Introduction
The trustees of Truro School Foundation are pleased to present their annual report together with the charity’s year end financial accounts.
Truro School Foundation is a registered charity (charity no. 1070969), distinct from Truro School, with an overriding mission of having a positive impact on young minds by increasing the number of transformative bursaries that Truro School can offer. It brings together the generosity of members from the whole School community who share the belief that Truro School should commit itself to educating talented and enthusiastic young people regardless of family means.
Governance and Management
Truro School Foundation is governed by a board of eight trustees (at the time of writing) who are responsible for the overall strategic direction and governance of the charity. Trustees are recruited and appointed based on the charity’s required skillset and individuals experience. The trustees have implemented a robust investment risk management framework when it comes to the management of the funds held within the charity’s investment portfolio.
Achievements
Truro School Foundation was proud to support our current Foundation Award holders over the last 12 months.
We are pleased to report that the impact of VAT on School Fees didn’t reduce the charity’s commitment towards life-changing bursaries at Truro School. Historical generosity from our past and present donors allowed the trustees to drastically increase the annual bursary award given to Truro School. There continues to be the desire and drive within the Board of Trustees to continue this level of support whilst exploring other fundraising initiatives, which in turn, will ensure the charities funds are replenished and ready to be awarded when future needs arrive. The increased bursary award is by far Truro School Foundation’s greatest achievement this year. Thank you to everyone for their unwavering support to allow this to happen.
Other achievements include the collaborative strategic partnership with key personal within Truro School and the Governing Board along with the positive stewardship of our long-standing generous donors and in life legacy pledgers. Our donor’s ongoing support is never assumed, but always gratefully received as the charity continues on its mission to grow Truro School’s bursary provision.
Plans for 2025 and the Future Ahead
Truro School Foundation plans to proudly promote the generosity of donations from the Old Truronian Community through the power of storytelling. In 2025, we aim to build
stronger connections within the wider Truro School Community and grow the charities audience base.
Foundation’s mission both within the pupil, parent and alumni communities. Plans are in place to widen our support base with the hope to steadily increase our yearly fundraising income.
We are eternally grateful to our current in life legacy pledgers and have ambitious plans to further grow Truro School Foundation’s legacy gifts. Inspired by a generous legacy gift left by a proud Old Truronian and supported by national fundraising trends, the Foundations key strategic focus is to grow the number and overall value of future legacy gifts. To achieve this goal, Truro School Foundation has re-branded its legacy campaign and created a new legacy fundraising initiative which will be launched in September 2025. We hope our new legacy campaign will resonate with members from our community and generate an uplift in future legacy gifts. Remembering Truro School Foundation in a persons Will is one of the most impactful ways of supporting Truro School’s mission of increasing the number of transformational bursaries.
Shared synergy between Truro School Foundation and Truro School Association have resulted in positive discussions between the two charities. Collaborative conversations will continue in 25/26 with the aim of working closer. The committee is hopeful that having Truro School’s alumni community more aligned to Truro School Foundation’s objectives will help to spread the positive impact of supporting future Foundation Award Holders.
2030 marks Truro School’s 150[th] Anniversary. With this future celebration ahead of us, Truro School Foundation looks to build positive momentum and increased fundraising efforts over the next five years. A new concept called ‘Challenge 150’ aims to be the fundraising vehicle to generate community interest and encourage current pupils and recent leavers to create sponsored challenges based around the number 150. Funds raised will support future bursary award holders. Led by the Development Office ‘Challenge 150’ will be launched in September 2025.
Acknowledgements and Thanks
The Trustees and Development Office Team would like to extend their heartfelt thanks to all our donors, volunteers, and partners for their invaluable support. As a small but ambitious charity we rely solely on the generosity of the Truro School Community to help fund transformational bursaries. As we navigate the economic challenges ahead and the charities aim of growing its bursary provision, Truro School Foundation has never been more necessary, more important or more in need of you support
A huge thank you from our current talented Foundation Award holders, who’s lives you are positively changing through the power of a Truro School education.
Report written by Sam Willsher, Clerk to Truro School Foundation and Development & Alumni Relations Manager
TRURO SCHOOL FOUNDATION LIMITED ACCOUNTS AND REPORT FOR THE YEAR ENDED 31ST AUGUST 2024 The eharitable company 15 9 regjstered chgrity 1070969 nd the registered company is 03582642
TRURO SCHOOL FOUNDATION LIMITED Year ended 31 August 2024 CONTETr4TS Page Trustees and advisors Trustees. Annual Report 34 Lndependenl Examiner'5 Report Statement of Financial A1vItieS Balance Sheet Statement of Cash Fluws Note5 to the Accounts 9-14
TRURO SCH(K)L FOUNDATION LIMITED TRUSTEES AND ADVISORS TRUSTEKS The TrLislee4 who are also the Directors of the Company for the purposes of the Companies ACL who served during the year and since were: Mr PN Ashcroft Mr T Bunling Mr W Conchie Mr R Cowie Mr G Chegwidden MrJ Eddy Mr P Munro-Lott Mr8 B Scarsbrook Mr P Slethridge Mr R Thomas Former Pupil Friend of Truro School Fomier Parent - ResiEned 1010712024 Fomier Parent Former Pupil Former Pupil and Parent Fornier Parent Former Pupil- Resigned 3110812024 Governor of Truro School and Fomer Pupil Chair of Governors of Tnwo School and Forn)er Parent Clauses 29, 30 and 32 of the Articles of Association provide that at each annual generdl mcetinE one-thtrd of the Trustees shall retire but may be reappointed and that the retiring TTUStee shall be the one who has been longest in office. ADVISORS Indepejjdeut Examiner Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW BAnker5 HSBC plc 17 Boscawen Street Truro, Cornwall TRI 2Q7 Solieitors Pothcary Witham Weld 70 St George's Square London SWIV 3RD Stephens and Scown Osprey House. Malpas Road Truro, Cornwall TRI IUT Registered Offlee Tnwo School Trennick Lane Truro. Cornwall TRI ITH
TRURO SCHOOL FOUNDATION LIMITED TRUSTEES, REPORT The Tustees present their Annual report together with the accounts and independeni examination report for the year ended 31 August 2024. The fanal statements comply with the Charities Act 2011, Companies Act 2006, the Memordndum and Articles of Associalion. and with the Charitie5 Siatement of Recominended Praclice C'charilies SORP") (applicable to charilies preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. FRS 102) issued in October 2019. OBJECTS The objects as set out in the Memordndum of Association are the provision of education or the grant of educational bursaries for pupils attending, or to altend, Tn0 School. More specifically the Truslees, policy is to build up a designated fund (' Bursaries Fund,) from donations from Truro School. alumni and others and use the income accruing and past growth on the investments to provide bursaries for children who. with the demise of the GoverJ]ment Assisted Places Schem4 could not otherwise attend Tnwo School. STRUCTURE, COVERNANCE AND MANACEMENT The Trustees of the Company are appointed in accordance with the Articles of Association. It was agreed by the First Trustees that the minimum number of Trustees shall for the time being. be and remain al three. The Thistees ongoing ining is addressed in conjunction with the 0rdtiOn of Truro School. a connected charity. FINANCIAL AcfiviTIES AND RESULTS The Trustees confirn] that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Colnmission in deterniining ihe activities undertaken by the Charity. In line with the objectives as stated abov4 the charity continued its efforts during the year to attract further donations. and made a contribution of £60.000 to help fund the bursaries provided by Tnwo School in the same year. A donation of £220.000 was received on 4 July 2024 to be used lo support the new Music School Project. The financial results for the year are set out in the Statement of Financial Activities on page 6. The Investments as held in the Balance Sheet are reviewed annually to ensure the asset allocation slrdtegy is such lo make sure a consistent level of return is achieved in order to fulfil the objective of bursary assistance. RESERVES POLICY At 31 August 2024 ihe charity had unrestricted fund5 of £760,397. These included investtnent5 valued at £1,065,314. The Trustees aim to increase the reserves so as to enable the charity to continue to fulfil ils objects. The policy will be reviewed by the Trustee5 on an annual basis. CRANTS POLICY The Trustee5' policy is lo donale the majority of the investmenl income and past growth on the investment5 to Truro School to help it meet the cos1 of bursaries awarded to pupils under its own a55iSted places scheme. Permi55ion has been granled by the Charities Commission to sell any Inveslments held and transfer ihe prLKeeds lo Truro School by way of a granl, should the Truro School Foundation Trustees permit. INVESTMENT POWERS, POLICY AND PERFORMANCE The investment powers are derived from the Trustee Investment Act 2000. The Investments are managed on behalf of the Charity by Epworih Investment Management Limited in accordance with the Charity's policy. so as to ensure professional management and to provide returns in line with the relevant indices. During the year the investments performed in line with this policy. The policy is reviewed annually in conjunction with the Investment Managers. IUSK REVIEW The major risk to which the charity is exposed lo is the under perforniance of the Inveslmenls, the steps taken lo mitigate this is to evaluate the portfolio in conjunction with the fund manager and move the fLinds in accordance with the Investment Strategy.
TRURO SCHOOL FOUNDATION LIMITED TRUSTEES, REPORT (continued) CONNECTED CHARITY Truro School Foundation Limited is closely related to the Methodist Independent Sehools Trust of which Truro School 15 a division. The Chair of Governors OfTr0 School served as Trustee of the Company during the year. Tr0 School Foundation Limited and Truro School are administered by the Same staff. At the date of signing two of the Trn5tees were Governor5 of Truro School. FUTURE PLANS The future plans for the Charity are to raise further funds from appeals and otherwise, and to go from strength to Strength. This will be achieved by maintaining and building on strong connections Wlth the whole Truro School Community comprising alumni, parents, fonner parents and the local business community. The Truro School Foundalion Limited is also looking at the various ivays it can support the Truro School further with its bursaries and other needs. GOING CONCERN The Iruslees have considered the cost of living on the charity's ability to continue in operation for the foreseeable fulure. We believe the charity has sufficieni fund5 in place and cash ai bank to be able lo pay ihe charity's liabilities as they fall due wiihin the next twelve months from the date these fmancial statements were signed. Thus. the trnstees continue to adopt the going ¢on¢em basis of a¢¢ounting in preparing the fmancial statements. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Truslees (who are a150 Ihe directors of Truro School Foundation Limited for the pu05e5 of company law) are responsible for preparing the Trustees. Report and the FuncIal statements in accordance with applicable law and United Kingdom A¢¢ounting Stsndards (United Kingdom Generally A¢cepted A¢¢ounting Prd¢ti¢e). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the Charitable Company and of the incoming resources and application of resources, including income and expendihlre. of the Charitsble Company for that period. In preparing these financial statements, the Trustees are required to- Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and eslimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slatements. Prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the company will continue in busine5S. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the Charitsble Company and enable them to ensure that the financial stalemenls comply with the Companies Act 20(. They are also re5pon5ible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and deiection of fraud and other irregularities. INDEPENDENT EXAMINERS Crowe U.K. LLP have been reappointed as the independent examiner for the ensuring year. Approved by the Trustees at their meeting on 4 February 2025 and signed on their behalf by: Rob Cowie (Trustee)
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF TRURO SCHOOL FOUNDATION LIMITED I report to the trnstees on my examination of the accounts of Truro School Foundation Limited ('the Foundation.) for the year ended 31 August 2024, which are set out on pages 6 to 14. This report is made solely to the charitys trustees, as a body, in accordance with section 154 of the Charitie5 Act 2011. My independent examinerfs work has been undertaken so that I might state to the chariVs trustees those matters l am required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility to anyone other than the charity, the charitvs members as a body and the charitrfs trustees as a tK)dy for my independent examinerfs work. for this report. or for the opinions I have formed. Responsibilities and basi8 of report As the charity tNstees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirenients of the Charities Act 20111.the ACV). I report in respect of my examination of the Foundation'5 accounts Caled out under section 145 of the 2011 Act and In carrying out my examination I have followed al the appliCae Directions given by the Charity Commission under section 1451Sllbl of the Act. Independent examiner's statement I have completed my examination. I confllin that no material matters have come to n)y attention in connection with the examination giving me reasonable cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Ac¢ or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements conceminE the fomi and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 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. l.have no concerns and have conie across no other matters in connection with the exaniination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Date.. 2 June 2025
TRURO SCHOOL FOUNDATION LIMITED STA TEMEIYT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Endoivment Unrestrieted Designated Restrieted 2024 2023 Notes INCOME FROM: Donations and legacies Investment incolne Interest Received Contributions from Truro School Events In¢ome 55.000 3.686 355 1,531 3.729 16,070 3,867 10.364 3.764 37.794 21,059 220.000 299.788 .785 21,541 4,222 11.895 3,764 341.210 411,002 17.858 26 5.146 Total Income 60.572 21.059 221.785 434,032 EXPENDITURE Charitable activities Grants made to Truro Sthool- Means Tested Bursaries Grants made- Other Governance costs Total expenditure 10.( 24.711 25,289 60,000 60,000 160 5.146 65.306 1,531 11,531 10.364 35.075 11.895 71,895 25,289 NET INCOMEI(EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND 49,041 LOSSES 2.719 (4230) 221.785 269,315 368.726 OtherRecognised Gains and Losses Realised and Unrealised gainsl (losses) on investthent assets MOVEMENT IN FUNDS 16.895 63.455 7,050 87.400 (15.691) 65.936 2,719 59,225 228,835 356,715 353,035 Balances brought foriyard 3t I September 2023 337.500 24.711 673,742 153,423 1,189,376 836.341 B818nce carried fonvard at 31 Au%ust 2024 403,436 27,430 732.967 382.258 1,546,091 1,189,376 Tlie notes on pages 9 to 14 forn) part of these account5.
TRURO SCHOOL FOUIYDATION LIMrfED Company nurnber 03582642 BALAIYCE SHEET AS AT 31 AUGUST 2024 ote5 2024 2023 FIXED ASSETS Investsnents 1.065.314 643.039 CURRENT ASSETS Debtors- Gift aid Debtors - Truro School Cash held by investsnent managers Cash in bank and in hand 58,678 15,946 81.301 326.892 ,555 3.300 62,308 480.974 TOTAL CURRENT ASSETS 482,817 548,137 CREDITORS: amouThts due within one year (2,(MO) (1.800) NET CURRENT ASSETS 480,777 546,337 NET ASSETS 1.546.091 1,189,376 REPRESEIYTED BY: Unrestricted funds- General Unrestricted funds- Designated- Bursary Fund 27.430 732.967 24,711 673,742 Total unrestricted fijnds 763.397 698,453 Restricted funds Endowment fuThd 382,258 403,436 153.423 337.500 1.546.091 1.189.376 For the yearended 31 August2024 the company was entitled to exemption fom) audit under section 477 of the Companies Act 2006 relating to small companies. Directors and lrnslees reslSIbilItIes. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476" and The directors and trustees acknowledge theii responsibilities for complying with the requirements of the Act with respect to accouThting records and the preparation of accounts. Approved and authorised for issue by the Trustees ai their meeting on 5 February 2025 and signed on their behalf by: Rob Cowie ntee Nigel As The notes on pages 9 to 14 forni part of these accounts.
TRURO SCHOOL FOUNDATION LIMITED STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2024 2024 2023 CASH FLOW FROM OPERATING A1vITIEs. Net income from the reporting period (as per slatement of financial activities) Adjustments for: (Gains)ILosses on investment assets Dividends and interest (Increase) in Debtors Increase in Creditors NET CASH PROVIDED BY OPERATING AcfiviTIES 356,715 353,035 (87.400) (25.763) (69,769) 240 15,692 (17,884) (1,020) 450 350 273 CASH FLOW FROM INVESTING AcfiviTIES: Dividends and interest Proceeds from sale of shares Payments for Plirchase of shares NET CASH (EXPENDEDII RECEIVED FROM INVESTING AcfivITIES 25,763 282,411 617 287 309.113 17.884 993,318 (1003 019 CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD Cash and cash equivalents at the beginning of the reporting period CASH AND CASH EQUIVALEIYTS AT THE EIYD OF THE REPORTING PERIOD 135,090 543,283 358 456 184,827 408.193 543 283 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Cash held in investments 326.892 81,301 408 193 480,974 543,283
TRURO SCHOOL FOUNDATION LIMITED NiyfES TO THE ACCOUN]5 FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUI4TING POLICIES General Information Truro School Foundotion Limited ("the Charitsble Company") is a company limited by guarantee incorporated in England and has no share capital. The registered office address of the Company is Thwo Sch1 Trennick Lane, Truro, Cornwall. TRI ITH. In the event of the charity being wound up. the liability in respect of the guarnntee is limited to £1 O permember of the charity. Basis of Preparation The fiThancial statements have been prepared in accordance with the Charities: Statement of RecomnieThded Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2016. Truro School Foundation Limited meets the defjnition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or ttansaction value unless otherwise stated in the relevant accounting policy notes. b) Preparalion of the accounts on a going concern b951S The Trustees meet on a regular basis and have a strategy to safeguard the investhient proFJle. This is in light of a changing economic outlook for the United Kingdom. Going concern is not considered a probleJn for the foreseeable fijture. Incoming Resources Incoming resources are recognised on a receivable basis. as soon as the Charity has entitlement to the income. there is probability of receipt and fhe amount is quantifiable. d) Re50urce5 Expended Expenditure 15 recognised on an accruals basis, inclusive of irrecoverdble VAT. Charitable activities comprise expenditure associated with the provision of bursarieslscholarships for children, and include both the direct costs and support Costs relating to these activities. Governance costs for the year were £1 1.895 being the TMCP Administration Fees, independent examination fees and bank charges. These were ail fmanced by a contribution from Truro School.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACcOUs FOR THE YEAR ENDED 31 AUGU 2024 Fund Accounting General fund5 are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other pUoseS. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the note5 to the financial 5tatement5. Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by donors which have been raised by the company for particular purposes. The cost of fdising and administering such funds are Charged against the spe¢ifi¢ fund. The aim and use of each restricted fund is set out in the notes to the financial ststements. Endowment funds are where the donor has specified the funds are invested and only the income may be used for a specified purpose. Investment Policy Income from investhients is accounted for as it accrues. Investments are acquired in accordance with the powers available to the Trustees. Investments are shown at market value. Reali5ed and unrealised gains and1055es are shown in the Statement of Financial Activities. FtnAnciAI instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instrument5. Basi¢ financial instruments are initially re¢ognised at transaction value and subsequently measured at their settlement value. INCOME FROM DONATIONS AND LEGACIES 2024 2023 Donations Legacies Gift Aid 241.110 324,719 7,228 299 788 411002 Income from donations and legacies was £241.110 (2023: £331.947) of which £3,729 (2023.. £1.915). was unrestricted. £220.000 was specified by the donor to be used for the Music School project. INVESTMENTS 2024 Market Value 2023 Market Value At I September 2023 Additions Disposals Unrealised Gainl(Loss) Total Investments (excluding cash) 643.039 617.287 (282.412) 649.028 1,003,019 (993.318) QIS 690 643,039 .065.314 At 31 August 2024 1065 314 Cost of Inveslments 1142 443 io
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNrs FOR THE YEAR ENDED 31 AucU 2024 DEBTORS 2024 2023 Gift aid Owed from Truro Schwl 58.678 15,946 1.555 3,300 74.624 4,855 CREDITORS: AMOUNTS DUE WITHiN I YEAR 2024 2023 Owing to Truro School Accruals 2,040 1,800 2,040 1,800 FUNDS 2024 Balance at I September 2023 Income Expenditure Other Balance at 31 August 2024 Endoivment Funds 337,500 60,572 (11,531) 16.895 403,436 Restricted Funds 153,423 221.785 7.050 382,258 Unrestricted Fund 24,711 37,794 (35,075) 27.430 Designated Fund 673 742 732 967 Total Funds 89 341210 .9.5L 546 091
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 FU]YDS 2023 Balance at I September 2022 Income Expenditure Other Balance at 31 August 2023 Endoivment FMNd5 337,500 19.014 337,500 153,423 Restricted Funds 146.138 (10,160) (1,569) Unrestricted Fund 14,381 23.159 (12.829) 24,711 Designated Fund 675 822 317 673.742 Total Fund5 836 434.032 65 .06 1189 376 Unrestricted Fund The designated 'Bur5aries Fund. represents unrestricted funds taIned to provide bursaries for children who, with the demise of the GovernmentAssisled Places Scheme. would not othen¥isebe able to attend Truro School. The Trustees, policy is to build up this fund frorn donations froln Truro School and others, and to use the income acc1ng and past growth on the investments to fund the bursaries. Restricted Fujjds Restricted Fund5 are made up a5 follow5: A legacy to be used for a scholarship in the name of Mr William Andrew. which will enable pupils to come to Truro School. A donation from the Truro School Fornier Pupi15 Association, for the purpose of allowing Sixth Forn] students, receiving a Means Tested Bursary, to trdvel to universities to attend interviews. open days. etc. A grant from The Bishopsdown Trust which will allow a chosen Truro School pupil to benefit from additional music lessons. One Hundred Pounds of this fund also relates to a donation which was received with the Strict expression to be paid to help piipils pay for their Sports Kit on the Assisted Places Scheme. Donation5 from Mr Tim Henderson (a fonner pupil of Truro School), to be used specifically for Sixth Forni bursaries. A legacy to be used for a Methodist Student or a named prize in divinity. A legacy of £220,000 to be used towards the School's new Music School Project. Endoivment Fund A donation of £337,500 was invested into a pennanent endowment fund in 2023. the income from the investments to be used for sixth fonn bursaries on an annual basis. 12
TRURO SCHOOL FOUNDATION LIMITED IYOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES No Trustees received any exTren5es or remunerdtion from the company. INDEPENDENT EXAMINERS REMUNERATION 2024 2023 Independent Examiner's Fees 1,800 1,800 RELATED PARTY TRAIYSAcfioNS During the year, the Trustees made donations to Truro School Foundation Limited. The aggregate amount of these donations totalled £0 (2023- £120). At the year-end, the charity was due £1 5.946 (2023: £3.300.55 from Trnro School. a Charity in which two trustees of Truro School Foundation Limited are also trustees. During the year, the charity made net grant payments to the School amounting to £60,000 (2023: £60.000). io. ANALYSIS OF NET AETs 2024 Elldowme]]t Restricted Ullre5tricted Total 2024 Total 2023 Fixed Assets- Investhient Current Assets Current Liabilities 356,905 46,531 160,473 221,785 547,936 214.501 (2.040) 1,065,314 482.817 (2,040) 643.039 548,137 (1,800) 403.436 382.258 760,397 1,546,091 1,189,376 ANALYSIS OF NET ASSETS 2023 Endoivment Restricted Uurestricted Total 2023 Total 2022 Fixed Assets- Inveslment Cunent Assets Current Liabilities 144,569 8,854 498,470 643,039 201,783 548.137 (1.800) (1.800) 337.500 649,028 188,663 (1.350) 337.500 153.423 698.453 1.189,376 836,341 13
TRURO SCHOOL FOUNDATION LIMITED STATEMENT OF FINANCIAL AcfiviTILS INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 FAdoivmart Deslgnated Restrltted 2023 2022 Notes INCOME FROM: Donations and legacies Investment income Infrresl Received Conlriknilions from Tnwo SclKJoI 3373M) 1.915 54J59 17228 1.786 411.002 17.858 26 5.146 30.681 15.447 26 5.146 3.559 TotAI Ineoine 3371 23.159 54J59 19.014 434.032 49.687 EXPENDITURE Chnritable activitiey Grnnls made 10 Tniro SchcK)l- Mefjns Tested Biirs8ries aranls mfide- Ott*r GovernAnce costs Total eXpdi¢llre 42.317 10.000 60.000 50JIOO 160 481 3559 54.040 12. 42J17 10.160 ET INCOMFJ(EXPENDITURE) BEFORE OIIIER RECOGNISED GAINS AND 3375) LOSSLS iOJ30 A2,042 8.854 368.T26 (4J53) Otha. R¢eoEnlsed GAln5 And t$8¢5 Realised and Unrealised losses on investinent assets MOVEMENT IN FUNDS (14,122) (i (15.691) (56264) 3375 IOJ30 (80) 7285 353.035 (j.61 BHlllnces broiiglit forward at I September 2022 14J81 675.822 146.138 836.341 896.958 BAIAnce eArrled forwArd At 31 August 2023 3375(VJ 24.711 673.742 153.423 1.189.376 836.341 14
TRURO SCHOOL FOUNDATION LIMITED ACCOUNTS AND REPORT FOR THE YEAR ENDED 31ST AUGUST 2024 The eharitable company 15 9 regjstered chgrity 1070969 nd the registered company is 03582642
TRURO SCHOOL FOUNDATION LIMITED Year ended 31 August 2024 CONTETr4TS Page Trustees and advisors Trustees. Annual Report 34 Lndependenl Examiner'5 Report Statement of Financial A1vItieS Balance Sheet Statement of Cash Fluws Note5 to the Accounts 9-14
TRURO SCH(K)L FOUNDATION LIMITED TRUSTEES AND ADVISORS TRUSTEKS The TrLislee4 who are also the Directors of the Company for the purposes of the Companies ACL who served during the year and since were: Mr PN Ashcroft Mr T Bunling Mr W Conchie Mr R Cowie Mr G Chegwidden MrJ Eddy Mr P Munro-Lott Mr8 B Scarsbrook Mr P Slethridge Mr R Thomas Former Pupil Friend of Truro School Fomier Parent - ResiEned 1010712024 Fomier Parent Former Pupil Former Pupil and Parent Fornier Parent Former Pupil- Resigned 3110812024 Governor of Truro School and Fomer Pupil Chair of Governors of Tnwo School and Forn)er Parent Clauses 29, 30 and 32 of the Articles of Association provide that at each annual generdl mcetinE one-thtrd of the Trustees shall retire but may be reappointed and that the retiring TTUStee shall be the one who has been longest in office. ADVISORS Indepejjdeut Examiner Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW BAnker5 HSBC plc 17 Boscawen Street Truro, Cornwall TRI 2Q7 Solieitors Pothcary Witham Weld 70 St George's Square London SWIV 3RD Stephens and Scown Osprey House. Malpas Road Truro, Cornwall TRI IUT Registered Offlee Tnwo School Trennick Lane Truro. Cornwall TRI ITH
TRURO SCHOOL FOUNDATION LIMITED TRUSTEES, REPORT The Tustees present their Annual report together with the accounts and independeni examination report for the year ended 31 August 2024. The fanal statements comply with the Charities Act 2011, Companies Act 2006, the Memordndum and Articles of Associalion. and with the Charitie5 Siatement of Recominended Praclice C'charilies SORP") (applicable to charilies preparing their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. FRS 102) issued in October 2019. OBJECTS The objects as set out in the Memordndum of Association are the provision of education or the grant of educational bursaries for pupils attending, or to altend, Tn0 School. More specifically the Truslees, policy is to build up a designated fund (' Bursaries Fund,) from donations from Truro School. alumni and others and use the income accruing and past growth on the investments to provide bursaries for children who. with the demise of the GoverJ]ment Assisted Places Schem4 could not otherwise attend Tnwo School. STRUCTURE, COVERNANCE AND MANACEMENT The Trustees of the Company are appointed in accordance with the Articles of Association. It was agreed by the First Trustees that the minimum number of Trustees shall for the time being. be and remain al three. The Thistees ongoing ining is addressed in conjunction with the 0rdtiOn of Truro School. a connected charity. FINANCIAL AcfiviTIES AND RESULTS The Trustees confirn] that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to public benefit guidance published by the Colnmission in deterniining ihe activities undertaken by the Charity. In line with the objectives as stated abov4 the charity continued its efforts during the year to attract further donations. and made a contribution of £60.000 to help fund the bursaries provided by Tnwo School in the same year. A donation of £220.000 was received on 4 July 2024 to be used lo support the new Music School Project. The financial results for the year are set out in the Statement of Financial Activities on page 6. The Investments as held in the Balance Sheet are reviewed annually to ensure the asset allocation slrdtegy is such lo make sure a consistent level of return is achieved in order to fulfil the objective of bursary assistance. RESERVES POLICY At 31 August 2024 ihe charity had unrestricted fund5 of £760,397. These included investtnent5 valued at £1,065,314. The Trustees aim to increase the reserves so as to enable the charity to continue to fulfil ils objects. The policy will be reviewed by the Trustee5 on an annual basis. CRANTS POLICY The Trustee5' policy is lo donale the majority of the investmenl income and past growth on the investment5 to Truro School to help it meet the cos1 of bursaries awarded to pupils under its own a55iSted places scheme. Permi55ion has been granled by the Charities Commission to sell any Inveslments held and transfer ihe prLKeeds lo Truro School by way of a granl, should the Truro School Foundation Trustees permit. INVESTMENT POWERS, POLICY AND PERFORMANCE The investment powers are derived from the Trustee Investment Act 2000. The Investments are managed on behalf of the Charity by Epworih Investment Management Limited in accordance with the Charity's policy. so as to ensure professional management and to provide returns in line with the relevant indices. During the year the investments performed in line with this policy. The policy is reviewed annually in conjunction with the Investment Managers. IUSK REVIEW The major risk to which the charity is exposed lo is the under perforniance of the Inveslmenls, the steps taken lo mitigate this is to evaluate the portfolio in conjunction with the fund manager and move the fLinds in accordance with the Investment Strategy.
TRURO SCHOOL FOUNDATION LIMITED TRUSTEES, REPORT (continued) CONNECTED CHARITY Truro School Foundation Limited is closely related to the Methodist Independent Sehools Trust of which Truro School 15 a division. The Chair of Governors OfTr0 School served as Trustee of the Company during the year. Tr0 School Foundation Limited and Truro School are administered by the Same staff. At the date of signing two of the Trn5tees were Governor5 of Truro School. FUTURE PLANS The future plans for the Charity are to raise further funds from appeals and otherwise, and to go from strength to Strength. This will be achieved by maintaining and building on strong connections Wlth the whole Truro School Community comprising alumni, parents, fonner parents and the local business community. The Truro School Foundalion Limited is also looking at the various ivays it can support the Truro School further with its bursaries and other needs. GOING CONCERN The Iruslees have considered the cost of living on the charity's ability to continue in operation for the foreseeable fulure. We believe the charity has sufficieni fund5 in place and cash ai bank to be able lo pay ihe charity's liabilities as they fall due wiihin the next twelve months from the date these fmancial statements were signed. Thus. the trnstees continue to adopt the going ¢on¢em basis of a¢¢ounting in preparing the fmancial statements. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Truslees (who are a150 Ihe directors of Truro School Foundation Limited for the pu05e5 of company law) are responsible for preparing the Trustees. Report and the FuncIal statements in accordance with applicable law and United Kingdom A¢¢ounting Stsndards (United Kingdom Generally A¢cepted A¢¢ounting Prd¢ti¢e). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the stste of affairs of the Charitable Company and of the incoming resources and application of resources, including income and expendihlre. of the Charitsble Company for that period. In preparing these financial statements, the Trustees are required to- Select suitable accounting policies and then apply them consistently. Observe the methods and principles in the Charities SORP. Make judgements and eslimates that are reasonable and prudent. State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slatements. Prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the company will continue in busine5S. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the Charitsble Company and enable them to ensure that the financial stalemenls comply with the Companies Act 20(. They are also re5pon5ible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and deiection of fraud and other irregularities. INDEPENDENT EXAMINERS Crowe U.K. LLP have been reappointed as the independent examiner for the ensuring year. Approved by the Trustees at their meeting on 4 February 2025 and signed on their behalf by: Rob Cowie (Trustee)
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF TRURO SCHOOL FOUNDATION LIMITED I report to the trnstees on my examination of the accounts of Truro School Foundation Limited ('the Foundation.) for the year ended 31 August 2024, which are set out on pages 6 to 14. This report is made solely to the charitys trustees, as a body, in accordance with section 154 of the Charitie5 Act 2011. My independent examinerfs work has been undertaken so that I might state to the chariVs trustees those matters l am required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law, I do not accept or assume responsibility to anyone other than the charity, the charitvs members as a body and the charitrfs trustees as a tK)dy for my independent examinerfs work. for this report. or for the opinions I have formed. Responsibilities and basi8 of report As the charity tNstees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirenients of the Charities Act 20111.the ACV). I report in respect of my examination of the Foundation'5 accounts Caled out under section 145 of the 2011 Act and In carrying out my examination I have followed al the appliCae Directions given by the Charity Commission under section 1451Sllbl of the Act. Independent examiner's statement I have completed my examination. I confllin that no material matters have come to n)y attention in connection with the examination giving me reasonable cause to believe that in any material respect: accounting records were not kept in respect of the company as required by section 386 of the 2006 Ac¢ or the accounts do not accord with those records. or the accounts do not comply with the applicable requirements conceminE the fomi and content of accounts set out in the Charities IAccounts and Reports) Regulations 2008 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. l.have no concerns and have conie across no other matters in connection with the exaniination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Date.. 2 June 2025
TRURO SCHOOL FOUNDATION LIMITED STA TEMEIYT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2024 Endoivment Unrestrieted Designated Restrieted 2024 2023 Notes INCOME FROM: Donations and legacies Investment incolne Interest Received Contributions from Truro School Events In¢ome 55.000 3.686 355 1,531 3.729 16,070 3,867 10.364 3.764 37.794 21,059 220.000 299.788 .785 21,541 4,222 11.895 3,764 341.210 411,002 17.858 26 5.146 Total Income 60.572 21.059 221.785 434,032 EXPENDITURE Charitable activities Grants made to Truro Sthool- Means Tested Bursaries Grants made- Other Governance costs Total expenditure 10.( 24.711 25,289 60,000 60,000 160 5.146 65.306 1,531 11,531 10.364 35.075 11.895 71,895 25,289 NET INCOMEI(EXPENDITURE) BEFORE OTHER RECOGNISED GAINS AND 49,041 LOSSES 2.719 (4230) 221.785 269,315 368.726 OtherRecognised Gains and Losses Realised and Unrealised gainsl (losses) on investthent assets MOVEMENT IN FUNDS 16.895 63.455 7,050 87.400 (15.691) 65.936 2,719 59,225 228,835 356,715 353,035 Balances brought foriyard 3t I September 2023 337.500 24.711 673,742 153,423 1,189,376 836.341 B818nce carried fonvard at 31 Au%ust 2024 403,436 27,430 732.967 382.258 1,546,091 1,189,376 Tlie notes on pages 9 to 14 forn) part of these account5.
TRURO SCHOOL FOUIYDATION LIMrfED Company nurnber 03582642 BALAIYCE SHEET AS AT 31 AUGUST 2024 ote5 2024 2023 FIXED ASSETS Investsnents 1.065.314 643.039 CURRENT ASSETS Debtors- Gift aid Debtors - Truro School Cash held by investsnent managers Cash in bank and in hand 58,678 15,946 81.301 326.892 ,555 3.300 62,308 480.974 TOTAL CURRENT ASSETS 482,817 548,137 CREDITORS: amouThts due within one year (2,(MO) (1.800) NET CURRENT ASSETS 480,777 546,337 NET ASSETS 1.546.091 1,189,376 REPRESEIYTED BY: Unrestricted funds- General Unrestricted funds- Designated- Bursary Fund 27.430 732.967 24,711 673,742 Total unrestricted fijnds 763.397 698,453 Restricted funds Endowment fuThd 382,258 403,436 153.423 337.500 1.546.091 1.189.376 For the yearended 31 August2024 the company was entitled to exemption fom) audit under section 477 of the Companies Act 2006 relating to small companies. Directors and lrnslees reslSIbilItIes. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476" and The directors and trustees acknowledge theii responsibilities for complying with the requirements of the Act with respect to accouThting records and the preparation of accounts. Approved and authorised for issue by the Trustees ai their meeting on 5 February 2025 and signed on their behalf by: Rob Cowie ntee Nigel As The notes on pages 9 to 14 forni part of these accounts.
TRURO SCHOOL FOUNDATION LIMITED STATEMENT OF CASH FLOWS AS AT 31 AUGUST 2024 2024 2023 CASH FLOW FROM OPERATING A1vITIEs. Net income from the reporting period (as per slatement of financial activities) Adjustments for: (Gains)ILosses on investment assets Dividends and interest (Increase) in Debtors Increase in Creditors NET CASH PROVIDED BY OPERATING AcfiviTIES 356,715 353,035 (87.400) (25.763) (69,769) 240 15,692 (17,884) (1,020) 450 350 273 CASH FLOW FROM INVESTING AcfiviTIES: Dividends and interest Proceeds from sale of shares Payments for Plirchase of shares NET CASH (EXPENDEDII RECEIVED FROM INVESTING AcfivITIES 25,763 282,411 617 287 309.113 17.884 993,318 (1003 019 CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD Cash and cash equivalents at the beginning of the reporting period CASH AND CASH EQUIVALEIYTS AT THE EIYD OF THE REPORTING PERIOD 135,090 543,283 358 456 184,827 408.193 543 283 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Cash held in investments 326.892 81,301 408 193 480,974 543,283
TRURO SCHOOL FOUNDATION LIMITED NiyfES TO THE ACCOUN]5 FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUI4TING POLICIES General Information Truro School Foundotion Limited ("the Charitsble Company") is a company limited by guarantee incorporated in England and has no share capital. The registered office address of the Company is Thwo Sch1 Trennick Lane, Truro, Cornwall. TRI ITH. In the event of the charity being wound up. the liability in respect of the guarnntee is limited to £1 O permember of the charity. Basis of Preparation The fiThancial statements have been prepared in accordance with the Charities: Statement of RecomnieThded Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2016. Truro School Foundation Limited meets the defjnition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or ttansaction value unless otherwise stated in the relevant accounting policy notes. b) Preparalion of the accounts on a going concern b951S The Trustees meet on a regular basis and have a strategy to safeguard the investhient proFJle. This is in light of a changing economic outlook for the United Kingdom. Going concern is not considered a probleJn for the foreseeable fijture. Incoming Resources Incoming resources are recognised on a receivable basis. as soon as the Charity has entitlement to the income. there is probability of receipt and fhe amount is quantifiable. d) Re50urce5 Expended Expenditure 15 recognised on an accruals basis, inclusive of irrecoverdble VAT. Charitable activities comprise expenditure associated with the provision of bursarieslscholarships for children, and include both the direct costs and support Costs relating to these activities. Governance costs for the year were £1 1.895 being the TMCP Administration Fees, independent examination fees and bank charges. These were ail fmanced by a contribution from Truro School.
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACcOUs FOR THE YEAR ENDED 31 AUGU 2024 Fund Accounting General fund5 are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other pUoseS. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the note5 to the financial 5tatement5. Restricted funds are funds which are to be used in accordance with Specific restrictions imposed by donors which have been raised by the company for particular purposes. The cost of fdising and administering such funds are Charged against the spe¢ifi¢ fund. The aim and use of each restricted fund is set out in the notes to the financial ststements. Endowment funds are where the donor has specified the funds are invested and only the income may be used for a specified purpose. Investment Policy Income from investhients is accounted for as it accrues. Investments are acquired in accordance with the powers available to the Trustees. Investments are shown at market value. Reali5ed and unrealised gains and1055es are shown in the Statement of Financial Activities. FtnAnciAI instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instrument5. Basi¢ financial instruments are initially re¢ognised at transaction value and subsequently measured at their settlement value. INCOME FROM DONATIONS AND LEGACIES 2024 2023 Donations Legacies Gift Aid 241.110 324,719 7,228 299 788 411002 Income from donations and legacies was £241.110 (2023: £331.947) of which £3,729 (2023.. £1.915). was unrestricted. £220.000 was specified by the donor to be used for the Music School project. INVESTMENTS 2024 Market Value 2023 Market Value At I September 2023 Additions Disposals Unrealised Gainl(Loss) Total Investments (excluding cash) 643.039 617.287 (282.412) 649.028 1,003,019 (993.318) QIS 690 643,039 .065.314 At 31 August 2024 1065 314 Cost of Inveslments 1142 443 io
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNrs FOR THE YEAR ENDED 31 AucU 2024 DEBTORS 2024 2023 Gift aid Owed from Truro Schwl 58.678 15,946 1.555 3,300 74.624 4,855 CREDITORS: AMOUNTS DUE WITHiN I YEAR 2024 2023 Owing to Truro School Accruals 2,040 1,800 2,040 1,800 FUNDS 2024 Balance at I September 2023 Income Expenditure Other Balance at 31 August 2024 Endoivment Funds 337,500 60,572 (11,531) 16.895 403,436 Restricted Funds 153,423 221.785 7.050 382,258 Unrestricted Fund 24,711 37,794 (35,075) 27.430 Designated Fund 673 742 732 967 Total Funds 89 341210 .9.5L 546 091
TRURO SCHOOL FOUNDATION LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 FU]YDS 2023 Balance at I September 2022 Income Expenditure Other Balance at 31 August 2023 Endoivment FMNd5 337,500 19.014 337,500 153,423 Restricted Funds 146.138 (10,160) (1,569) Unrestricted Fund 14,381 23.159 (12.829) 24,711 Designated Fund 675 822 317 673.742 Total Fund5 836 434.032 65 .06 1189 376 Unrestricted Fund The designated 'Bur5aries Fund. represents unrestricted funds taIned to provide bursaries for children who, with the demise of the GovernmentAssisled Places Scheme. would not othen¥isebe able to attend Truro School. The Trustees, policy is to build up this fund frorn donations froln Truro School and others, and to use the income acc1ng and past growth on the investments to fund the bursaries. Restricted Fujjds Restricted Fund5 are made up a5 follow5: A legacy to be used for a scholarship in the name of Mr William Andrew. which will enable pupils to come to Truro School. A donation from the Truro School Fornier Pupi15 Association, for the purpose of allowing Sixth Forn] students, receiving a Means Tested Bursary, to trdvel to universities to attend interviews. open days. etc. A grant from The Bishopsdown Trust which will allow a chosen Truro School pupil to benefit from additional music lessons. One Hundred Pounds of this fund also relates to a donation which was received with the Strict expression to be paid to help piipils pay for their Sports Kit on the Assisted Places Scheme. Donation5 from Mr Tim Henderson (a fonner pupil of Truro School), to be used specifically for Sixth Forni bursaries. A legacy to be used for a Methodist Student or a named prize in divinity. A legacy of £220,000 to be used towards the School's new Music School Project. Endoivment Fund A donation of £337,500 was invested into a pennanent endowment fund in 2023. the income from the investments to be used for sixth fonn bursaries on an annual basis. 12
TRURO SCHOOL FOUNDATION LIMITED IYOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES No Trustees received any exTren5es or remunerdtion from the company. INDEPENDENT EXAMINERS REMUNERATION 2024 2023 Independent Examiner's Fees 1,800 1,800 RELATED PARTY TRAIYSAcfioNS During the year, the Trustees made donations to Truro School Foundation Limited. The aggregate amount of these donations totalled £0 (2023- £120). At the year-end, the charity was due £1 5.946 (2023: £3.300.55 from Trnro School. a Charity in which two trustees of Truro School Foundation Limited are also trustees. During the year, the charity made net grant payments to the School amounting to £60,000 (2023: £60.000). io. ANALYSIS OF NET AETs 2024 Elldowme]]t Restricted Ullre5tricted Total 2024 Total 2023 Fixed Assets- Investhient Current Assets Current Liabilities 356,905 46,531 160,473 221,785 547,936 214.501 (2.040) 1,065,314 482.817 (2,040) 643.039 548,137 (1,800) 403.436 382.258 760,397 1,546,091 1,189,376 ANALYSIS OF NET ASSETS 2023 Endoivment Restricted Uurestricted Total 2023 Total 2022 Fixed Assets- Inveslment Cunent Assets Current Liabilities 144,569 8,854 498,470 643,039 201,783 548.137 (1.800) (1.800) 337.500 649,028 188,663 (1.350) 337.500 153.423 698.453 1.189,376 836,341 13
TRURO SCHOOL FOUNDATION LIMITED STATEMENT OF FINANCIAL AcfiviTILS INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023 FAdoivmart Deslgnated Restrltted 2023 2022 Notes INCOME FROM: Donations and legacies Investment income Infrresl Received Conlriknilions from Tnwo SclKJoI 3373M) 1.915 54J59 17228 1.786 411.002 17.858 26 5.146 30.681 15.447 26 5.146 3.559 TotAI Ineoine 3371 23.159 54J59 19.014 434.032 49.687 EXPENDITURE Chnritable activitiey Grnnls made 10 Tniro SchcK)l- Mefjns Tested Biirs8ries aranls mfide- Ott*r GovernAnce costs Total eXpdi¢llre 42.317 10.000 60.000 50JIOO 160 481 3559 54.040 12. 42J17 10.160 ET INCOMFJ(EXPENDITURE) BEFORE OIIIER RECOGNISED GAINS AND 3375) LOSSLS iOJ30 A2,042 8.854 368.T26 (4J53) Otha. R¢eoEnlsed GAln5 And t$8¢5 Realised and Unrealised losses on investinent assets MOVEMENT IN FUNDS (14,122) (i (15.691) (56264) 3375 IOJ30 (80) 7285 353.035 (j.61 BHlllnces broiiglit forward at I September 2022 14J81 675.822 146.138 836.341 896.958 BAIAnce eArrled forwArd At 31 August 2023 3375(VJ 24.711 673.742 153.423 1.189.376 836.341 14