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 Re￿d 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 othe￿iSe 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
circUmstan￿S 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 fO￿ard 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 be￿een
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 Unde￿aY 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 be￿een 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