Trustees Annual Report for The Truro School Foundation for the Year ending 31 August 2025
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 trustees 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
Together, our community provided
-
£135,564 in major and regular giving
-
£158,968 from gifts in Wills
-
£26,207 in additional Gift Aid – helping to enhance generosity and impact
How our community chose to give
-
Regular gifts providing stability and impact
-
One-off support at critical moments
-
Major gifts enabling wider ambition
-
Legacy pledges shaping future generations
Charitable donations to Truro School Foundation supported more than education. They changed trajectories.
Because of our community:
-
£189,551 was awarded in transformative bursaries (representing a 216% uplift from 2024)
-
To date, £46,326 has been donated to the Music Project appeal from proud Old Truronians, engaged parents and supportive charity partnerships.
-
Pupils remained at Truro School during moments of family difficulty
-
Confidence replaced uncertainty
-
Potential was given room to grow
The Future Ahead
As Truro School moves towards its 150th anniversary in 2030, Truro School Foundation has a unique opportunity to build upon its historical impact and create an even greater impact for pupils, the School and the wider community.
Over the next 12 months, the Foundation will aim to expand access to a transformational Truro School education through bursary support, ensuring that talented young people can thrive regardless of their financial circumstances. At the same time, we will strengthen our culture of philanthropy, engaging alumni, parents and friends in a shared commitment to opportunity, excellence and social mobility.
A significant priority will be maximising the impact of the new Music Centre. Through a dedicated programme of performances, masterclasses, community partnerships and fundraising initiatives, we will showcase the centre as a beacon for music education in Cornwall - enriching the lives of current pupils while inspiring future generations of musicians and performers.
We’ll aim to deepen relationships with our supporters, ensuring that every donor understands the difference their generosity makes. By listening carefully to our community and aligning philanthropic support with meaningful strategic priorities, we aim to foster long-term partnerships that deliver lasting benefit.
Looking ahead, attracting new supporters and growing sustainable philanthropic income will remain central to our ambitions. Every gift, regardless of size, will help us invest in pupils, programmes and facilities that strengthen Truro School's educational mission and extend its positive impact.
Together, we are not simply fundraising for the future - we are creating opportunities, changing lives and building a legacy worthy of Truro School's 150-year history.
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 and capital projects. 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 your support. Thank you for believing in what Truro School Foundation stands for.
A huge thank you also comes from our current talented Foundation Award holders, whose lives you are positively changing through the power of a Truro School education.
Stay Connected
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See the impact unfold: https://www.truroschool.com/foundation/
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Visit when you can: https://www.truroschool.com/oldtruronians/arrange-a-visit/
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Speak with us: Call Sam Willsher on 01872 246094 or email foundation@truroschool.com
Truro School Foundation (charity number 1070969)
Company number 03582642 Address: Truro School, Tower Office, Trennick Lane, Truro, TR1 1TH Website: https://www.truroschool.com/foundation/
Report written by Sam Willsher, Clerk to Truro School Foundation and Development & Alumni Relations Manager at Truro School.
TRURO SCHOOL FOUNDATION LIMITED
ACCOUNTS AND REPORT
FOR THE YEAR ENDED 31ST AUGUST 2025
The charitable company is a registered charity no. 1070969 and the registered company no. is 03582642
TRURO SCHOOL FOUNDATION LIMITED
Year ended 31 August 2025
| CONTENTS | Page |
|---|---|
| Trustees and advisors | 2 |
| Trustees Annual Report | 3-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the Accounts | 10-15 |
TRURO SCHOOL FOUNDATION LIMITED
TRUSTEES AND ADVISORS
TRUSTEES
The Trustees who are also the Directors of the Company for the purposes of the Companies Act, who served during the year and since were:
Mr PN Ashcroft Former Pupil Mr T Bunting Friend of Truro School Mr R Cowie Former Parent Mr G Chegwidden Former Pupil Mr J Eddy Former Pupil and Parent Mr P Munro-Lott Former Parent Mr B Stethridge Former Pupil Mr R Thomas Former Parent Mr M Ayliffe Former Parent Mrs J Pierce Former Pupil - formally appointed on 1 September 2025 from secondment
Clauses 29,30 and 32 of the Articles of Association provide that at each annual general meeting one-third of the Trustees shall retire but may be reappointed and that the retiring Trustee shall be the one who has been longest in office.
ADVISORS
Independent Examiner Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers HSBC plc 17 Boscawen Street Truro, Cornwall TR1 2Q7 Solicitors Pothcary Witham Weld 70 St George's Square London SW1V 3RD Registered Office Truro School Trennick Lane Truro , Cornwall TR1 1TH
2
TRURO SCHOOL FOUNDATION LIMITED
TRUSTEES REPORT
The Trustees present their Annual report together with the accounts and independent examination reports for the year ended 31 August 2025. The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum and Articles of Association, and with the Charities Statement of Recommended Practice ("Charities SORP") (applicable to charities preparing their accounts in accordance with the Finance Reporting Standard applicable in the UK and the Republic of Ireland; FRS102) issued in October 2019.
OBJECTS
The objects as set out in the Memorandum of Association are the provision of education or the grant of educational bursaries for pupils attending, or to attend Truro School. More specifically the Trustees' 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 Government Assisted Places Scheme, could not otherwise attend Truro School.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees of the Company reappointed 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 at three. The Trustees ongoing training is addressed in conjunction with the operation of Truro School, a connected charity.
FINANCIAL ACTIVITIES AND RESULTS
The Trustees confirm 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 Commission in determining the activities undertaken by the Charity.
In line with the objectives as stated above, the charity continued its efforts during the year to attract further donations, and made a contribution of £189,551 to help fund bursaries provided by Truro School in the same year.
The financial results for the year are set out in the Statement of Financial Activities on page 7.
The Investments as held in the Balance Sheet are reviewed annually to ensure the asset allocation strategy is such to make sure a consistent level of return is achieved in order to fulfil the objective of bursary assistance.
RESERVES POLICY
At 31 August 2025, the charity had unrestricted funds of £825,314. These included investments valued at £563,064. The Trustees aim to increase the reserves so as to enable the charity to continue to fulfil its objects.
The policy will be reviewed by the Trustees on an annual basis.
3
TRURO SCHOOL FOUNDATION LIMITED
TRUSTEES REPORT (continued)
GRANTS POLICY
The Trustees' policy is to donate the majority of the investment income and past growth on the investments to Truro School to help it meet the cost of bursaries awarded to pupils under its own assisted places scheme. Permission has been granted by the Charities Commission to sell any Investments held and transfer the proceeds to Truro School by way of grant, 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 Epworth 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.
RISK REVIEW
The major risk to which the charity is exposed to is the under performance of the investments, the steps taken to mitigate this is to evaluate the portfolio in conjunction with the fund manager and move the funds in accordance with the Investment Strategy.
CONNECTED CHARITY
Truro School Foundation Limited is closely related to the Methodist Independent Schools Trust of which Truro School is a division. The Chair of Governors of Truro School served as a Trustee of the Company during the year. Truro School Foundation Limited and Truro School are administered by the same staff. At the date of signing, two of the Trustees were Governors 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 with the whole Truro School Community comprising of Alumni, parents, former parents and the local business community. The Truro School Foundation Limited is also looking at the various ways it can support Truro School further with its bursaries and other needs.
GOING CONCERN
The trustees have considered the cost of living on the charity's ability to continue in operation for the foreseeable future. We believe the charity has sufficient funds in place and cash at bank to be able to pay the charity's liabilities as they fall due within the next 12 months from the date that the financial statements were signed. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
4
TRURO SCHOOL FOUNDATION LIMITED
TRUSTEES REPORT (continued)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of Truro School Foundation Limited for the purposes of company law) are responsible for the preparing of the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdon Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including income and expenditure, of the Charitable 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;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT EXAMINERS
Crowe U.K. LLP have been reappointed as the independent examiner for the ensuing year.
Approved by the Trustees at their meeting on 3 February 2026 and signed on their behalf by:
….......................................................... Rob Cowie (Trustee)
5
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF TRURO SCHOOL FOUNDATION LIMITED
I report to the trustees on my examination of the accounts of Truro School Foundation Limited ("the Foundation") for the year ended 31 August 2025, which are set out in pages 7-15.
This report is made solely to the charity's trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the Charity's trustees those matters I am required to state to them in an independent examiners report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other that the charity, the charity's members as a body and the charity's trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Foundation's accounts carried out under section145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145 (5) (b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my 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 Act; or
-
the accounts do not accord with these records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts 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.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Crowe U.K. LLP
55 Ludgate Hill London EC4M 7JW
Date: 23 April 2026
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TRURO SCHOOL FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
| Notes | Endowment | **Unrestricted ** | Designated | Restricted | 2025 | 2024 | |
|---|---|---|---|---|---|---|---|
| INCOME FROM: | |||||||
| Donations and legacies | 2 | 118,750 | 160,660 | 15,079 | 26,250 | 320,739 | 299,788 |
| Investment Income | 12,915 | 14,771 | - | 1,641 | 29,327 | 21,541 | |
| Interest Received | 399 | 8,306 | - | - | 8,705 | 4,222 | |
| Contributions from Truro School | 2,716 | 9,393 | - | - | 12,109 | 11,895 | |
| Events and Sundry Income | - | 22 | - | - | 22 | 3,764 | |
| Total Income | 134,780 | 193,152 | 15,079 | 27,891 | 370,902 | 341,210 | |
| EXPENDITURE | |||||||
| Charitable activities | |||||||
| Grants made to Truro School | 10,000 | 27,430 | 152,121 | - | 189,551 | 60,000 | |
| - means tested bursaries | |||||||
| Grants made - Other | - | - | - | - | - | - | |
| Governance costs | 2,716 | 9,393 | - | - | 12,109 | 11,895 | |
| Total expenditure | 12,716 | 36,823 | 152,121 | - | 201,660 | 71,895 | |
| NET INCOME/(EXPENDITURE) BEFORE OTHER | |||||||
| RECOGNISED GAINS AND | |||||||
| LOSSES | 122,064 | 156,329 | (137,042) | 27,891 | 169,242 | 269,315 | |
| Transfer between funds | 6 | (25,747) | 25,747 | ||||
| Other Recognised Gains and Losses | |||||||
| Realised and Unrealised gains/ | |||||||
| on investment assets | 19,965 | - | 19,883 | 2,209 | 42,057 | 87,400 | |
| MOVEMENT IN FUNDS | 116,282 | 182,076 | (117,159) | 30,100 | 211,299 | 356,715 | |
| Balances brought forward | |||||||
| at 1 September 2024 | 403,436 | 27,430 | 732,967 | 382,258 | 1,546,091 | 1,189,376 | |
| Balances carried forward | |||||||
| at 31 August 2025 | 519,718 | 209,506 | 615,808 | 412,358 | 1,757,390 | 1,546,091 |
The notes on pages 10 - 15 form part of these accounts.
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TRURO SCHOOL FOUNDATION LIMITED
Company number 03582642
BALANCE SHEET
AS AT 31 AUGUST 2025
| Notes FIXED ASSETS Investments 3 CURRENT ASSETS Debtors - Gift Aid 4 Debtors - Truro School 4 Accrued Income 4 Cash held by investment managers Cash in bank and in hand TOTAL CURRENT ASSETS CREDITORS: amounts due within 1 year 5 NET CURRENT ASSETS NET ASSETS REPRESENTED BY: Unrestricted funds - General Unrestricted funds - Designated - Bursary Fund Total Unrestricted funds Restricted Funds Endowment Fund |
2025 £ 1,220,259 25,795 11,920 58,968 138,085 304,403 539,171 (2,040) 537,131 1,757,390 209,506 615,808 825,314 412,358 519,718 1,757,390 |
2024 £ 1,065,314 58,678 15,946 - 81,301 326,892 |
|---|---|---|
| 482,817 (2,040) 480,777 |
||
| 1,546,091 | ||
| 27,430 732,967 |
||
| 760,397 382,258 403,436 |
||
| 1,546,091 |
For the year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors and trustees responsibilities:
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 their responsibilities for complying with the requirements of
- the Act with respect to accounting records and the preparation of accounts.
Approved and authorised for issue by the Trustees at their meeting on 3 February 2026 and signed on their behalf by:
Rob Cowie
Nigel Ashcroft
The notes on pages 10 - 15 form part of these accounts.
8
TRURO SCHOOL FOUNDATION LIMITED
STATEMENT OF CASH FLOWS
AS AT 31 AUGUST 2025
| CASH FLOW FROM OPERATING ACTIVITIES: Net income from the reporting period (as per statement of financial activities) Adjustments for: (Gains) on investment assets Dividends and interest (Increase) in Debtors Increase in Creditors NET CASH PROVIDED BY OPERATING ACTIVITIES CASHFLOW FROM INVESTING ACTIVITIES: Dividends and interest Proceeds from sale of shares Payments from purchase of shares NET CASH (EXPENDED) FROM INVESTING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD Cash and cash equivalents at the beginning of the reporting period CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Cash held in investments |
2025 £ 211,299 (42,057) (38,032) (22,059) 0 109,151 38,032 132,504 (245,392) (74,856) 34,295 408,193 442,488 304,403 138,085 442,488 |
2024 £ 356,715 (87,400) (25,763) (69,769) 240 |
|---|---|---|
| 174,023 | ||
| 25,763 282,411 (617,287) |
||
| (309,113) | ||
| (135,090) | ||
| 543,283 408,193 |
||
| 326,892 81,301 |
||
| 408,193 |
9
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2025
1. ACCOUNTING POLICIES
General Information
Truro School Foundation Limited ("the Charitable Company") is a company limited by guarantee incorporated in England and has no capital.
The registered office address of the Company is Truro School, Trennick Lane, Truro, Cornwall, TR1 1TH.
In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
a) Basis of Preparation
The financial statements have been prepared in accordance with the Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2016.
b) Preparation of the accounts on a going concern basis
The Trustees meet on a regular basis and have a strategy to safeguard the investment profile, This is in light of a changing economic outlook for the United Kingdom. Going Concern is not considered a problem for the foreseeable future.
c) Incoming Resources
Incoming resources are recognised on a receivable basis, as soon as the Charity has entitlement to the income, there is a probability of receipt and the amount is quantifiable.
d) Resources Expended
Expenditure is recognised on an accruals basis, inclusive of irrecoverable VAT.
Charitable activities comprise expenditure associated with the provision of bursaries/scholarships for children, and include both direct costs and support costs relating to these activities.
Governance costs for the year were £12,109, being the TMCP Administration Fees, Independent Examination Fees and Bank Charges. These were all financed by a contribution from Truro School.
10
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
e)
Fund Accounting
General funds are unrestricted funds which are available for use at the direction of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
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 notes to the financial statements.
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 raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Endowment funds are where the donor has specified the funds are invested and only the income may be used for a specific purpose.
f) Investment Policy
Income from investments is accounted for as it accrues. Investments are acquired in accordance with the powers available to the Trustees. Investments are shown at market value. Realised and Unrealised Gains and Losses are shown within the Statement of Financial Activities.
g) Financial Instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. INCOME FROM DONATIONS AND LEGACIES
| Donations Legacies Gift Aid |
2025 £ 135,564 158,968 26,207 320,739 |
2024 £ 241,110 - 58,678 |
|---|---|---|
| 299,788 |
Income from donations and legacies was £320,739 (2024: £241,110) of which £160,660 (2024: £3,729), was unrestricted.
11
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
| 3. INVESTMENTS At 1 September 2024 Additions Disposals Unrealised Gains/(Losses) At 31 August 2025 Cost of Investments 4. DEBTORS Gift aid Owed from Truro School Accrued Income - Legacy 5. CREDITORS: AMOUNTS DUE WITHIN 1 YEAR Owing to Truro School Accruals 6 FUNDS 2025 Balance at Income 1 September 2024 Endowment Funds 403,436 134,780 Restricted Funds 382,258 27,891 Unrestricted Funds 27,430 193,152 Designated Funds 732,967 15,079 Total Funds 1,546,091 370,902 |
3. INVESTMENTS At 1 September 2024 Additions Disposals Unrealised Gains/(Losses) At 31 August 2025 Cost of Investments 4. DEBTORS Gift aid Owed from Truro School Accrued Income - Legacy 5. CREDITORS: AMOUNTS DUE WITHIN 1 YEAR Owing to Truro School Accruals 6 FUNDS 2025 Balance at Income 1 September 2024 Endowment Funds 403,436 134,780 Restricted Funds 382,258 27,891 Unrestricted Funds 27,430 193,152 Designated Funds 732,967 15,079 Total Funds 1,546,091 370,902 |
2025 2024 Market Market Value Value £ £ 1,065,314 643,039 245,392 617,287 (132,504) (282,412) 42,057 87,400 1,220,259 1,065,314 1,220,259 1,065,314 1,110,920 9��,9�� 2025 2024 £ £ 25,795 58,678 11,920 15,946 58,968 - 96,683 74,624 2025 2024 £ £ - - 2,040 2,040 2,040 2,040 Expenditure Other Balance at 31 August 2025 (12,716) (5,782) 519,718 - 2,209 412,358 (36,823) 25,747 209,506 (152,121) 19,883 615,808 |
2024 Market Value £ 643,039 617,287 (282,412) 87,400 |
|---|---|---|---|
| 1,065,314 | |||
| 1,065,314 | |||
| 9��,9�� | |||
| 2024 £ 58,678 15,946 - |
|||
| 74,624 | |||
| 2024 £ - 2,040 |
|||
| 2,040 | |||
| 1,546,091 370,902 |
(201,660) 42,057 1,757,390 |
The transfer between Endowment funds and Unrestricted funds relates to part of £55,000 gift aid included in 2023/24 which the donor agreed in 2024/25 could be released for unrestricted purposes.
12
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
| FOR THE YEAR ENDED 31 AUGUST 2025 | |
|---|---|
| 6. FUNDS 2024 Endowment Funds Restricted Funds Unrestricted Funds Designated Funds Total Funds |
Balance at Income Expenditur�Other Balance at 31 1 September 31 August 2023 2024 337,500 60,572 (11,531) 16,895 403,436 153,423 221,785 - 7,050 382,258 24,711 37,794 (35,075) - 27,430 673,742 21,059 (25,289) 63,455 732,967 |
| 1,189,376 341,210 (71,895) 87,400 1,546,091 |
Unrestricted Fund
The designated 'Bursaries Fund' represents unrestricted funds retained to provide bursaries for children who, with the demise of the Government Assisted Places Scheme, would not otherwise be able to attend Truro School. The Trustees' policy is to build up this fund from donations from Truro School and others, and to use the income accruing and past growth on the investments to fund the bursaries.
Restricted Funds
Restricted Funds are made up as follows:
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 Former Pupils Association, for the purpose of allowing Sixth Form students, receiving a Means Tested bursary, to travel to Universities to attend interviews, open days, etc.
A grant from The Bishopdown 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 pupils pay for their Sports Kit on the Assisted Places Scheme.
A Legacy to be used for a Methodist student or a named prize in divinity.
A donation of £226,250 to be used towards the School's new Music School Project.
A donation of £20,000 was received specifically for SEND resources to benefit children with SEND needs.
13
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
Endowment Fund
A donation of £337,500 from Mr T Henderson, was invested into a permanent Endowment Fund in 2023, and a further £118,750 (including Gift Aid) added in 2025, the income from the investments is to be used for Sixth Form Bursaries on an annual basis.
7. TRUSTEES
No Trustees received any expenses or remuneration from the Company.
8. INDEPENDENT EXAMINERS REMUNERATION
| INDEPENDENT EXAMINERS REMUNERATION | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Independent Examiner's Fees | 1,800 | 1,800 |
9. RELATED PARTY TRANSACTIONS
During the year, the Trustees made donations to Truro School Foundation Limited. The aggregate amount of these donation totalled £0 (2024: 0)
At the year end, the charity was due £11,920 (2024: £15,496) from Truro School, a charity in which one trustee of Truro School Foundation Limited are also trustees. During the year, the charity made net grant payments to Truro School amounting to £189,551, (2024: £60,000).
10. ANALYSIS OF NET ASSETS 2025
| ANALYSIS OF NET ASSETS | 2025 | ||||
|---|---|---|---|---|---|
| Endowment | Restricted | Unrestricted | Total | Total | |
| 2025 | 2024 | ||||
| £ | £ | £ | £ | £ | |
| Fixed Assets - Investment | 494,513 | 162,682 | 563,064 | 1,220,259 | 1,065,314 |
| Current Assets | 25,205 | 249,676 | 264,290 | 539,171 | 482,817 |
| Current Liabilities | (2,040) | (2,040) | (2,040) | ||
| 519718 | 412358 | 825314 | 1757390 | 1546091 | |
| ANALYSIS OF NET ASSETS | 2024 | ||||
| Endowment | Restricted | Unrestricted | Total | Total | |
| 2024 | 2023 | ||||
| £ | £ | £ | £ | £ | |
| Fixed Assets - Investment | 356,905 | 160,473 | 547,936 | 1,065,314 | 643,039 |
| Current Assets | 46,531 | 221,785 | 214,501 | 482,817 | 548,137 |
| Current Liabilities | - | - | (2,040) | (2,040) | (1,800) |
| 403,436 | 382,258 | 760,397 | 1,546,091 | 1,189,376 |
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TRURO SCHOOL FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
| Notes | Endowment | **Unrestricted ** | Designated | Restricted | 2024 | 2023 |
|---|---|---|---|---|---|---|
| INCOME FROM: | ||||||
| 2 Donations and |
55,000 | 3729 | 21,059 | 220,000 | 299,788 | 411,002 |
| Investment Income | 3,686 | 16070 | - | 1,785 | 21,541 | 17,858 |
| Interest Received | 355 | 3867 | - | - | 4,222 | 26 |
| Contributions from T School | 1,531 | 10364 | - | - | 11,895 | 5,146 |
| Events and Sundry Income | - | 3,764 | - | - | 3,764 | - |
| Total Income | 60,572 | 37,794 | 21,059 | 221,785 | 341,210 | 434,032 |
| EXPENDITURE | ||||||
| Charitable activities | ||||||
| Grants made to T School | 10,000 | 24,711 | 25,289 | - | 60,000 | 60,000 |
| - means tested bursaries | ||||||
| Grants made - Other | - | - | - | - | - | 160 |
| Governance costs | 1,531 | 10,364 | - | - | 11,895 | 5,146 |
| Total expenditure | 11,531 | 35,075 | 25,289 | - | 71,895 | 65,306 |
| NET INCOME/(EXPENDITURE) BEFORE OTHER | ||||||
| RECOGNISED GAINS AND | ||||||
| LOSSES | 49,041 | 2,719 | (4,230) | 221,785 | 269,315 | 368,726 |
| Other Recognised Gains and Losses | ||||||
| Realised and Unrealised gains/ | ||||||
| (losses) on investment assets | 16,895 | - | 63,455 | 7,050 | 87,400 | (15,691) |
| MOVEMENT IN FUNDS | 65,936 | 2,719 | 59,225 | 228,835 | 356,715 | 353,035 |
| Balances brought forward | ||||||
| at 1 September 2023 | 337,500 | 24,711 | 673,742 | 153,423 | 1,189,376 | 836,341 |
| Balances carried forward | ||||||
| at 31 August 2024 | 403,436 | 27,430 | 732,967 | 382,258 | 1,546,091 | 1,189,376 |
15
TRURO SCHOOL FOUNDATION LIMITED
ACCOUNTS AND REPORT
FOR THE YEAR ENDED 31ST AUGUST 2025
The charitable company is a registered charity no. 1070969 and the registered company no. is 03582642
TRURO SCHOOL FOUNDATION LIMITED
Year ended 31 August 2025
| CONTENTS | Page |
|---|---|
| Trustees and advisors | 2 |
| Trustees Annual Report | 3-5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Statement of Cash Flows | 9 |
| Notes to the Accounts | 10-15 |
TRURO SCHOOL FOUNDATION LIMITED
TRUSTEES AND ADVISORS
TRUSTEES
The Trustees who are also the Directors of the Company for the purposes of the Companies Act, who served during the year and since were:
Mr PN Ashcroft Former Pupil Mr T Bunting Friend of Truro School Mr R Cowie Former Parent Mr G Chegwidden Former Pupil Mr J Eddy Former Pupil and Parent Mr P Munro-Lott Former Parent Mr B Stethridge Former Pupil Mr R Thomas Former Parent Mr M Ayliffe Former Parent Mrs J Pierce Former Pupil - formally appointed on 1 September 2025 from secondment
Clauses 29,30 and 32 of the Articles of Association provide that at each annual general meeting one-third of the Trustees shall retire but may be reappointed and that the retiring Trustee shall be the one who has been longest in office.
ADVISORS
Independent Examiner Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Bankers HSBC plc 17 Boscawen Street Truro, Cornwall TR1 2Q7 Solicitors Pothcary Witham Weld 70 St George's Square London SW1V 3RD Registered Office Truro School Trennick Lane Truro , Cornwall TR1 1TH
2
TRURO SCHOOL FOUNDATION LIMITED
TRUSTEES REPORT
The Trustees present their Annual report together with the accounts and independent examination reports for the year ended 31 August 2025. The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum and Articles of Association, and with the Charities Statement of Recommended Practice ("Charities SORP") (applicable to charities preparing their accounts in accordance with the Finance Reporting Standard applicable in the UK and the Republic of Ireland; FRS102) issued in October 2019.
OBJECTS
The objects as set out in the Memorandum of Association are the provision of education or the grant of educational bursaries for pupils attending, or to attend Truro School. More specifically the Trustees' 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 Government Assisted Places Scheme, could not otherwise attend Truro School.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees of the Company reappointed 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 at three. The Trustees ongoing training is addressed in conjunction with the operation of Truro School, a connected charity.
FINANCIAL ACTIVITIES AND RESULTS
The Trustees confirm 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 Commission in determining the activities undertaken by the Charity.
In line with the objectives as stated above, the charity continued its efforts during the year to attract further donations, and made a contribution of £189,551 to help fund bursaries provided by Truro School in the same year.
The financial results for the year are set out in the Statement of Financial Activities on page 7.
The Investments as held in the Balance Sheet are reviewed annually to ensure the asset allocation strategy is such to make sure a consistent level of return is achieved in order to fulfil the objective of bursary assistance.
RESERVES POLICY
At 31 August 2025, the charity had unrestricted funds of £825,314. These included investments valued at £563,064. The Trustees aim to increase the reserves so as to enable the charity to continue to fulfil its objects.
The policy will be reviewed by the Trustees on an annual basis.
3
TRURO SCHOOL FOUNDATION LIMITED
TRUSTEES REPORT (continued)
GRANTS POLICY
The Trustees' policy is to donate the majority of the investment income and past growth on the investments to Truro School to help it meet the cost of bursaries awarded to pupils under its own assisted places scheme. Permission has been granted by the Charities Commission to sell any Investments held and transfer the proceeds to Truro School by way of grant, 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 Epworth 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.
RISK REVIEW
The major risk to which the charity is exposed to is the under performance of the investments, the steps taken to mitigate this is to evaluate the portfolio in conjunction with the fund manager and move the funds in accordance with the Investment Strategy.
CONNECTED CHARITY
Truro School Foundation Limited is closely related to the Methodist Independent Schools Trust of which Truro School is a division. The Chair of Governors of Truro School served as a Trustee of the Company during the year. Truro School Foundation Limited and Truro School are administered by the same staff. At the date of signing, two of the Trustees were Governors 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 with the whole Truro School Community comprising of Alumni, parents, former parents and the local business community. The Truro School Foundation Limited is also looking at the various ways it can support Truro School further with its bursaries and other needs.
GOING CONCERN
The trustees have considered the cost of living on the charity's ability to continue in operation for the foreseeable future. We believe the charity has sufficient funds in place and cash at bank to be able to pay the charity's liabilities as they fall due within the next 12 months from the date that the financial statements were signed. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
4
TRURO SCHOOL FOUNDATION LIMITED
TRUSTEES REPORT (continued)
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Trustees (who are also the directors of Truro School Foundation Limited for the purposes of company law) are responsible for the preparing of the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdon Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare the financial statements for each financial year which give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources, including income and expenditure, of the Charitable 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 estimates 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 statements;
-
Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time of the financial position of the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for safeguarding the assets of the Charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
INDEPENDENT EXAMINERS
Crowe U.K. LLP have been reappointed as the independent examiner for the ensuing year.
Approved by the Trustees at their meeting on 3 February 2026 and signed on their behalf by:
….......................................................... Rob Cowie (Trustee)
5
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF TRURO SCHOOL FOUNDATION LIMITED
I report to the trustees on my examination of the accounts of Truro School Foundation Limited ("the Foundation") for the year ended 31 August 2025, which are set out in pages 7-15.
This report is made solely to the charity's trustees, as a body, in accordance with section 154 of the Charities Act 2011. My independent examiner's work has been undertaken so that I might state to the Charity's trustees those matters I am required to state to them in an independent examiners report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other that the charity, the charity's members as a body and the charity's trustees as a body for my independent examiner's work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Foundation's accounts carried out under section145 of the 2011 Act and in carrying out my examination I have followed all the applicable directions given by the Charity Commission under section 145 (5) (b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my 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 Act; or
-
the accounts do not accord with these records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts 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.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Crowe U.K. LLP
55 Ludgate Hill London EC4M 7JW
Date: 23 April 2026
6
TRURO SCHOOL FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2025
| Notes | Endowment | **Unrestricted ** | Designated | Restricted | 2025 | 2024 | |
|---|---|---|---|---|---|---|---|
| INCOME FROM: | |||||||
| Donations and legacies | 2 | 118,750 | 160,660 | 15,079 | 26,250 | 320,739 | 299,788 |
| Investment Income | 12,915 | 14,771 | - | 1,641 | 29,327 | 21,541 | |
| Interest Received | 399 | 8,306 | - | - | 8,705 | 4,222 | |
| Contributions from Truro School | 2,716 | 9,393 | - | - | 12,109 | 11,895 | |
| Events and Sundry Income | - | 22 | - | - | 22 | 3,764 | |
| Total Income | 134,780 | 193,152 | 15,079 | 27,891 | 370,902 | 341,210 | |
| EXPENDITURE | |||||||
| Charitable activities | |||||||
| Grants made to Truro School | 10,000 | 27,430 | 152,121 | - | 189,551 | 60,000 | |
| - means tested bursaries | |||||||
| Grants made - Other | - | - | - | - | - | - | |
| Governance costs | 2,716 | 9,393 | - | - | 12,109 | 11,895 | |
| Total expenditure | 12,716 | 36,823 | 152,121 | - | 201,660 | 71,895 | |
| NET INCOME/(EXPENDITURE) BEFORE OTHER | |||||||
| RECOGNISED GAINS AND | |||||||
| LOSSES | 122,064 | 156,329 | (137,042) | 27,891 | 169,242 | 269,315 | |
| Transfer between funds | 6 | (25,747) | 25,747 | ||||
| Other Recognised Gains and Losses | |||||||
| Realised and Unrealised gains/ | |||||||
| on investment assets | 19,965 | - | 19,883 | 2,209 | 42,057 | 87,400 | |
| MOVEMENT IN FUNDS | 116,282 | 182,076 | (117,159) | 30,100 | 211,299 | 356,715 | |
| Balances brought forward | |||||||
| at 1 September 2024 | 403,436 | 27,430 | 732,967 | 382,258 | 1,546,091 | 1,189,376 | |
| Balances carried forward | |||||||
| at 31 August 2025 | 519,718 | 209,506 | 615,808 | 412,358 | 1,757,390 | 1,546,091 |
The notes on pages 10 - 15 form part of these accounts.
7
TRURO SCHOOL FOUNDATION LIMITED
Company number 03582642
BALANCE SHEET
AS AT 31 AUGUST 2025
| Notes FIXED ASSETS Investments 3 CURRENT ASSETS Debtors - Gift Aid 4 Debtors - Truro School 4 Accrued Income 4 Cash held by investment managers Cash in bank and in hand TOTAL CURRENT ASSETS CREDITORS: amounts due within 1 year 5 NET CURRENT ASSETS NET ASSETS REPRESENTED BY: Unrestricted funds - General Unrestricted funds - Designated - Bursary Fund Total Unrestricted funds Restricted Funds Endowment Fund |
2025 £ 1,220,259 25,795 11,920 58,968 138,085 304,403 539,171 (2,040) 537,131 1,757,390 209,506 615,808 825,314 412,358 519,718 1,757,390 |
2024 £ 1,065,314 58,678 15,946 - 81,301 326,892 |
|---|---|---|
| 482,817 (2,040) 480,777 |
||
| 1,546,091 | ||
| 27,430 732,967 |
||
| 760,397 382,258 403,436 |
||
| 1,546,091 |
For the year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors and trustees responsibilities:
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 their responsibilities for complying with the requirements of
- the Act with respect to accounting records and the preparation of accounts.
Approved and authorised for issue by the Trustees at their meeting on 3 February 2026 and signed on their behalf by:
Rob Cowie
Nigel Ashcroft
The notes on pages 10 - 15 form part of these accounts.
8
TRURO SCHOOL FOUNDATION LIMITED
STATEMENT OF CASH FLOWS
AS AT 31 AUGUST 2025
| CASH FLOW FROM OPERATING ACTIVITIES: Net income from the reporting period (as per statement of financial activities) Adjustments for: (Gains) on investment assets Dividends and interest (Increase) in Debtors Increase in Creditors NET CASH PROVIDED BY OPERATING ACTIVITIES CASHFLOW FROM INVESTING ACTIVITIES: Dividends and interest Proceeds from sale of shares Payments from purchase of shares NET CASH (EXPENDED) FROM INVESTING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD Cash and cash equivalents at the beginning of the reporting period CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD ANALYSIS OF CASH AND CASH EQUIVALENTS Cash at bank and in hand Cash held in investments |
2025 £ 211,299 (42,057) (38,032) (22,059) 0 109,151 38,032 132,504 (245,392) (74,856) 34,295 408,193 442,488 304,403 138,085 442,488 |
2024 £ 356,715 (87,400) (25,763) (69,769) 240 |
|---|---|---|
| 174,023 | ||
| 25,763 282,411 (617,287) |
||
| (309,113) | ||
| (135,090) | ||
| 543,283 408,193 |
||
| 326,892 81,301 |
||
| 408,193 |
9
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2025
1. ACCOUNTING POLICIES
General Information
Truro School Foundation Limited ("the Charitable Company") is a company limited by guarantee incorporated in England and has no capital.
The registered office address of the Company is Truro School, Trennick Lane, Truro, Cornwall, TR1 1TH.
In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity.
a) Basis of Preparation
The financial statements have been prepared in accordance with the Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2016.
b) Preparation of the accounts on a going concern basis
The Trustees meet on a regular basis and have a strategy to safeguard the investment profile, This is in light of a changing economic outlook for the United Kingdom. Going Concern is not considered a problem for the foreseeable future.
c) Incoming Resources
Incoming resources are recognised on a receivable basis, as soon as the Charity has entitlement to the income, there is a probability of receipt and the amount is quantifiable.
d) Resources Expended
Expenditure is recognised on an accruals basis, inclusive of irrecoverable VAT.
Charitable activities comprise expenditure associated with the provision of bursaries/scholarships for children, and include both direct costs and support costs relating to these activities.
Governance costs for the year were £12,109, being the TMCP Administration Fees, Independent Examination Fees and Bank Charges. These were all financed by a contribution from Truro School.
10
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
e)
Fund Accounting
General funds are unrestricted funds which are available for use at the direction of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.
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 notes to the financial statements.
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 raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Endowment funds are where the donor has specified the funds are invested and only the income may be used for a specific purpose.
f) Investment Policy
Income from investments is accounted for as it accrues. Investments are acquired in accordance with the powers available to the Trustees. Investments are shown at market value. Realised and Unrealised Gains and Losses are shown within the Statement of Financial Activities.
g) Financial Instruments
The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
2. INCOME FROM DONATIONS AND LEGACIES
| Donations Legacies Gift Aid |
2025 £ 135,564 158,968 26,207 320,739 |
2024 £ 241,110 - 58,678 |
|---|---|---|
| 299,788 |
Income from donations and legacies was £320,739 (2024: £241,110) of which £160,660 (2024: £3,729), was unrestricted.
11
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
| 3. INVESTMENTS At 1 September 2024 Additions Disposals Unrealised Gains/(Losses) At 31 August 2025 Cost of Investments 4. DEBTORS Gift aid Owed from Truro School Accrued Income - Legacy 5. CREDITORS: AMOUNTS DUE WITHIN 1 YEAR Owing to Truro School Accruals 6 FUNDS 2025 Balance at Income 1 September 2024 Endowment Funds 403,436 134,780 Restricted Funds 382,258 27,891 Unrestricted Funds 27,430 193,152 Designated Funds 732,967 15,079 Total Funds 1,546,091 370,902 |
3. INVESTMENTS At 1 September 2024 Additions Disposals Unrealised Gains/(Losses) At 31 August 2025 Cost of Investments 4. DEBTORS Gift aid Owed from Truro School Accrued Income - Legacy 5. CREDITORS: AMOUNTS DUE WITHIN 1 YEAR Owing to Truro School Accruals 6 FUNDS 2025 Balance at Income 1 September 2024 Endowment Funds 403,436 134,780 Restricted Funds 382,258 27,891 Unrestricted Funds 27,430 193,152 Designated Funds 732,967 15,079 Total Funds 1,546,091 370,902 |
2025 2024 Market Market Value Value £ £ 1,065,314 643,039 245,392 617,287 (132,504) (282,412) 42,057 87,400 1,220,259 1,065,314 1,220,259 1,065,314 1,110,920 9��,9�� 2025 2024 £ £ 25,795 58,678 11,920 15,946 58,968 - 96,683 74,624 2025 2024 £ £ - - 2,040 2,040 2,040 2,040 Expenditure Other Balance at 31 August 2025 (12,716) (5,782) 519,718 - 2,209 412,358 (36,823) 25,747 209,506 (152,121) 19,883 615,808 |
2024 Market Value £ 643,039 617,287 (282,412) 87,400 |
|---|---|---|---|
| 1,065,314 | |||
| 1,065,314 | |||
| 9��,9�� | |||
| 2024 £ 58,678 15,946 - |
|||
| 74,624 | |||
| 2024 £ - 2,040 |
|||
| 2,040 | |||
| 1,546,091 370,902 |
(201,660) 42,057 1,757,390 |
The transfer between Endowment funds and Unrestricted funds relates to part of £55,000 gift aid included in 2023/24 which the donor agreed in 2024/25 could be released for unrestricted purposes.
12
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
| FOR THE YEAR ENDED 31 AUGUST 2025 | |
|---|---|
| 6. FUNDS 2024 Endowment Funds Restricted Funds Unrestricted Funds Designated Funds Total Funds |
Balance at Income Expenditur�Other Balance at 31 1 September 31 August 2023 2024 337,500 60,572 (11,531) 16,895 403,436 153,423 221,785 - 7,050 382,258 24,711 37,794 (35,075) - 27,430 673,742 21,059 (25,289) 63,455 732,967 |
| 1,189,376 341,210 (71,895) 87,400 1,546,091 |
Unrestricted Fund
The designated 'Bursaries Fund' represents unrestricted funds retained to provide bursaries for children who, with the demise of the Government Assisted Places Scheme, would not otherwise be able to attend Truro School. The Trustees' policy is to build up this fund from donations from Truro School and others, and to use the income accruing and past growth on the investments to fund the bursaries.
Restricted Funds
Restricted Funds are made up as follows:
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 Former Pupils Association, for the purpose of allowing Sixth Form students, receiving a Means Tested bursary, to travel to Universities to attend interviews, open days, etc.
A grant from The Bishopdown 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 pupils pay for their Sports Kit on the Assisted Places Scheme.
A Legacy to be used for a Methodist student or a named prize in divinity.
A donation of £226,250 to be used towards the School's new Music School Project.
A donation of £20,000 was received specifically for SEND resources to benefit children with SEND needs.
13
TRURO SCHOOL FOUNDATION LIMITED
NOTES TO THE ACCOUNTS (Continued)
FOR THE YEAR ENDED 31 AUGUST 2025
Endowment Fund
A donation of £337,500 from Mr T Henderson, was invested into a permanent Endowment Fund in 2023, and a further £118,750 (including Gift Aid) added in 2025, the income from the investments is to be used for Sixth Form Bursaries on an annual basis.
7. TRUSTEES
No Trustees received any expenses or remuneration from the Company.
8. INDEPENDENT EXAMINERS REMUNERATION
| INDEPENDENT EXAMINERS REMUNERATION | ||
|---|---|---|
| 2025 | 2024 | |
| £ | £ | |
| Independent Examiner's Fees | 1,800 | 1,800 |
9. RELATED PARTY TRANSACTIONS
During the year, the Trustees made donations to Truro School Foundation Limited. The aggregate amount of these donation totalled £0 (2024: 0)
At the year end, the charity was due £11,920 (2024: £15,496) from Truro School, a charity in which one trustee of Truro School Foundation Limited are also trustees. During the year, the charity made net grant payments to Truro School amounting to £189,551, (2024: £60,000).
10. ANALYSIS OF NET ASSETS 2025
| ANALYSIS OF NET ASSETS | 2025 | ||||
|---|---|---|---|---|---|
| Endowment | Restricted | Unrestricted | Total | Total | |
| 2025 | 2024 | ||||
| £ | £ | £ | £ | £ | |
| Fixed Assets - Investment | 494,513 | 162,682 | 563,064 | 1,220,259 | 1,065,314 |
| Current Assets | 25,205 | 249,676 | 264,290 | 539,171 | 482,817 |
| Current Liabilities | (2,040) | (2,040) | (2,040) | ||
| 519718 | 412358 | 825314 | 1757390 | 1546091 | |
| ANALYSIS OF NET ASSETS | 2024 | ||||
| Endowment | Restricted | Unrestricted | Total | Total | |
| 2024 | 2023 | ||||
| £ | £ | £ | £ | £ | |
| Fixed Assets - Investment | 356,905 | 160,473 | 547,936 | 1,065,314 | 643,039 |
| Current Assets | 46,531 | 221,785 | 214,501 | 482,817 | 548,137 |
| Current Liabilities | - | - | (2,040) | (2,040) | (1,800) |
| 403,436 | 382,258 | 760,397 | 1,546,091 | 1,189,376 |
14
TRURO SCHOOL FOUNDATION LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 AUGUST 2024
| Notes | Endowment | **Unrestricted ** | Designated | Restricted | 2024 | 2023 |
|---|---|---|---|---|---|---|
| INCOME FROM: | ||||||
| 2 Donations and |
55,000 | 3729 | 21,059 | 220,000 | 299,788 | 411,002 |
| Investment Income | 3,686 | 16070 | - | 1,785 | 21,541 | 17,858 |
| Interest Received | 355 | 3867 | - | - | 4,222 | 26 |
| Contributions from T School | 1,531 | 10364 | - | - | 11,895 | 5,146 |
| Events and Sundry Income | - | 3,764 | - | - | 3,764 | - |
| Total Income | 60,572 | 37,794 | 21,059 | 221,785 | 341,210 | 434,032 |
| EXPENDITURE | ||||||
| Charitable activities | ||||||
| Grants made to T School | 10,000 | 24,711 | 25,289 | - | 60,000 | 60,000 |
| - means tested bursaries | ||||||
| Grants made - Other | - | - | - | - | - | 160 |
| Governance costs | 1,531 | 10,364 | - | - | 11,895 | 5,146 |
| Total expenditure | 11,531 | 35,075 | 25,289 | - | 71,895 | 65,306 |
| NET INCOME/(EXPENDITURE) BEFORE OTHER | ||||||
| RECOGNISED GAINS AND | ||||||
| LOSSES | 49,041 | 2,719 | (4,230) | 221,785 | 269,315 | 368,726 |
| Other Recognised Gains and Losses | ||||||
| Realised and Unrealised gains/ | ||||||
| (losses) on investment assets | 16,895 | - | 63,455 | 7,050 | 87,400 | (15,691) |
| MOVEMENT IN FUNDS | 65,936 | 2,719 | 59,225 | 228,835 | 356,715 | 353,035 |
| Balances brought forward | ||||||
| at 1 September 2023 | 337,500 | 24,711 | 673,742 | 153,423 | 1,189,376 | 836,341 |
| Balances carried forward | ||||||
| at 31 August 2024 | 403,436 | 27,430 | 732,967 | 382,258 | 1,546,091 | 1,189,376 |
15