Charity number: 306577 TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ? Bishop Fleming
TRURO HIGH SCHOOL FOR GIRLS CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent auditors, report on the financial statements Consolidated statement of financial activities 15 Consolidated statement of financial position Charity statement of flnancial position Consolidated statement of cash flows 16 17 18 Notes to the financial statements 19-34
TRURO HIGH SCHOOL FOR GIRLS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2024 Governors The Red Canon L M Barley1,2 Mrs S Burkardi,2 Mrs A Eaves1,2 Mr A Heath1,3 Mr A T Johnson (Resigned 12 December 2023) Mr J Keast OBE1,2,3 Mr S Paxtonl Mr W Pellew-Harvey1,3 Mrs A Ramsey1,3 Dr R Sullivan, Safeguarding1,2 Mr J F J Taylor MBE, Whistleblowing1,2 Mr A J Thould, Chair1,2,3 Mr C Vulliamyl.3 Governance and Nominations Committee Education and Pastoral Committee Finance and School Committee Charity registered number 306577 Registered office Falmouth Road Truro Cornwall TR12HU Secretary Mrs S Budd Trustees Truro High School for Girls Trustees (Company registration No. 06156433) Independent auditors Bishop Fleming LLP Chartered Accountants Chy Nyverow Newham Road Truro Cornwall TR12DP Bankers Barclays 14 King Street Truro Cornwall TR12RB Solicitors Stephens Scown LLP Osprey House Malpas Road Truro Cornwall TR1 1UT Foot Anstey High Water House Malpas Road Truro TR1 1QH Page 1
TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2024 The trustees present their report and the financial statements of Truro High School for Girls {the School} for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the Charitie5 A 2011, the charity's goveming document and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard 102 applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191. The financial statements have been prepared to give a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair, view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practi from l April 2005 which has since been withdrawn. REFERENCE AND ADMINISTRATIVE DETAILS The Directors of Truro High School for Girls Trustees (Company number 06156433} run Truro High School for Girls (the School) which was founded in 1880. The School's reference and administrative details are presenled on pages 3 to 4 ofthis annual report. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The School is governed by a Charity Commission Scheme dated 8 January 2013, as amended by resolutions dated 20 March 2013 and 4 February 2014. Governlng body and organisational structure In 2022, the School became independent of the Methodist Independent Schools Trust. The Truro High School for Girls Trustees are the chanty trustees of the School and are responsible for the general policy of the school and day to day governance. The day to day governance is delegated to a body of local governors. The govemors are the directors of Truro High School for Girls Trustees {registration no. 061564331. The day to day management of the School is delegated to the Head, supported by her Senior Leadership Team. The remuneration of key management personnel is set by the governors, with the policy objective of providing appropriate incentives to encourage enhanced performance and rewarding them fairly and responsibly for their individual contributions to the School's success. For all staff a number of criteria are used in setting pay including- The nature of the role and responsibilities- Competitor salaries in the area.. The sector average salary for comparable positions; and Trends in pay. This is kept under annual review. Recruitment and tralnlng of governors Governors are appointed by Truro High School for Girls Trustees. Governor appointments are for a period of five years which is renewable. The induction of new governors is the responsibility of the Chair and the Clerk. The School is a member of the Association of Governing Bodies for Independent Schools which organises Governor training events. The campaign to recruit new Govemor5 continues. Page 2
TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Group structure and relatlonshlps The School has a wholly owned non-charitable subsidiary, Truro High School Trading Limited, whose activities and trading perfomiance are referred to below. The School is a member of GSA, IAPS and ISBA. Statement as to disclosure of information to the auditor So far as the trustees are aware, there is no relevant audit information of which the School's auditor is unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit infomiation and to establish that the School's auditor is aware of that information. OBJECTIVES AND ACTIVITIES Charitable objects The aims ofthe School are set out in its aims and strategic plan. These are: To be a caring Christian community committed to the development of the fvll potential of each individual having regard for their personal attributes in addition to their academic aspirations. The School makes available bursaries lo give access to the education it provides for children of families who cannot afford its fees. A few pupils also receive funding from other charitable sources. To maintain high educational standards in all its academic, cultural and sporting activities, stimulating excitement in learning and requiring discipline in study, whatever the ability of the child. To work with and in the community it serves. The School co-operates with a wide range of organisations in endeavouring to widen access to the educational services as well as sporting and cultural facilities provided by the School. Pupils are encouraged to be aware of their responsibilities to the local community, to the environment and of their role as global citizens. To uphold Christian values in practice as well as in theory and to make religious education a strong feature of the curriculum, whilst welcoming members of olher faiths (and none) in a spirit of openness and tolerance. To encourage pupils in a critical examination of the standards and values current in society and to discover and develop a personal faith to guide them throughout their lives. Objectives and strategies for the year The principal objectives for the year were as follows.. To ensure the School continues to thrive and flourish by maintaining the pupil roll. To continue to improve the financial efficiency of the School., To continue to invest in school premises through refurbishment work., To continue to raise the profile of the School in the local community and in international boarding markets., To continue to embed the High Performance Learning philosophies in the teaching and learning of the School., and To strengthen parental links with and involvement in the life of the School. Bursary and grant maklng pollcy Access to the education the School offers should not be restricted to those who can afford the fees. The School's bursary awards are important in helping to ensure that children from families who otheiSe would not be able to afford the fees can access the education offered. Bursary awards are available to pupils who meet the general entry requirements and are made solely on the basis of parental means or to relieve hardship where a pupil's education and future prospects would othetwise be at risk. In assessing means, the School takes into account nationally accepted criteria. Bursaries are awarded on a 51iding scale in proportion to need, in exceptional circUmstanS full remission of fees can be awarded. The level of awards given in the year is set out in note 4 to the Accounts. Page 3
TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Volunteers Our school is renowned for its strong communty spirit and the work of volunteers within our framework is fundamental to this. The school has an active and enthusiastic PTA which assists the school at a host of events which last year ranged from providing refreshments at events such as school plays to organising a spectacular Christmas Market providing students with an opportunity to demonstrate their enlrepreneurial spirit and sell Ihings they have made. In wnter, the PTA held Hot Chocolate Fridays and in Summer ice creaffls and lollies were a playground treat after school once a week. The PTA has expanded its, committee over the last year and meets regularly in person with updates posted on its online platform called Classlist which allows all parents to keep up to date and in contact with each other. Opportunities to volunteer and get involved are also promoted via Classlist and enable all parents to feel they can contribute to the school community. Parents are regular volunteers within the school, running the Prep School library, book clubs, helping us to celebrate Eid and helping with our Greenpower Engineering Teams. Our school uniform shop is run entirely by parent volunteers who have overseen a full refurbishment of the shop over the summer to create a nicer and more welcoming space. Parents are also always the first to put themselves forward as speakers and mentors for our fortnightly Careers, talks and weekly lectures to Aspiring clubs for medics, entrepreneurs and those interested in STEM. In turn, our staff give of their own free time as volunteers with a host of local charities and organisations. From leading training for local running and ultra-sports clubs to serving as Secretary of Truro Methodist Church and from refitting the shed at their local primary school to helping lo run the European Youth Summer Music camp, our teachers and support staff get involved in their communities in many different ways. One member of staff runs Falmouth Book Festival and organised a full programme of literary events for hundreds of children from the Falmouth area. Our students also give up their free time to help run sports clubs, to referee at matches and to assist in our Prep School where they help younger pupils with swimming clubs, reading, art and languages as well as assisting at ballet clubs on a weekly basis throughout the year. Public benefit The trustees have given careful consideration lo the Charity Commission's guidance on public benefit and confirm they have given due regard to this guidance. The School provides public benefit by= Providing education to 402 children during the year, an estimated saving to the public purse of just over £3 million. Providing means-tested bursaries to those who would othenNise be unable to benefit from an independenl education. SpecialisVextr&curricular provision. Relationships with other schoolsleducational institLrtions. Broader use of facilities for educational and community purposes. The School believes that it provides considerable benefrt to the general public and the local community through the employment of 114 local people,. the provision of scholarships for pupils of academic, sporting. music, theatrical and artistic talent-, the availability of funding for girls from less advantaged backgrounds or with particular needs., the involvement of pupils and staff in chanty work and, wherever possible, the sharing of our facilities and expertise. The School also provided public benefit through a range of evenls from a sponsored colour run in aid of charity to the appearance of our choir at a Christmas Service for St Petrocs. a local charity supporting homeless people. There was a particular focus on providing benefit to pupils in Cornish maintained schools. A number of prominent charities also received our support including Pink Day, Sport Relief and Children in Need. Page 4
TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Partnershlps The school continues to work in partnership with Kom Pong Brasat Primary in Cambodia and in Autumn 2023 all pupils and staff took part in a sponsored colour run to raise money to enable the school to continue its work. Older students have the opportunity to visit Cambodia and see how the money raised is spent with the next trip taking place in Spring 2025. The number of pupils attending Brasat Primary has doubled as a result of the fundraising carried out by our school each year. Truro High was the first corporate sponsor of Young and Talented Comwall, an organisation set up by the Lord Lieutenant of Comwall to SLrpport and assist talented youngsters in furthering their ambitions in areas including sport and music. Truro High raises £2,500 a year for the charity and this year continued to provide regular work experience for Fabio, a Paralympic shot-putter who had found it difficult to secure a position elsewhere because of his disability. The school continues lo work in partnership with the Roseland Observatory with staff offering astronomy workshops and lessons to students from primary and secondary schools around Cornwall. The school and observatory have also forged intemational partnerships, working with schools in Nigeria. The school also supports local primary schools through partnerships. A new programme called Go Cookl has been launched to provide primary school children with cooking skills and to teach them about nutrition. More than 200 children benefitted from the programme with the school providing each school with transport to Truro High and a full day's workshop as well as recipe cards and other goodies to take home. The school has also allowed local primary schools to participate in sport by making available its, facilities. Bosvigo School pupils use our swimming pool all year round at a preferential rate while pupils from St Francis Primary and St Newlyn East Primary join us for intensive swimming courses in the summer. We also make our netballs courts available free of charge every week to Bosvigo School which also uses our astroturf and sports field during the summer, without cost, for athletics. As always, the school hosted Women in Engineering Day for Cornwall. This year 10 schools were invited to send pupils from Year 8 to take part in workshops and activities with 20 local engineering companies. More than hundred girls benefitted as a result. The school has continued its partnership with a school in Brazil whose sludents received online support and mentoring to engineer a Greenpower racing car. Those students were then hosted by Truro High for a week of engineering and building ahead of the International Greenpower Racing Final at Goodwood in October 2023- an experience one Brazilian student desGr(bed as 'an absolute dream,. The school has developed a meaningful relationship with St Petroc's Homeless Society having supported it in various ways over the last year. A lunchtime baking club produces boxes of tasty treats which are delivered to the shelter for distribution to its clients while the school also supports more public events such as providing a choir for St Petrocs, fundraising concert. Achlevements and Performance Examinations returned fully to normal after years of adjustments due to covid. 900/0 of girls achieved offers from the university of their choice with destinations this year ranging from Manchester, St Andrews and Durham to Bath, Cardiff and Exeter. The girls will be reading subjects ranging from Economics and Law to Acting, Medicine and Aeronautics. Sixth Form students were encouraged to demonstrate their independent study skills by taking an EPQ alongside their A Levels with 100°h of those grades at A'IA. GCSE grades were also impressive with many girls achieving several grades higher than natural cognitive ability testing suggested they should and individual students achieving up to 12 GCSES. Some younger students opted to study additional subjects and look GCSES early in subjects ranging from Media Studies to Russian. Page 5
TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2024 The school is a Finalist for Girls, School of the Year at the Independent Schools of the Year Awards. It was Highly Commended for Innovation in Teaching by Muddy Stileltos and was also named South West Boarding School of the Year. In Spring 2024 the school was awarded World Class School status for High Perfomiance Learning having completed a year programme to promote the behaviours and attributes of high perfomiing learners. Developing the School The school has continued to develop its role on the international stage wilh the Headmistress visiting schools and forging new relationships in Ghana and renewing acquaintances in Lagos and Abuja. More locally we have continued to develop the Truro High School Foundation as a source of news and networking for parents, pupils, staff and alumnae. The Foundation raises money to enable more students to attend Truro High through life-changing bursaries and events such as a Michaelmas Ball have contributed to the fund over the year. Pastoral care at school operates under the banner of a whole-school wellbeing programme called Thrive which brin9S together initiatives ranging from Teen Tips and Bounce Forward to Girls on Board and National Online Safety. This year we added to the portfolio with the creation, and launch, of a new, bespoke Wellbeing Hornework Journal for Senior School. This has weekly wellbeing themes that the girls discuss in form time with their tutors and contains mood trackers a5 well as helpful advice on maintaining positive mentsl health. The School's Future Ready programme continues to grow and this year has seen a host of school visits to top universities around the UK as part of our Competitive Universities Programme. The programme also provides exam and interview preparation, bespoke mentoring and career's talks. Events, Trlps and Visits It has been a very busy year for school trips, both inside and outside Ihe UK. At home, the girlsjoined an Arts and Culture trip to London, learned about Medieval Britain with a trip to Buckfast Abbey, dissected squid at The National Marine Aquarium, took inspiration from artists at The Tate Gallery St Ives and watched Jane Austen at the Minack theatre, to name but a few. Year 7 pupils enjoyed a teambuilding visit to the outdoor education centre at Porthpean where they spent two days and one night making friends and settling in. Trips also ventured further afield and included a ski trip to Italy, camping on the Isles of Scilly, an exchange trip and an A level trip to France and a language immersion trip to Spain. Our Greenpower Engineering team were out and about competing at racetracks including Goodwood and Predannack while Prep School pupils enjoyed four day residentials at a variety of activity centres around the UK. Many of our students complete Duke of Edinburgh Awards and this year our Bronze expedition saw them tackle the Cornish coast, Silver took place in Somerset on the Quantocks and Gold took the fomi of a gruelling trek through the peaks of the Black Mountains in Wales. In school, we welcomed audiences for productions of'Little Shop of Horrors. 'Olivia" and more than 300 girls took part in a whole-school dance show at Hall For Cornwall in front of an audience of1,000. In the Summer, our Gallery showcased the work of students of all ages with an impressive Summer Arts Show. Enriching the curriculum is an important part of life at the school and alongside our list of more than 80 clLsbs each week is our Aspiring programme. Aspiring Medics and Aspiring STEM provide weekly lectures and workshops for students interested in pursuing a career in those areas. Page 6
TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Sporting success In 2023-24 Truro High teams were crowned county champions in U16s hockey, U18s hockey, U16s indoor hockey, U15s hockey and U18s indoor hockey. In netball, the school reached the finals of U12, U13 and U14 County Championships. The U13 football team reached the quarter finals of the National FA Small Schools Cup competition. Numerous girls represented their discipline at the County Athletics Championships with the school taking the title for U13 Cross Country Champions. Prep School swimming team reached the National Finals once again and girls continued to enjoy a host of other sports including rugby, cricket and table tennis. A new programme was introduced for Aspiring Athletes providing girls competing at county level and higher with specialist fitness Iraining and Sports Mentoring to enable them to keep up with their studies while competing in top level sports. A number of pupils compete at international level in sports including Sailing, Fencing and Archery. One pupil is on the Team GB pathway for Olympics 2028. The school has also opened a brand new fitness suite enabling pupils to access top level equipment alongside personalised training plans. FINANCIAL REVIEW The School's principal source of income is fee income which is £5,864,581. Income (net of intercompany transactions) from its trading subsidiary amounted to £157,814, with associated costs of £52,954. Donations generated £17,379 at a Cost of £Nil. Other than these costs, all of the School's expenditure was spent in advancement of its charitable objectives. An increase in total income lo £6,510,706 (2023.. £6,442,243) has resulted in a surplus being recorded for the year of£293,731 {2023.' £367,032) following which the group and charity's networth has increased to £4,946,050. Fixed Assets have increased by £378,460 with Current Assets increasing for the group by £796,743 and for the charity by £776,832. The group's cash balance at year end had increased by £724,106 whilst that for the charity has increased by £702,489. Reserves policy The reserves policy of the group has been reviewed by its governors during the year. Free reserves are regarded as those unrestricted funds that have not been designated for any specific purpose. Thevalue ofland and buildings are excluded except to the extent that they have been used as collateral for loans. The governors have carefully considered the level of reseNes appropriate to be held at group and School level, necessary for contingencies and movements in working Capital. Having regard to the likelihood of financial risks and mitigating factors including its group structure, it considers the target level of free reserves required to be the equivalent of six weeks, costs, approximately 10 % of turnover. The Group has also considered its ability to borrow against the security of property assets and the level of reseNes held centrally. After taking these into account, the group aims to operale within a range of O % - 10 %. At 31 August 2024, the School had total reserves of£4,946,05012023'. £4,652,319). Of these, £1,986,947 (2023: £1,980,053) were restricted and therefore not available for the general purposes of the School. Page 7
TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 Prfncipal risks and uncertainties The Governing Body is responsible for the management of the risks faced by the School, and a formal review of the School's risk management processes is undertaken on an annual basis. The main risks thal the governors have identified and the plans to manage those risks are= Reputation the School's success is built on its reputation for the education and wellbeing of its pupils. The School manages this risk through safeguarding policies, slaff recruitment policies, pastoral support for both pupils and staff and active identification and resolution of health and safety related issues. Money- the School's ability to continue is reliant on pupil fee5 and effectively managing costs. It manages this risk by marketing activity to maintain pupil numbers, having a reputation for academic excellence and active cash ttow management. The uncertainty facing parents surrounding the cost of living, utilities and mortgages is identified as a key, current risk as the probable introduction ofVAT on school fees. It manages this risk by maintaining robust financial controls and aims to keep fee increases lo parents below inflation. Curriculum - academic excellen requires the most able teachers with state of the art facilities delivering the curriculum to able students. It manages this risk by combining attractive salaries, on-going investment in the estate and an approach to enrolment that works with supportive parents whose children have an appetite for learning. Through the risk management processes established for the School, the governors are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognized that Systems can only provide reasonable but not absolute assurance that major risks have been adequately mitigated. Golng concern In May 2022 Truro High School for Girls became independent of the Methodist Independent Schools Trust (MIST) by securing long-lerm funding from Barclays plc. In consideration of this change, Governors satisfied themselves that the Charity had a solid financial platfomi from which to operate and lo move the School fOard in the coming years. Governors are satisfied that sufficient scenario planning and modelling is undeway to manage the potential financial impact of an increase in business rates and the introduction of VAT on school fees. Plans to mitigate the increased cost of Tea¢hers' Pensions Contributions have been agreed with staff, reducing the Cost of employer contributions to the pr&increase level 23.68 % from 1 January 2025. The Governors will oversee plans, which aim to consolidate the School's roll over the next three years and to see investment in the fabric and facilities of the School. A planned programme of Maintenan and investment is in place to ensure the most effective use of resources. In addition, the Govemors will look towards developing new facilities with the support of Barclays. The pupil roll for 2024125 and looking forward to 2025126 remain buoyant and the School is forecasting a surplus for both financial years. The impact of the potential for recession, an increase in costs and VAT on fees remain of concern to Govemors and they look to the School's leadership team to manage and reduce expenditure should the pupil roll redu. The Governors are unaware of any other factors which would impact on the charity being trealed as a going concem. Page 8
TRURO HIGH SCHOOL FOR GIRLS TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024 PLANS FOR FUTURE PERIODS A Strategic Plan, setting out the School's plans for 2023 2028, embraces the aspirations of the School for curriculum developments, the growth of marketing, pupil numbers, enhanced staffing, collaborative working and the development of the facilities. In the short and medium term the School's leadership team strive to maintain and increase the pupil roll and diversity of offering to ensure good recruitment and retention of pupils. This report was a rov d by the trustees on 9th December 2024 and is signed on their behalf by.. MrA J Thould Chair of Governor Date.. Page 9
TRURO HIGH SCHOOL FOR GIRLS STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2024 The trustees are responsible for preparing the report of the trustees and the financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and its group and of the group's income and expenditure 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 judgement5 and accounting 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., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity and its group will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and its group and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports} Regulations 2008 and the provisions of the charity's governing document. They are also responsible for safeguarding the assets of the charity and its group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 10
TRURO HIGH SCHOOL FOR GIRLS INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TRURO HIGH SCHOOL FOR GIRLS Opinion We have audited the financial statements of Truro High School For Girls (the 'parent charity'} and its subsidiaries (the 'Group'} for the year ended 31 August 2024 which comprise the Consolidated statement of financial activities, the Consolidated statement of financial position, the Charity statement of financial position, the Consolidated statement of cash flows and the related notes, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Group's and of the parent charity's affairs as at 31 August 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS {UK)} and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audil of the financial stalements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have Goncluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this feport. Other information The other information comprises the information included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or othewise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Page11
TRURO HIGH SCHOOL FOR GIRLS INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF TRURO HIGH SCHOOL FOR GIRLS {CONTINUED) Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities {Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconsistenl in any material respect with the financial statements,. or sufficient accounting records have not been kept., or the financial stalemenls are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charity or lo cease operations, or have no realistic alternative but to do so. Page 12
TRURO HIGH SCHOOL FOR GIRLS INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TRURO HIGH SCHOOL FOR GIRLS (CONTINUED) Auditors. responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statement5 as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularilies, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below= In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non- compliance with laws and regulations, we considered the following.. the nature oflhe sector, control environment and Group performance., results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed the Group's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud,. and the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, purchase ledger and payroll, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual joumal entries. In common with all audits under ISAS {UKI, we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provision5 of those laws and regu5ations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act, the Charities SORP and the Charities Act. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group's ability to operate or to avoid a material penalty. These included safeguarding regulations, data protection regulations, occupational health and safety regulations, education and inspections legislation, and employment legislation. Our procedures to respond to risks identified included the following.. reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue., enquiring of management and those charged with govemance concerning actual and potential litigation and claims., performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., reading minutes of meetings of those charged with governance and reviewing internal control reports., and Page 13
TRURO HIGH SCHOOL FOR GIRLS INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TRURO HIGH SCHOOL FOR GIRLS ICONTINUEDI in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregulartties, including those leading to a material misstatement in the financial statemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, report. Use of our report This report is made solely to the charity's Irustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed. Bishop Fleming LLP Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR12DP Date.. Bishop Fleming LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 14
TRURO HIGH SCHOOL FOR GIRLS CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 Endowment funds 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and endowments from: Donations and legacies Charitable activities Other trading activities Total income and endowments 17,379 17,379 6,178,012 332,694 11,044 6,247,895 183,304 6,178,012 332,694 17,379 6,510,706 6,528,085 6,442,243 Expenditure on: Raising funds Charitable activities 104,262 6,130,092 104,262 6,130,092 55,506 6,019,705 Total expenditure 6,234,354 6,234,354 6,075,211 Net income 17,379 276,352 293,731 367,032 Transfers beeen funds 15 {33,396) 19,911 13,486 Net movement in funds 133,396 37,290 289,837 293,731 367,032 Reconciliation of funds: Total funds brought forward Net movement in funds 1,942,332 (33,396) 40,721 37,290 2,669,266 289,837 4,652,319 293,731 4,285,287 367,032 Total funds carried fonvard 1,908,936 78,011 2,959,103 4.946,050 4,652,319 The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 19 to 34 fomi part of these financial statements. Page 15
TRURO HIGH SCHOOL FOR GIRLS CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Flxed assets Tangible assets 5,976,391 5,597,931 5,976,391 5,597,931 Current assets Debtors Investments Cash at bank and in hand 11 12 19 187,994 2.000,000 1.218,717 115,357 2,494,611 3,406,711 2,609,968 Creditors.. amounts falling due within one year 13 12,560,968) (1,611,612) Net current assets 845,743 998,356 Total assets less current liabilities 6,822,134 6,596,287 Creditors- amounts falling due after more than one year 14 {1,876,084 (1,943,968) Net assets excluding penslon asset 4,946,050 4,652,319 Total net assets 4,946,050 4,652.319 Charity funds Endowment funds Restricted funds Unrestricted funds 15 1,908,936 78,011 2,959,103 1,942,332 40,721 2,669,286 15 15 Total funds 4,946,050 4,652,319 The fi nci I statements were approved and authorised for issue by the Trustees and signed on their behalf by.. MrA ould Date: The notes on pages 19 to 34 form part of these financial statements. Page 16
TRURO HIGH SCHOOL FOR GIRLS CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Note Fixed ass8ts Tangible assets Investments 5,976,391 5,597,931 10 5,976,392 5,597,932 Current assets Debtors nvestments Cash at bank and in hand 276,448 2,000,000 1,101,879 202,105 12 2,399,390 3,378,327 2,601,495 Creditors.. amounts falling due within one year (2,532,585) (1,603,140} Net current assets 845,742 998,355 Total assets less current liabilitles 6,822,134 6,596,287 Creditors.. amounts falling due after more than one year 14 (1,876,084) {1,943,968) Net assets excluding penslon asset 4,946,050 4,652,319 Total net assets 4,946,050 4,652.319 Charity funds Endowment funds Restricted funds Unrestricted funds 15 15 15 1,908,936 58,100 2,979,014 1,942,332 40,721 2,669,266 Total funds 4,946,050 4,852,319 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. MrAJT oul Date: 4 20 The notes on pages 19 to 34 form part of these financial statements. Page 17
TRURO HIGH SCHOOL FOR GIRLS CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Net cash used in operating adivities 1,517,319 842,792 Cash flows from investing activities Purchase of tangible fixed assets {606,337) 1707,4891 Net cash used in investing activities {606,3371 1707,4891 Cash flows from financing activities Repayments of borrowing Interest payable (100,848} (86,028} (47,011) (88,732) Net cash used in financing activiti8S (186,8761 1135,743) Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 724,106 (4401 2,495.051 2,494,611 Cash and cash equivalents at the end of the year 3,218,717 2,494,611 The notes on pages 19 to 34 form part of these financial statements Page 18
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective l January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011. The financial statements have been prepared to give a 'true and fair, view and have departed from the Charities (Accounts and Reports) Regulalions 2008 only lo the extenl required to provide a 'true and fair, view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 ralher than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Truro High School For Girls meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othemise stated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charty and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 1.2 GOING CONCERN The Trustees have reviewed the circumstances of the Charity and consider that there are adequate resources to continue its operations for the foreseeable future. Governors are satisfied that sufficienl scenario planning and modelling is UndeaY to manage the potential financial impact of an increase in business rates and the introduction of VAT on school fees. Plans to miligate the increased cost of Teachers, Pensions contributions have been agreed with staff, reducing the cost of employer contributions to the pre-increase level 23.68 % from 1 January 2025. As a result, the Trustees have continued to adopt the going concern basis of accounting in preparing the financial statements. A further review of going concern status of the Charity is located within the Trustees, Report. 1.3 INCOME All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 1.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of Ihe obligation can be measured reliably. Expenditure is classified by activity. The costs of each aclivity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attribulable to a single activity are apportioned beeen those activities on a basis consistenl with Ihe use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 19
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accounting policies (continued} 1.5 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset Gan be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged 50 as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis.. Freehold property Building Improvements Motor vehicles Fixtures and fittings Computer equipment 2 % straight line 4 % Straight line 20 /0 Straight line 10'/o Straight line 20°/0 Straight line Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated statement of financial activities. 1.6 INVESTMENTS Current asset investments are a form of financial instrument and are initially recognised al their transaction cost and subsequently measured at fair value al the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised. are combined and presented as 'Gains/{Losses} on investments, in the Consolidated statement of financial activities. 1.7 DEBTORS Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.8 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 1.9 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balance sheel date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effecl of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. Page 20
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Accountlng poliGies Icontinuedl 1.10 FINANCIAL INSTRUMENTS The Group only has financial assets and financial liabilities of a kind that qualify as basic financial inslruments. Basic financial instruments are initially recognised at transaclion value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.11 FINANCE LEASES AND HIRE PURCHASE Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the Group. Obligations under such agreements are included in creditors, net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated statement of financial activities so as to produce a constant periodic rale of charge on the net obligation outstanding in each period. 1.12 FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group 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 or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specifi¢ fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Page 21
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from donations and legacies Restricted funds 2024 Total funds 2024 Total funds 2023 Donations 17,379 17,379 11,044 Income from charitable activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Gross school fees chargeable Less Bursaries, Scholarships and other discounts Other educational income 6,770,073 6,770,073 (905,492) (905,4921 313,431 313,431 6,890,744 (963,7301 320,881 6,178,012 6,178,012 6,247,895 Income from other trading activities Income from fundraising events Unrestricted funds 2024 Total funds 2024 Total funds 2023 other trading income Interest receivable 33,986 35,058 33,986 35,058 22,518 18,728 69,044 69,044 41,246 Page 22
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Income from other trading activities (continued) Income from non charitable trad5ng activities Unrestricted funds 2024 Total funds 2024 Total funds 2023 Income from subsidiary trading adivities Lettings income 157,814 105,836 157,814 105,836 140,042 2,016 263,650 263,650 142,058 Anatysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Education costs Welfare costs Premises costs Other support costs Finance costs Governance costs Charitable publicity costs 3,090,669 106,831 667,969 1,018,631 796,989 144,792 77,606 226,605 3,197,500 667,969 1,018,631 796,989 144,792 TY,606 226,605 3.107,10S 674,364 933,056 816,206 191,109 75,727 222,138 3,090,669 3,039,423 6,130,092 6,019,705 Auditors, remuneration 2024 Fees payable to the Charity's auditor in respect of.. The auditing of accounts of associates of the Charity Audil-related assurance services Taxation compliance services 13,800 400 1,340 Page 23
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 AUGUST 2024 Staff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salaries Social security costs Contribution lo pension schemes Operating costs of defined benefit pension schemes 2,893,918 270,401 32,398 2,769,392 276,123 25,958 2,867,359 270,401 32,398 2,747,351 276,123 25,958 498,687 451,928 498,687 451,928 3,695,404 3,523.401 3,668,845 3,501,360 The average number of persons employed by the Charity during the year was as follows.. Group 2024 No. Group 2023 Teaching staff other staff 55 47 53 46 102 99 The number of employees whose employee benefits (excluding employer pension costs} exceeded £60,000 was.. Group 2024 No. In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £110,001- £120,000 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits12023 - £NIL>. During the year ended 31 August 2024, no Trustee expenses have been incurred (2023 - £NIL). Page 24
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Tangible fixed assets GROUP Freehold property Motor Flxtures and vehicles fittings Computer equipment Total COST OR VALUATION At 1 September 2023 Additions 6,308,332 84,453 21,099 1,780,520 498,912 353,097 22,972 8,463,048 606,337 At 31 Augusl 2024 6,392,785 21,099 2,279,432 376,069 9,069,385 DEPRECIATION At 1 September 2023 Charge for the year 1,180,804 119,132 9,762 4,221 1,375,953 87,063 298,598 17,461 2,865,117 227,877 At 31 August 2024 1,299,936 13,983 1,463,016 316,059 3,092,994 NET BOOK VALUE At 31 August 2024 5,092,849 7,116 816,416 60,010 5,976,391 At 31 August 2023 5,127,528 11,337 404,567 54,499 5,597,931 Page 25
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Tangible fixed assets {continued) CHARITY Freehold property Motor Fixtures and vehicles fittings Computer equipment Total COST OR VALUATION At 1 September 2023 Additions 6,308,332 84,453 21,099 1,780,520 498,912 353,097 22,972 8,463,048 606,337 At 31 August 2024 6,392,785 21,099 2,279,432 376,069 9,069,385 DEPRECIATION At 1 September 2023 Charge for the year 1,180,804 119,132 9,762 4,221 1,375,953 87,063 298,598 17,461 2,865,117 227,877 At 31 August 2024 1.299,936 13,983 1,463,016 316,059 3,092,994 NET BOOK VALUE At 31 August 2024 5,092,849 7,116 816,416 60,010 5,976,391 At 31 August 2023 5,127,528 11,337 404.567 54,499 5,597,931 10. Fixed asset investments Investments in subsidiary companies CHARITY COST OR VALUATION Al 1 September 2023 At 31 August 2024 NET BOOKVALUE At 31 August 2024 AT 31 AUGUST 2023 Page 26
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 11. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 DUE WITHIN ONE YEAR Trade debtors Other debtors Prepayments and accrued income 85,691 9,897 92,406 23,182 72,179 114,757 89,512 20,878 95,897 85,330 92,175 187,994 115,357 276,448 202,105 12. Current asset investments Group 2024 Group 2023 Charity 2024 Charity 2023 Treasury deposit account 2,000,000 2,000,000 13. Credltors: Amounts falllng due within one year Group 2024 Group 2023 Charity 2024 Charity 2023 Deposits Bank loans Prepaid fees Trade creditors Other taxation and social security Other creditors Accruals and deferred income 15,500 186,876 1,924,793 65,553 64,283 142,432 161,531 43,190 186,876 796,690 264,109 87,755 108,972 124,020 15,500 186,876 1,924,793 52,951 64,283 142,432 14S,750 43,190 186,876 796,690 260,737 87,755 108,972 118,920 2,560,968 1,611,612 2,532,585 1,603,140 14. Creditors: Amounts falling due after mor8 than one year Group 2024 Group 2023 Charity 2024 Charity 2023 Bank loans Other creditors 1,610,165 265,919 1,711,013 232,955 1,610,165 265,919 1,711,013 232,955 1,876,084 1,943,968 1,876,084 1,943,968 Page 27
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds Statement of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers inlout Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Property fund Other unrestricted funds 1,419,757 5,760 77,115 1,496,872 5,760 1,425,517 77,115 1,502,632 GENERAL FUNDS General Funds- all funds 1,243,749 6,510,708 (6,234,354) (63,630) 1,456,471 TOTAL UNRESTRJCTED FUNDS 2,669,266 6,510,706 (6,234,354) 13,485 2,959,103 ENDOWMENT FUNDS Foundation fund Sinking fund 1,832,332 110,000 {33,3961 1,798,936 110,000 1,942,332 {33,396) 1,908,936 RESTRICTED FUNDS Other restricted funds Truro High Foundation Murphy Donation 14,917 16,128 9,676 800 16,579 3,648 16,263 19,365 48,970 9,676 40,721 17,379 19,911 78,011 TOTAL OF FUNDS 4,652,319 6,528,085 (6,234,354) 4,946,050 Page 28
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 15. Statement of funds {continued> Statement of funds - prlor year Balance at 1 September 2022 Balance at 31 August 2023 Transfers inlout Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Property fund Other unrestricted funds 1,127,058 5,760 292,699 1,419,757 5,760 1,132,818 292,699 1,425,517 GENERAL FUNDS General fund 1,144,483 6,431,199 (6,075,211) {256,7221 1,243,749 TOTAL UNRESTRICTED FUNDS 2,277,301 6,431,199 (6,075,211) 35,977 2,669,266 ENDOWMENT FUNDS Foundation fund Sinking fund 1,865,728 110,000 133,396) 1,832,332 110,000 1,975,728 (33,396) 1,942,332 RESTRICTED FUNDS Other restricted funds Truro High Foundation Murphy Donation 14,301 5,700 12,257 616 10,428 14,917 16,128 9,676 (2,581) 32,258 11,044 {2,581) 40,721 TOTAL OF FUNDS 4,285,287 6,442,243 (6,075,211) 4,652,319 Page 29
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Summary of funds Summary of funds - current year Balance at 1 September 2023 Balance at 31 August 2024 Transfers Inlout Income Expenditure Designated funds General funds Endowment funds Restricted funds 1,425,517 1,243,749 1,942,332 40,721 77,115 1,502,632 {63,6301 1,456,471 (33,3961 1,908,936 19,911 78,011 6,510,706 (6,234,354) 17,379 4,652,319 6,528,085 16,234,354) 4,946,050 Summary of funds - prior year Balance at 1 September 2022 Balance at 31 August 2023 Transfers inlout Income Expenditure Designated funds General funds Endowment funds Restricted funds 1,132,818 1,144,483 1,975,728 32,258 292,699 6,431,199 (6,075,211) {256,722) {33,396) {2,581) 1,425,517 1,243,749 1,942.332 40,721 11,044 4,285,287 6,442,243 {6,075,211} 4,652.319 17. Analysis of net assets between funds Analysls of net assets between funds - Current period Endowment Restricted Unrestricted funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 1,908,936 4,067,455 5,976,391 3,328,700 3,406,711 {2,560,968) (2,560,968> {1,876,084) (1,876.084) 78,011 TOTAL 1,908,936 78,011 2,959,103 4,946,050 Page 30
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 17. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Endowment funds 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year 1,942,332 3,655,599 5,597,931 2,569,247 2,609,968 (1,611,612) (1,611,612) (1,943,968) (1,943,968) 40,721 TOTAL 1,942,332 40,721 2,669,266 4,652,319 18. Reconclllatlon of net movement In funds to net cash flow from operating activities Group 2024 Group 2023 Net income for the period (as per Statement of Financial Activities) 293,731 367,032 ADJUSTMENTS FOR: Depreciation charges Decreasel(increase) in debtors Increasel{decrease} in creditors Interest payable 227,877 172,637 982,320 86,028 302,755 75,371 {29,167) 88,732 NET CASH PROVIDED BY OPERATING ACTIVITIES 1,517,319 804,723 19. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand Treasury deposit account 1,218,717 2,000,000 2,494,611 TOTAL CASH AND CASH EQUIVALENTS 3,218,717 2,494,611 Page 31
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 20. Analysis of changes in net debt At1 September At31 2023 Cash flows August 2024 Cash at bank and in hand Debt due within 1 year Debt due after 1 year Finance leases Liquid investments 2,494,611 (1,275,894) 1,218,717 (983,5661 (1,128,103) (2,111,669 {1,711,0131 100,848 (1,610,165 143,1901 27,690 (15,500) 2,000,000 2,000,000 {243,158) (275,4591 1518,617) 21. Pension commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £498,687 {2023.' £451,928). £59,864 (2023.. £61.514) were payable to the fund al the balance Sheet date and are included in creditors. Non teaching staff are eligible to participate in a defined contribution scheme managed by AVIVA Stakeholder Scheme. The assets of this scheme are held separately from the charity in an independently administered fund. The pension charge for the year includes a contribution payable of £32,398 {2023.. £25,958). At the year end £5,703 (2023.. £NIL) was accrued in respect of contributions due to this scheme. Teachers. Pension Scheme The Teachers, Pension Scheme (TPSI is a statutory, contributory, defined benefit scheme, governed by the Teachers, Pension Scheme Regulations 2014. Membership is automatic for full-time teachers in schools. All teachers have the option to opt-out of the TPS following enrolment. The TPS is an unfunded scheme to which both the member and employer makes contributions, as a percentage of salary - these contributions are credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament. Valuation of the Teachers. Pension Scheme The Government Actuary, using nomial actuarial principles, conducts a formal actuarial review of the TPS in accordance with the Public Service Pensions (Valuation and Employer Cost Cap) Directions 2014 published by HM Treasury every 4 years. The aim of the review is to specify the level of future contributions. Actuarial scheme valuations are dependent on assumptions about the value of future costs, design of benefits and many other factors. The latest actuarial valuation of the TPS was carried out as at 31 March 2020. The valuation report was published by the Department for Education on 27 October 2023, with the SCAPE rate, set by HMT, applying for a notional investment return based on 1.7% above the rate of CPI. Page 32
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 21. Pension commltments (contlnued) The key elements of the valuation outcome are'.= Employer contribution rates set at 28.68 % of pensionable pay (including a 0.08 % administration levy). This is an increase of 50/0 in employer contributions and the cost control result is such that no change in members benefits is needed. Total scheme liabilitie5 (pensions currently in payment and the estimated cost of future benefits} for service to the effective date of £262,000 million and notional assets (estimated future contributions together with the notional investments held at the valuation date} of £222,200 million, giving a notional past service deficit of £39,800 million. The result of this valuation was implemented from 1 April 2024. The next valuation result is due to be implemented from 1 April 2028. A copy of the valuation report and supporting documentation is on the Teachers, Pensions website (https:Ilwww.teacherspensions.co.uklnewslemployers12019104lleachers-pensions-valuation-report.aspx}. Under the definitions set out in FRS 102, the TPS is an unfunded multi-employer pension scheme. The School is unable to identify its share of the underlying assets and liabilities of the plan. Accordingly, the School has taken advantage of the exemption in FRS 102 and has accounted for its contribulions to the scheme as if it were a defined contribution scheme. The School has set out above, the information available on the scheme. 22. Operating lease commltments At 31 August 2024 the Group and the Charty had commitments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Charity 2024 Charity 2023 Not later than 1 year Later than 1 year and not later than 5 years 66,905 75,190 46,662 103,592 66,905 75,190 46,662 103,592 142,095 150,254 142,095 150,254 Page 33
TRURO HIGH SCHOOL FOR GIRLS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 23. Related party transactlons Purchases totalling £1,870 (2023.. £1,735) were made to the son of a member of key management personnel for minibus cleaning. There was £330 {2023.' £225) outstanding at the year end due to the related person. 2 members of the Senior Leadership Team {2023: 21 have 3 pupils (2023.. 3) and 1 member of the Head of Faculty12023'. 1 } has 3 pupils (2023.. 2) at the school and were charged school fees of £80,394 (2023.. £69,816) in the year. They also received £80,395 {2023.' £51,999) by way of scholarships, bursaries or discounts. There were a number of transactions with Truro High School Trading Limited during the year. There were recharges made in the year of £26,559 {2023'. £29,575} to Truro High School Trading Limited. Of these recharges there was £NIL (2023.. £11,361) outstanding at the end of the year. Gift Aid was received from Truro High School Trading Ltd of £104,860 (2023. £84,536). There was £104,860 <2023: £84,536) outstanding at the end of the year. 24. Principal subsidiaries The following was a subsidiary undertaking of the Charity= Name Company number Holding Included in consolidation Truro High School Trading Limited 08920547 100'/0 Yes The financial results of the subsidiary for the year were.. Name Income Expenditure ProfiU(Loss) I Surplusl (Deficit) for the year Net assets Truro High School Trading Limited 157,814 {52,954) 104,860 Page 34