## **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 A￿1vItieS
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 f￿an￿al 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, Tn￿0 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 0￿rdtiOn 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 OfT￿r0 School served as Trustee of the Company during the year. T￿r0
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 pu￿05e5 of company law) are
responsible for preparing the Trustees. Report and the Fu￿ncIal 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 Ca￿led out under section 145 of the 2011 Act and
In carrying out my examination I have followed al the appliCa￿e 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 res￿l￿SIbilItIes.
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
n￿tee
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 A￿1vITIEs.
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 Sch￿1 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 ACcOU￿s
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 pU￿oseS.
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
acc￿1ng 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 A￿ETs 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
337￿1
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 eXp￿di¢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 A￿1vItieS
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 f￿an￿al 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, Tn￿0 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 0￿rdtiOn 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 OfT￿r0 School served as Trustee of the Company during the year. T￿r0
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 pu￿05e5 of company law) are
responsible for preparing the Trustees. Report and the Fu￿ncIal 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 Ca￿led out under section 145 of the 2011 Act and
In carrying out my examination I have followed al the appliCa￿e 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 res￿l￿SIbilItIes.
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
n￿tee
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 A￿1vITIEs.
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 Sch￿1 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 ACcOU￿s
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 pU￿oseS.
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
acc￿1ng 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 A￿ETs 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
337￿1
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 eXp￿di¢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