This painting is by Elizabeth Forbes who went on to marry Stanhope Forbes a leading member of the Newlyn artists in the later Victorian and early 20th Century. It was completed in 1889.
The original is in Penlee Museum and Art Gallery in Penzance.
The boy on the left crying is reputed to be Richard Vivian Spargo and the two red headed girls laughing at him are thought to be his sisters – Elizabeth and Alexandra. All children of John and Eliza Spargo. The school is Paul parochial school which was in the building which is now the village hall in Paul, next to the Pub.
A new school building Paul Board School was opened in 1883, so Elizabeth must have made her sketches before that.