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2025-08-31-accounts

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Charity number: 306577

TRURO HIGH SCHOOL FOR GIRLS

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2025

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TRURO HIGH SCHOOL FOR GIRLS

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1
Trustees' report 2
Independent auditors' report on the financial statements 10 - 13
Consolidated statement of financial activities 14
Consolidated balance sheet 15
Charity statement of financial position 16
Consolidated statement of cash flows 17
Notes to the financial statements 18 - 33

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TRURO HIGH SCHOOL FOR GIRLS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 AUGUST 2025

Governors The Rev'd Canon L M Barley1,2
Mrs S Burkard1,2
Mrs A Eaves (Resigned 30 June 2025)1,2
Mr A Heath1,3
Mr J Keast OBE1,2,3
Mr S Paxton1
Mr W Pellew-Harvey (Resigned 15 July 2025)1,3
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 Vulliamy1,3
1
Governance and Nominations Committee
2
Education and Pastoral Committee
3
Finance and School Committee
Charity registered
number
306577
Registered office
Falmouth Road
Truro
Cornwall
TR1 2HU
Secretary
Mrs S Budd
Trustees
Truro High School for Girls Trustees (Company registration No. 06156433)
Independent auditors
Bishop Fleming Audit Limited
Chartered Accountants
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP
Bankers
Barclays
14 King Street
Truro
Cornwall
TR1 2RB
Solicitors
Stephens Scown LLP
Osprey House
Malpas Road
Truro
Cornwall
TR1 2ES
Foot Anstey
Coinage House
2 Princes Street
Truro
TR1 2ES

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TRURO HIGH SCHOOL FOR GIRLS

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their report and the financial statements of Truro High School for Girls (the School) for the year ended 31 August 2025.

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 Charities Act 2011, the charity’s governing 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 102) (effective 1 January 2019).

The financial statements have been prepared to give a ‘true and fair’ 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 Practice from 1 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 presented on pages 3 to 4 of this 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.

Governing 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 charity 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 governors are the directors of Truro High School for Girls Trustees (registration no. 06156433).

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:

This is kept under annual review.

Recruitment and training 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 Governors continues.

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TRURO HIGH SCHOOL FOR GIRLS

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Group structure and relationships

The School has a wholly owned non-charitable subsidiary, Truro High School Trading Limited, whose activities and trading performance are referred to below.

The School is a member of GSA 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 information and to establish that the School’s auditor is aware of that information.

OBJECTIVES AND ACTIVITIES

Charitable objects

The aims of the School are set out in its aims and strategic plan. These are:

Objectives and strategies for the year

The principal objectives for the year were as follows:

Bursary and grant making policy

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 otherwise 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 otherwise be at risk. In assessing means, the School takes into account nationally accepted criteria. Bursaries are awarded on a sliding scale in proportion to need, in exceptional circumstances full remission of fees can be awarded. The level of awards given in the year is set out in note 3 to the Accounts.

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TRURO HIGH SCHOOL FOR GIRLS

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Volunteers

Truro High continues to thrive on the strength of its community spirit and the significant contribution of volunteers across all areas of school life. The Parents’ and Teachers’ Association (PTA) remains highly active and enthusiastic, supporting numerous events throughout the academic year. Last year, this included providing refreshments at numerous school performances, sports day and pupil discos, as well as organising large school community events such as the indoor Christmas Market, the Christmas raffle and movie nights held in the Piran Theatre. In addition, the second-hand uniform shop is run entirely by PTA volunteers, providing a valuable and sustainable service.

Over the past year, the PTA has expanded its committee to include a class representative for each year group. The committee meets termly on-site with a member of the School Leadership Team to ensure effective communication and collaboration. Volunteer opportunities are regularly promoted via the school newsletter, helping to ensure that all parents feel welcomed and encouraged to participate in the life of the school.

Parents also contribute widely within the school itself. They play a very active and key role in supporting our Greenpower Engineering initiative both in school and at race events around the country, plus running the Prep school library, and facilitating reading and book clubs. Many parents also volunteer as speakers and mentors for our careers programme, contributing to our fortnightly careers talks and to weekly lectures to our Aspiring Medics.

Staff members demonstrate a strong commitment to service within the wider community, volunteering their personal time with a variety of local charities and organisations. Examples include leading training for local hockey and ultra-sport clubs and serving in leadership roles such as Secretary of Truro Methodist Church. These activities reflect the broad range of community engagement undertaken by both teaching and support staff.

Senior School pupils further contribute by volunteering across school activities. They help run sports clubs, referee matches, and support the Prep School by assisting younger pupils with swimming, reading, art, languages, and ballet clubs. Their commitment is evident throughout the year and is a valued element of our school’s culture of service.

Overall, the collective efforts of parents, staff, and pupils exemplify the school’s ethos of community involvement and greatly enrich the educational experience for all.

Public benefit

The trustees have given careful consideration to the Charity Commission’s guidance on public benefit and confirm they have given due regard to this guidance. The School provides public benefit by:

The School believes that it provides considerable benefit to the general public and the local community through the employment of over 100 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 charity work and, wherever possible, the sharing of our facilities and expertise.

The School continued to provide significant public benefit through a broad range of community and charitable activities. Throughout the year, we hosted regular mental health and wellbeing sessions for local parents, supporting families across the wider community.

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TRURO HIGH SCHOOL FOR GIRLS

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

In June, we celebrated International Women in Engineering Day by welcoming over 200 Year 8 pupils from schools across Cornwall to an engaging programme of engineering talks and practical workshops.

The School also supported a number of initiatives assisting St Petrocs, a local charity helping people experiencing homelessness. This included participation in a Christmas shoebox appeal and involvement in several fundraising events over the year. Additional charitable causes benefitting from the School’s fundraising included Odd Socks Day, Wear It Pink Day and Children in Need.

Partnerships

The school’s partnerships remain a cornerstone of its outreach and community contribution.

Truro High further developed its support for local primary schools. Our Go Cook! programme enabled more than 220 local primary school pupils to learn essential cooking and nutrition skills. Schools were provided with transport, a full-day workshop on-site, recipe cards and additional resources to take home.

We have lots of Sport partnerships with local state schools to enhance their provision by offering access to our facilities either free of charge or at heavily reduced rates. For example, Bosvigo School pupils used the swimming pool year-round at a preferential rate and they also made weekly use of the school’s netball courts free of charge. We also host St Agnes junior girls Football and Truro Football mums on our pitches, plus on Saturdays there is a free Tag Rugby session available to all.

County orchestras from all over Cornwall use our facilities during evenings and weekends for rehearsals.

The school continues to work in partnership with the Roseland Observatory offering astronomy workshops and lessons to pupils from primary and secondary schools around Cornwall in the Observatory and Astronomy unit on our site, which includes Reflector and Refractor Telescopes and a Solarscope.

Our partnership with Kom Pong Brasat Primary School in Cambodia continues and in 2026 senior pupils will have the opportunity to visit Cambodia again to see first-hand how the funds are used.

Achievements and Performance

This year, 90% of students secured offers from their first-choice university destinations, which included Oxford, Bristol, Cardiff, Exeter and Southampton. Subjects chosen ranged from Classics, Neuroscience and Law to Fashion Marketing.

Sixth Form students continued to excel academically, with 100% of Extended Project Qualification entries awarded A*.

GCSE results were also impressive, with many pupils achieving outcomes significantly above predictions from cognitive ability testing.

The school continues to be multi award-winning with Highly Commended for our Senior School Extra-Curricular programme by Muddy Stilettos and becoming a Finalist for Pre-Prep School of the Year at the Independent Schools of the Year Awards.

School Development

Truro High School continues to embed our World Class High Performance Learning.

The school invested heavily in new technology and preparing girls for the future with our new Digital strategy providing Ipads for all pupils in year 7 and above and in the Prep ICT room for all prep school pupils.

Through our Digital Strategy, we hope that we will be able to develop a curriculum that goes beyond traditional ICT or digital literacy models. Our approach will place technology, creativity, and character at the heart of teaching and learning. This vision for a future-facing digital curriculum is strongly aligned with the High

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TRURO HIGH SCHOOL FOR GIRLS

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Performance Learning framework, ensuring pupils are equipped with the skills, dispositions and mindsets to achieve success in school and beyond.

Pastoral care continues to be a key strength and an area of continuous development through our whole-school wellbeing programme, Thrive .

The curriculum continues to be enriched by more than 85 different weekly clubs from animal care, STEM, surfing and GoSail to launching and running a student-led café on the school grounds (Willow Field Café).

The Future Ready Careers programme offering visits to popular universities including Oxford and Cambridge, specialist preparation for competitive applications and interviews, bespoke mentoring and an extensive programme of careers talks.

Events, Trips and Visits is very popular.

The academic year featured an extensive programme of trips and co-curricular experiences. UK-based activities included an English Literature trip to Stratford upon Avon, the birthplace of Shakespeare a Creative Arts and Culture trip to London, a Medieval history visit to Buckfast Abbey, gallery visits to Tate St Ives and performances at the Minack Theatre. During the Easter break, a group of girls enjoyed a cultural trip to New York. Year 7 pupils took part in a two-day, one-night teambuilding residential at Porthpean. A group of Senior girls enjoyed a Summer trip to the Isles of Scilly, embracing island life kayaking and paddle-boarding, plus puffin spotting along the way. Duke of Edinburgh Award expeditions took place across the Cornish coast (Bronze), the Quantocks in Somerset (Silver), and the Black Mountains in Wales (Gold).

We enjoyed productions of Jane Eyre , while more than 300 pupils took part in a whole-school dance show at Hall for Cornwall. The annual Summer Arts Show displayed outstanding work from students across all year groups. PERFORM is the Drama Masterclass Programme at Truro High School and it is a fantastic opportunity for our pupils to learn from leading Arts professionals. Throughout the academic year, we offer a range of talks, Q&A sessions, career advice forums and workshops. Through these experiences, our pupils gain an invaluable insight into the working life of professionals in the arts field, better preparing them for future arts-related endeavours. Participating in the Drama Masterclass Programme broadens our pupils’ knowledge, understanding and appreciation of contemporary arts practice whilst developing their own artistic skills and creative vision.

The school continues to grow its international profile, with the Headmistress visiting schools in China and Hong Kong and with new Marketing initiatives including Wechat and a Chinese website.

Sporting success

In Netball, the U12s made it to the County Finals, the U13s placed 4th out of 24 schools, and the U16s started their cup run with a massive 58–35 win.

In Hockey, there’s been some tough matches and some huge wins. The U18 team made it all the way to the Southwest regionals and finished 3rd. The U14s played with a mix of age groups and showed how good teamwork can bring out the best in everyone.

On the Football pitch, the U13s played one of the most exciting matches of the year against Truro, going to extra time. The U16s reached the County Cup Quarter Finals and kept fighting right to the end.

The Cross-Country runners have also had a great year. From muddy races to regional qualifiers, they’ve shown real determination. The Prep School swimming team reached the National Finals once again. Plus many girls have achieved significant milestones in Karate, Fencing, Dance, Athletics and Cricket.

FINANCIAL REVIEW

The School’s principal source of income is fee income which is £5,957,206. Income (net of intercompany transactions) from its trading subsidiary amounted to £138,525, with associated costs of £43,394. Donations generated £1,753 at a cost of £Nil. Other than these costs, all of the School’s expenditure was spent in advancement of its charitable objectives.

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TRURO HIGH SCHOOL FOR GIRLS

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Total income in the year of £6,527,308 (2024: £6,528,085) has resulted in a surplus being recorded for the year of £181,006 (2024: £293,731) following which the group and charity’s net worth has increased to £5,127,055. Fixed Assets have increased by £30,364 with Current Assets decreasing for the group by £501,492 and for the charity by £477,654. The group’s cash balance at year end had increased by £1,529,035 whilst that for the charity has increased by £1,556,683.

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. The value of land 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 reserves 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 reserves held centrally. After taking these into account, the group aims to operate within a range of 0% - 10%.

At 31 August 2025, the School had total reserves of £5,127,055 (2024: £4,946,050). Of these, £1,947,706 (2024: £1,986,947) were restricted and therefore not available for the general purposes of the School.

Principal 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 that the governors have identified and the plans to manage those risks are:

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.

Going concern

In May 2022 Truro High School for Girls became independent of the Methodist Independent Schools Trust (MIST) by securing long-term funding from Barclays plc. In consideration of this change, Governors satisfied themselves that the Charity had a solid financial platform from which to operate and to move the School forward in the coming years. Governors are satisfied that sufficient scenario planning and modelling is undertaken to manage the financial impact of the increase in business rates and the introduction of VAT on school fees. Plans to mitigate the increased cost of Teachers’ Pensions contributions have been implemented with staff, reducing the cost of employer contributions to the pre-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 maintenance and investment is in

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TRURO HIGH SCHOOL FOR GIRLS

TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

place to ensure the most effective use of resources. In addition, the Governors will look towards developing new facilities with the support of Barclays.

The pupil roll for 2025/26 and looking forward to 2026/27 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 the impact of VAT on fees remain of concern to Governors and they look to the School’s leadership team to manage and reduce expenditure should the pupil roll reduce.

The Governors are unaware of any other factors which would impact on the charity being treated as a going concern.

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 approved by the trustees on 15th December 2025 and is signed on their behalf by:

Anthony Julian Thould

………………………………………………

Mr A J Thould

Chair of Governors

Date: 17 December 2025

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TRURO HIGH SCHOOL FOR GIRLS

STATEMENT OF TRUSTEES’ RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2025

The trustees are responsible for preparing the report of the trustees and the financial statements 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:

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.

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TRURO HIGH SCHOOL FOR GIRLS

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES 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 2025 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Charity statement of financial position, the Consolidated statement of cash flows and the notes to the financial statements, including significant 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:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (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 and parent charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 concluded 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 twelve 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 report.

Other information

The other information comprises the information included in the Trustees' report and financial statements other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information. 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 otherwise 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.

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TRURO HIGH SCHOOL FOR GIRLS

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES 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:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' responsibilities set out on page 9, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal 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 to cease operations, or have no realistic alternative but to do so.

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TRURO HIGH SCHOOL FOR GIRLS

INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES 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 statements 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.

Irregularities, 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 noncompliance with laws and regulations, we considered the following:

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 income, 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 journal entries.

In common with all audits under ISAs (UK), 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 provisions of those laws and regulations 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 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:

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INDEPENDENT AUDITORS' REPORT TO THE TRUSTEES OF TRURO HIGH SCHOOL FOR GIRLS (CONTINUED)

We also communicated 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 irregularities, including those leading to a material misstatement in the financial statements 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.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Use of our report

This report is made solely to the charity's trustees, 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.

Alison Oliver

Bishop Fleming Audit Limited

Chartered Accountants Statutory Auditors Chy Nyverow Newham Road Truro Cornwall TR1 2DP

Date: 18 December 2025

Bishop Fleming Audit Limited 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

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TRURO HIGH SCHOOL FOR GIRLS

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025

Note
Income and
endowments from:
Donations and
legacies
2
Charitable activities
3
Other trading activities
4
Total income and
endowments
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income
Transfers between
funds
15
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Unrestricted
funds
2025
£
-
6,294,966
230,589
6,525,555
51,788
6,294,514
6,346,302
179,253
40,994
220,247
2,959,102
220,247
3,179,349		 Restricted
funds
2025
£
1,753
-
-
1,753
-
-
-
1,753
(7,598)
(5,845)
78,011
(5,845)
72,166		 Endowment
funds
2025
£
-
-
-
-
-
-
-
-
(33,396)
(33,396)
1,908,936
(33,396)
1,875,540		 Total
funds
2025
£
1,753
6,294,966
230,589
6,527,308
51,788
6,294,514
6,346,302
181,006
-
181,006
4,946,050
181,006
5,127,055		 Total
funds
2024
£
17,379
6,178,012
332,694
6,528,085
104,262
6,130,092
6,234,354
293,731
-
293,731
4,652,319
293,731
4,946,050

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 18 to 33 form part of these financial statements.

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TRURO HIGH SCHOOL FOR GIRLS

CONSOLIDATED BALANCE SHEET AS AT 31 AUGUST 2025

Note
Fixed assets
Tangible assets
9
Current assets
Debtors
11
Investments
12
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Total net assets
Charity funds
Endowment funds
15
Restricted funds
15
Unrestricted funds
15
Total funds		 157,467
-
2,747,752
2,905,219
(2,085,192)		 2025
£
6,006,755
6,006,755
820,027
6,826,782
(1,699,727)
5,127,055
1,875,540
72,166
3,179,349
5,127,055		 187,994
2,000,000
1,218,717
3,406,711
(2,560,968)		 2024
£
5,976,391
5,976,391
845,743
6,822,134
(1,876,084)
4,946,050
1,908,936
78,011
2,959,103
4,946,050

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Anthony Julian Thould

Mr A J Thould

Date: 17 December 2025

The notes on pages 18 to 33 form part of these financial statements.

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TRURO HIGH SCHOOL FOR GIRLS

CHARITY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 AUGUST 2025

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Investments
12
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
14
Total net assets
Charity funds
Endowment funds
15
Restricted funds
15
Unrestricted funds
15
Total funds		 242,111
-
2,658,562
2,900,673
(2,080,646)		 2025
£
6,006,755
1
6,006,756
820,027
6,826,783
(1,699,727)
5,127,056
1,875,540
72,166
3,179,350
5,127,056		 276,448
2,000,000
1,101,879
3,378,327
(2,532,585)		 2024
£
5,976,391
1
5,976,392
845,742
6,822,134
(1,876,084)
4,946,050
1,908,936
78,011
2,959,103
4,946,050

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Anthony Julian Thould

Mr A J Thould

Date: 17 December 2025

The notes on pages 18 to 33 form part of these financial statements.

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TRURO HIGH SCHOOL FOR GIRLS

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Repayments of borrowing
Interest payable
Net cash used in financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 18 to 33 form part of these financial statements		 2025
£
(40,876)
(294,521)
51,308
(243,213)
(105,984)
(80,892)
(186,876)
(470,965)
3,218,717
2,747,752		 2024
£
1,517,319
(606,337)
-
(606,337)
(100,848)
(86,028)
(186,876)
724,106
2,494,611
3,218,717

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 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) 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 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 otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Charity 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 there is adequate resources to continue its operations for the foreseeable future. Governors are satisfied that sufficient scenario planning and modelling takes place to manage the potential financial impact of a possible recession and a corresponding reduction in pupil numbers. Measures have been implemented to mitigate the impact of increased contributions to the Teachers’ Pension Scheme and Governors are satisfied that there are sufficient controls in place to minimise costs. 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 to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity 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 attributable to a single activity are apportioned between those activities on a basis consistent with the 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.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

TRURO HIGH SCHOOL FOR GIRLS

1. 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 can 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 so 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 - 2% Straight line
Building Improvements - 4% Straight line
Motor vehicles - 20% Straight line
Fixtures and fittings - 10% Straight line
Computer equipment - 20% 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 at their transaction cost and subsequently measured at fair value at 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 at 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.

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

1. Accounting policies (continued)

1.9 LIABILITIES AND PROVISIONS

Liabilities are recognised when there is an obligation at the Balance sheet 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 effect 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.

1.10 FINANCIAL INSTRUMENTS

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

1.11 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 specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2. Income from donations and legacies

Restricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Donations 1,753 1,753 17,379

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

3. Income from charitable activities

Gross school fees chargeable
Less Bursaries, Scholarships and other discounts
Other educational income
4.
Income from other trading activities
Income from fundraising events
Other trading income
Interest receivable
Income from non charitable trading activities
Income from subsidiary trading activities
Lettings income		 Unrestricted
funds
2025
£
6,829,863
(872,657)
337,760
6,294,966
Unrestricted
funds
2025
£
32,159
51,308
83,467
Unrestricted
funds
2025
£
138,525
8,597
147,122		 Total
funds
2025
£
6,829,863
(872,657)
337,760
6,294,966
Total
funds
2025
£
32,159
51,308
83,467
Total
funds
2025
£
138,525
8,597
147,122		 Total
funds
2024
£
6,770,073
(905,492)
313,431
6,178,012
Total
funds
2024
£
33,986
35,058
69,044
Total
funds
2024
£
157,814
105,836
263,650

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

5. Analysis of expenditure by activities

Activities
undertaken
directly
2025
£
Education costs
3,146,046
Welfare costs
-
Premises costs
-
Other support costs
-
Finance costs
-
Governance costs
-
Charitable publicity costs
-
3,146,046
6.
Auditors' remuneration
Fees payable to the Charity's auditor in respect of:
The auditing of accounts of associates of the Charity
Audit-related assurance services
Taxation compliance services		 Support
costs
2025
£
186,738
649,037
1,065,992
864,707
140,632
50,530
190,832
3,148,468		 Total
funds
2025
£
3,332,784
649,037
1,065,992
864,707
140,632
50,530
190,832
6,294,514
2025
£
15,200
425
1,400		 Total
funds
2024
£
3,197,500
667,969
1,018,631
796,989
144,792
77,606
226,605
6,130,092
2024
£
13,800
400
1,340

7. Staff costs

Wages and salaries
Social security costs
Contribution to pension schemes
Operating costs of defined benefit pension
schemes		 Group
2025
£
3,070,814
315,699
34,238
502,266
3,923,017		 Group
2024
£
2,893,918
270,401
32,398
498,687
3,695,404		 Charity
2025
£
3,044,105
315,699
34,238
502,266
3,896,308		 Charity
2024
£
2,867,359
270,401
32,398
498,687
3,668,845

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

7. Staff costs (continued)

The average number of persons employed by the Charity during the year was as follows:

Teaching staff
Other staff		 Group
2025
No.
53
53
106		 Group
2024
No.
55
47
102

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £70,001 - £80,000 1 1
In the band £80,001 - £90,000 - 1
In the band £90,001 - £100,000 1 -
In the band £110,001 - £120,000 1 1

8. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 August 2025, expenses totalling £1,204 were reimbured or paid directly to 3 Trustee (2024 - £NIL).

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. Tangible fixed assets

GROUP

COST OR VALUATION
At 1 September 2024
Additions
At 31 August 2025
DEPRECIATION
At 1 September 2024
Charge for the year
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024		 Freehold
property
£
6,392,785
58,032
6,450,817
1,299,936
119,964
1,419,900
5,030,917
5,092,849		 Motor
vehicles
£
21,099
-
21,099
13,983
4,221
18,204
2,895
7,116		 Fixtures and
fittings
£
2,279,432
215,574
2,495,006
1,463,016
119,024
1,582,040
912,966
816,416		 Computer
equipment
£
376,069
20,915
396,984
316,059
20,947
337,006
59,978
60,009		 Total
£
9,069,385
294,521
9,363,906
3,092,994
264,156
3,357,150
6,006,756
5,976,390

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

9. Tangible fixed assets (continued) CHARITY

COST OR VALUATION
At 1 September 2024
Additions
At 31 August 2025
DEPRECIATION
At 1 September 2024
Charge for the year
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024		 Freehold
property
£
6,392,785
58,032
6,450,817
1,299,936
119,964
1,419,900
5,030,917
5,092,849		 Motor
vehicles
£
21,099
-
21,099
13,983
4,221
18,204
2,895
7,116		 Fixtures and
fittings
£
2,279,432
215,574
2,495,006
1,463,016
119,024
1,582,040
912,966
816,416		 Computer
equipment
£
376,069
20,915
396,984
316,059
20,947
337,006
59,978
60,009		 Total
£
9,069,385
294,521
9,363,906
3,092,994
264,156
3,357,150
6,006,756
5,976,390

10. Fixed asset investments

CHARITY
COST OR VALUATION
At 1 September 2024
At 31 August 2025
NET BOOK VALUE
At 31 August 2025
At 31 August 2024		 Investments
in
subsidiary
companies
£
1
1
1
1

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

11.
Debtors
Group
2025
£
DUE WITHIN ONE YEAR
Trade debtors
67,082
Other debtors
811
Prepayments and accrued income
89,574
157,467
12.
Current asset investments
Group
2025
£
Treasury deposit account
-
13.
Creditors: Amounts falling due within one year
Group
2025
£
Bank loans
186,876
Prepaid fees
1,546,759
Deposits
48,794
Trade creditors
90,896
Other taxation and social security
57,978
Other creditors
87,054
Accruals and deferred income
66,835
2,085,192
14.
Creditors: Amounts falling due after more than one year
Group
2025
£
Bank loans
1,504,181
Deposits
195,546
1,699,727		 Group
2024
£
85,691
9,897
92,406
187,994
Group
2024
£
2,000,000
Group
2024
£
186,876
1,924,793
15,500
65,553
64,283
142,432
161,531
2,560,968
Group
2024
£
1,610,165
265,919
1,876,084		 Charity
2025
£
60,822
95,131
86,158
242,111
Charity
2025
£
-
Charity
2025
£
186,876
1,546,759
48,794
90,859
57,167
87,054
63,137
2,080,646
Charity
2025
£
1,504,181
195,546
1,699,727		 Charity
2024
£
72,179
114,757
89,512
276,448
Charity
2024
£
2,000,000
Charity
2024
£
186,876
1,924,793
15,500
52,951
64,283
142,432
145,750
2,532,585
Charity
2024
£
1,610,165
265,919
1,876,084

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. Statement of funds

Statement of funds - current year

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Property fund
Other unrestricted funds
GENERAL FUNDS
General Funds - all funds
TOTAL UNRESTRICTED
FUNDS
ENDOWMENT FUNDS
Foundation fund
Sinking fund
RESTRICTED FUNDS
Other restricted funds
Truro High Foundation
Murphy Donation
TOTAL OF FUNDS		 Balance at 1
September
2024
£
1,496,872
5,760
1,502,632
1,456,471
2,959,103
1,798,936
110,000
1,908,936
19,365
48,970
9,676
78,011
4,946,050		 Income
£
-
-
-
6,525,555
6,525,555
-
-
-
-
1,753
-
1,753
6,527,308		 Expenditure
£
-
-
-
(6,346,303)
(6,346,303)
-
-
-
-
-
-
-
(6,346,303)		 Transfers
in/out
£
77,448
-
77,448
(36,454)
40,994
(33,396)
-
(33,396)
(9,035)
1,753
(316)
(7,598)
-		 Balance at
31 August
2025
£
1,574,320
5,760
1,580,080
1,599,269
3,179,349
1,765,540
110,000
1,875,540
10,330
52,476
9,360
72,166
5,127,055

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

15. Statement of funds (continued)

Statement of funds - prior year

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Property fund
Other unrestricted funds
GENERAL FUNDS
General Funds - all funds
TOTAL UNRESTRICTED
FUNDS
ENDOWMENT FUNDS
Foundation fund
Sinking fund
RESTRICTED FUNDS
Other restricted funds
Truro High Foundation
Murphy Donation
TOTAL OF FUNDS		 Balance at
1 September
2023
£
1,419,757
5,760
1,425,517
1,243,749
2,669,266
1,832,332
110,000
1,942,332
14,917
16,128
9,676
40,721
4,652,319		 Income
£
-
-
-
6,510,706
6,510,706
-
-
-
800
16,579
-
17,379
6,528,085		 Expenditure
£
-
-
-
(6,234,354)
(6,234,354)
-
-
-
-
-
-
-
(6,234,354)		 Transfers
in/out
£
77,115
-
77,115
(63,630)
13,485
(33,396)
-
(33,396)
3,648
16,263
-
19,911
-		 Balance at
31 August
2024
£
1,496,872
5,760
1,502,632
1,456,471
2,959,103
1,798,936
110,000
1,908,936
19,365
48,970
9,676
78,011
4,946,050

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

16. Summary of funds

Summary of funds - current year

Balance at 1 Balance at 1 Balance at
September Transfers 31 August
2024 Income Expenditure in/out 2025
£ £ £ £ £
Designated funds 1,502,632 - - 77,448 1,580,080
General funds 1,456,471 6,525,555 (6,346,303) (36,454) 1,599,269
Endowment funds 1,908,936 - - (33,396) 1,875,540
Restricted funds 78,011 1,753 - (7,598) 72,166
4,946,050 6,527,308 (6,346,303) - 5,127,055
Summary of funds - prior year
Balance at Balance at
1 September Transfers 31 August
2023 Income Expenditure in/out 2024
£ £ £ £ £
Designated funds 1,425,517 - - 77,115 1,502,632
General funds 1,243,749 6,510,706 (6,234,354) (63,630) 1,456,471
Endowment funds 1,942,332 - - (33,396) 1,908,936
Restricted funds 40,721 17,379 - 19,911 78,011
4,652,319 6,528,085 (6,234,354) - 4,946,050

17. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
6,006,755
Current assets
2,833,053
Creditors due within one year
(2,085,192)
Creditors due in more than one year
(3,575,267)
TOTAL
3,179,349		 Restricted
funds
2025
£
-
72,166
-
-
72,166		 Endowment
funds
2025
£
-
-
-
1,875,540
1,875,540		 Total
funds
2025
£
6,006,755
2,905,219
(2,085,192)
(1,699,727)
5,127,055

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TRURO HIGH SCHOOL FOR GIRLS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

17. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
TOTAL		 Unrestricted
funds
2024
£
4,067,455
3,328,700
(2,560,968)
(1,876,084)
2,959,103		 Restricted
funds
2024
£
-
78,011
-
-
78,011		 Endowment
funds
2024
£
1,908,936
-
-
-
1,908,936		 Total
funds
2024
£
5,976,391
3,406,711
(2,560,968)
(1,876,084)
4,946,050

18. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
ADJUSTMENTS FOR:
Depreciation charges
Increase in debtors
(Decrease)/increase in creditors
Interest payable
Interest received
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
Analysis of cash and cash equivalents
Cash in hand
Treasury deposit account
TOTAL CASH AND CASH EQUIVALENTS		 Group
2025
£
181,006
264,156
(316,631)
(198,991)
80,892
(51,308)
(40,876)
Group
2025
£
2,747,752
-
2,747,752		 Group
2024
£
293,731
227,877
(72,637)
982,320
86,028
-
1,517,319
Group
2024
£
1,218,717
2,000,000
3,218,717

19. Analysis of cash and cash equivalents

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

20. Analysis of changes in net debt

Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
Liquid investments		 At 1
September
2024
£
1,218,717
(2,127,169)
(1,610,165)
2,000,000
(518,617)		 Cash flows
At 31
August 2025
£
£
1,529,035
2,747,752
344,740
(1,782,429)
105,984
(1,504,181)
(2,000,000)
-
(20,241)
(538,858)

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 £502,266 (2024: £498,687). £29,772 (2024: £59,864) were payable to the fund at the balance sheet date and are included in creditors.

Teaching, and non teaching support 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 £34,238 (2024: £32,398). At the year end £164 (2024: £5,703) was accrued in respect of contributions due to this scheme.

Teachers' Pension Scheme

The Teachers' Pension Scheme (TPS) 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 normal 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.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

21. Pension commitments (continued)

The key elements of the valuation outcome are::

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://www.teacherspensions.co.uk/news/employers/2019/04/teachers-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 contributions 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 commitments

At 31 August 2025 the Group and the Charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year
Later than 1 year and not later than 5 years		 Group
2025
£
90,271
120,383
210,654		 Group
2024
£
66,905
75,190
142,095		 Charity
2025
£
90,271
120,383
210,654		 Charity
2024
£
66,905
75,190
142,095

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

23. Related party transactions

Purchases totalling £1,950 (2024: £1,870) were made to the son of a member of key management personnel for minibus cleaning. There was £0 (2024: £330) outstanding at the year end due to the related person. Purchases totalling £280 (2024: £Nil) were made to the son of a member of key management personnel for consultancy work. There was £0 (2024: £Nil) outstanding at the year end due to the related person.

2 members of the Senior Leadership Team (2024: 2) have 2 pupils (2024: 3) and 1 member of the Head of Faculty (2024: 1) has 3 pupils (2024: 3) at the school and were charged school fees of £90,029 (2024: £80,394) in the year. They also received £71,426 (2024: £60,395) 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 £35,902 (2024: £26,559) to Truro High School Trading Limited. Of these recharges there was £Nil (2024: £Nil) outstanding at the end of the year. Gift Aid was received from Truro High School Trading Ltd of £95,131 (2024: £104,860). There was £95,131 (2024: £104,860) outstanding at the year end.

24. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Holding Included in
number consolidation
Truro High School Trading Limited 08920547 100% Yes
The financial results of the subsidiary for the year were:
Name Income Expenditure Profit/(Loss)
£ £ / Surplus/
(Deficit) for
the year
£
Truro High School Trading Limited 138,525 (43,394) 95,131
Net assets
£

1

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