE AcC.￿UNTs FOR TIIE YEAR ENDCID 31 AUGUST 2023 FUiYDS 2022 B#l#Jiee ¥l I Septembei. 1021 Incoine Expendiliire 31 Augiist 2022 Re&tri¢t¢d Funds 194,700 17,545 (481) (65.626) 146,138 Uiirestri¢t¢d Fund 6,698 17.940 (10,257) 14,381 D¢5ignAted Fund 675 822 Totfil Funds 89 Unre5tricttd Fiind Tlie designated 'Bursai'ies Fund, repirseiiis unrestrici¢d fullds retaiiied to piY)vide bui%avies for cliildren who. with the deiniscof ihe Gov¢rnm¢Jii Assi5led Places S¢hem¢, would nototlieiwise be able to atttrtd Trui'o Scliool. The Trusie¢s' policy is lo build up tlii5 fund fronJ dojiations from'l'riiTO S¢liool aiid otli¢is, 2nd to Ilse tlie incoime a¢cruin&J and past growth on the iiivesinieiils lo fi]nd Ilie biii'sai'ies. Re5tYi¢t¢d Funds Rrstricted Funds 8iE made lip as follows-. A legacy ro be used for a scholarship in the ￿￿me of Mr Willlam Andrew, which will enable pupils lo ¢oine lo Tn)Yo Scliool. A doiiaiion frojn th¢ TiiiiD School Fofiner Pupils Association, foi. the puipose of allowing Sixth form students, receiving a Means'fesl¢d Flursary, lo travel lo uiiiveTSltie5 to attertd interviews, opeii days, et¢. A Bi?nl frojn Tlie Bi5hopsdown TIu5t which will allow a chosen Truro Scliool pupil 10 benefit froin addiliojial mLi8iC le.s%ons. One Hundred Pounds of this also relaies fo a donation wliich wa5 re¢¢ived witli the sti'ict expression lo bt paid to help pupils pay for ilieii. Spoils Kit on the Assisted Place5 Selienie. Donations from Mr Tiin Hendersoii la forineT pupil of Twro School), Èo be used spe¢ificiilly for sixth form bursal'tes. A legacy to be iised for a Methodist sllldeiit or a named prize in diviDity- EiidtsiYtn¢nt Fund A donaiion of £.137,500 to be invested in a permaneni ¢i)dowment fund, the incoine fron) the irtvestinenls to be sed for sixili forjii bur5ai.ies on an anniial basis. 12

TRURO SCHOOL FOUNDATION LIMITED NOTE8 TO THE ACC.OUNTS FOR THE YEAR bNDED 31 AIIGUST 2023 TRUSTEF.S No Tr115t¥es received atiy eKpens¢5 or remuneralioii froni Ilie compaiiy. INDlI,PF.NDEÉ NT fi.XAMIIYERS REMUNEI RATION 2023 2022 Ind¢p¢ndent Exatniner's Fees 1,800 RELA'I"LD PARTY I'RANSACI'IONS During the year. the TNslees made donations io Tmrts School Foundation Limit¢d. Tlie aggregjate amouiii of these donaiions lotalled £120 (2022.. £1201. At Ihe yeai'.eiid, the charity was due £3,300.55 {2022.. £16.74 owed fFoni Tivro S¢hooll fiDm Truro Scliool. Iiai'ity in whsch two tiuste¢s of Ti'uro School Foundation Limi¢¢d arc also trLiStees. Diii'ing the Jjear, Ilie ¢liai'ity n￿de net I'epayments aiiiouiiling to £60.00012022.. £50,000). io. ANALYSIS OD" NE'I, ASSTr:'I'S 2023 EThdoivment Restrleted Unrestricte Total 2023 Total 2022 Fixed Assets- Invcstiment Cui'reiit Assets 144.569 8,854 498,470 201,783 (1,800) 643,039 548,137 11,80QI 649,028 188,663 {1,-35al 337,500 337.500 153,423 698.453 1,189.376 836,141 ANALYSIS OF NET ASSETS 2022 Reslricled Unrestricted Total 2022 TotAI 2021 Fixed Asse15- Inves(illenl C.iirrei)t A>%ets 146.138 502,890 188.663 {1,1501 649.028 188,663 (1.350) 697.345 201,053 11.440) 146,138 690,203 836.341 896,958 13

TRURO SCHOOL FOUNDATION LIMITED .8TATEMF,NT OF FINANI.'IAL AC.TJVITIE INCORPORATINC. INCOME AND LXPENDITURE AC.COUNT r4OR THC YEAR CINDE4 D 31 AUCUST 2022 TotAI 2022 T•tlll 2021 UNI'c5tri¢ted Deslgnmted Restrleted Notc INCOMF. fiROM: DoiiLl1ions aiid Ic8arie5 Invesiinei)l in¢on)e Contributiun froMI TruTO Srhool 479 13,902 3,559 14,202 16.0(K) 1,545 30.681 15,447 -1,559 17().949 7,442 2,963 Total i*eome 17.940 14,202 17,545 49,687 190,354 E.XPENDITURE'. C.hthrit41ble 8¢tivities Grants made to Truro Scliool A55l51ed Places Scheine Covid-19 Em¢rgeJicy Bursary Fund5 Grattts inade- Other Govti'n#ne¢ eosts 6,698 43,302 50,0(K) 105,000 481 481 8$0 2,963 3.559 TotAI expenditure 10,257 43.302 481 54,040 108,813 NET INCOMEIIE¥PF.NDITURE> BEFORE OTHER RECOGNISED GAINS AND LOS.SES 7,683 {29,1(K)) 17.064 {4,353) 81,541 Othtr Reeognised Gain$ gnd Losses Realised and Uiirealised {lossJ/gain on ini'eslineiit a5seis {50.638) {5.626) {56,264) Transfer in Funds 60.000 {60,000) MOVF.MIN'I' IN FUIYDS 7,683 {19,738) 148,5621 (60.617) 152,939 BAlance8 brOll￿ht foi'iyord At I September 2021 6,698 695,560 194,700 896.958 744,019 B#laiJce cArried foYwHrd At JI Au%ii%t 2022 14.-381 675,822 146,138 8IC).341 896.958 14