2020-08-31-accounts - Bancroft's School

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		Page
Governors' report
Strategic Report
Independent	Auditors' Report	13
Consolidated	Statement of Financial Activities	15
Consolidated	and Company Balance Sheets	16
Consolidated	Cash Flow Statement	17
Notes to the	Financial Statements	18

					Unrestricted	Restricted	Total	Total
					funds	funds	funds	funds
				Note	2020 f	2020f	2020 f	2019 f
INCOME FROM:
Charitable activities:
School fees receivable				7	17,666,345		17,666,345	17,782,533
Other educational	income			7	217,507		217,507	179,805
Other trading activities:
Trading company	income			3	41,662		41,662	90,369
Other trading income				5	55,173	~	55,173	80,889
Investment income				6	8,309	19,057	27,366	41,114
Donations and grants				4	523,830	202,348	726,178	608,011
TOTAL INCOME					18,512,826	221,405	18,734,231	18,782,721
EXPENDITURE ON:
Charitable activities				8	18,047,525	247,677	18,295,202	17,464,811
Raising funds:
Trading expenses and		other costs			63,524		63,524	81,049
Trading company	expenditure				64,480		64,480	85,093
Investment manager's		fees				5,190	5,190	5,808
TOTAL EXPENDITURE					18,175,529	252,867	18,428,396	17,636,761
NET INCOME BEFORE		INVESTMENT
GAINS &LOSSES					337,297	(31,462)	305,835	1,145,960
Unrealised investment	(loss)/gain					(17,287)	(17,287)	11,169
Realised investment	(loss)/gain					(4,370)	(4,370)	5,202
NET MOVEMENT IN	FUNDS FOR THE
YEAR					337,297	(53,119)	284,178	1,162,331
Total funds at 1 September 2019					17,243,374	1,948,870	19,192,244	18,029,913
TOTAL FUNDS AT 31AUGUST 2020					17,580,671	1,895,751	19,476,422	19,192,244
All activities relate to	continuing		operations.

		2020	2020	2019	2019
		Group	Company	Group	Company
	Note	E	E		E
FIXEDASSETS
Tangible assets	12	19,918,233	19,918,233	19,799,743	19,799,743
Investments	13	808,411	808,511	728,060	728,160
		20,726,644	20,726,744	20,527,803	20,527,903
CURRENT ASSETS
Stocks	14	34,719	34,719	42,319	42,319
Debtors	15	838,349	879,457	675,267	725,123
Bank		1,798,781	1,776,245	2,609,318	2,531,749
		2,671,849	2,690,421	3,326,904	3,299,191
CREDITORS: amounts	falling due within
one year	16	(2,970,004)	(2,966,367)	(3,255,610)	(3,225,316)
NET CURRENT (LIABILITIES)/ASSETS		(298,155)	(275,946)	71,294	70,875
TOTAL ASSETS LESS	CURRENT LIABILITIES	20,428,489	20,450,798	20,599,097	20,598,778
CREDITORS: amounts	falling due atter
more than one year	17	(952,067)	(952,067)	(1,406,853)	(1,406,853)
NET ASSETS		19,476,422	19,498,731	19,192,244	19,191,925
CHARITYFUNDS
Restricted funds	18	1,895,751	1,895,751	1,948,870	1,955,870
Unrestricted funds	18	17,580,671	17,602,980	17,243,374	17,233,055
		19,476,422	19,498,731	19,192,244	19,191,925

					2020	2019
				Note	K
Net cash flow from operating		activities		20	818,593	2,164,652
Cash flows from investing	activities			21	(1,130,972)	(1,372,661)
Net cash flow from financing		activities		21	(498,157)	(560,007)
(DECREASE)/INCREASE	IN CASH IN THE		YEAR		(810,536)	232,164
Cash and cash equivalents		at the beginning	ofthe year		2,609,318	2,377,134
Cash and cash equivalents		at the end ofthe	year		1,798,782	2,609,316

A summary ofthe f	inancia	l activities un	dertaken by the charity	is set out below:
				2020	2019
				E	E
Gross income				18,692,379	18,692,162
Costs ofgenerating funds Expenditure on charitable		activities		(68,714) (18,295,202)	(86,857) (17,464,811)
Realised and unrealised		(losses)/gains	on investments	(21,657)	16,371
Net movement in funds				306,806	1,156,865
Total funds brought	forward			19,191,925	18,035,060
Total funds carried	forward			19,498,731	19,191,925
Represented by:
Restricted funds				1,905,751	1,958,870
Unrestricted funds				17,592,980	17,233,055
Total				19,498,731	19,191,925

entire share capital off100 or	dinary shares	o	ff1 each. A	summary ofthe t	rading results is s	hown below:
					2020f	2019f
Turnover —external					41,662	90,369
Cost of sales and administration	costs - Bancroft's School
	-external				(64,480)	(85,093)
Interest receivable					190	189
Net profit/(loss)					(22,628)	5,465
The assets and liabilities of	the subsidiary		were:
Current assets					39,273	79,430
Current liabilities					(61,482)	(79,011)
Total net (liabilities)/assets					(22,209)	419
Aggregate share capital and reserves					(22,209)	419
DONATION AND GRANT INCOME		Restricted		Unrestricted	Total	Total
			funds	funds	funds	funds
			2020f	2020f	2020f	2019f
Bancroft's Foundation			134,253		134,253	94,743
Drapers' Charitable Fund			50,000		50,000	50,000
Peter Salsbury Legacy						250,000
Francis Bancroft Trust				170,867	170,867	173,219
Old Bancroftian Association
(Vl Form Scholarship Trust )			18,095		18,095	18,123
Government grant: CJRS				333,714	333,714
Other donations				19,249	19,249	21,926
Voluntary income			202,348	523,830	726,178	608,011

VOLUNTARY INCOME (continued)	Restricted	Unrestricted	Total
	funds	funds	funds
	2019 8	2019 E	2019f
Bancroft's Foundation	94,743		94,743
Drapers' Charitable Fund	50,000		50,000
Peter Salsbury Legacy	250,000		250,000
Francis BancroR Trust		173,219	173,219
Old BancroRian Association
(Vl Form Scholarship Trust ) Other donations	18,123	21,926	18,123 21,926
Voluntary income	412,866	195,145	608,011
OTHER TRADING INCOME

Total	Total
funds	funds
2020	2019
E	5
55,173	80,889

		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2020	2020 5	2020 6	2019f
Investment	income	19,057		19,057	25,092
Interest receivable			8,309	8,309	16,022
		19,057	8,309	27,366	41,114
INVESTMENT INCOME (2019)
		Restricted	Unrestricted	Total
		funds	funds	funds
		2019	2019	2019
		F	f	8
Investment	income	25,092		25,092
Interest receivable		6,025	9,997	16,022
		31,117	9,997	41,114

INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES	INCOME FROM CHARITABLE ACTIVITIES		Unrestricted	Unrestricted	Unrestricted
						Funds	Funds
						2020f	2019 5
School Fees Receivable
Gross fees						19,420,298	19,560,404
Less: Total scholarships		and other allowances				(1,960,175)	(2,039,832)
Add: Bursaries funded	from —restricted		funds			206,222	261,981
						17,666,345	17,782,533
Academic scholarships						1,474,075	1,525,918
Other Allowances						467,691	454,842
						1,941,766	1,980,760
Other educational income
Entrance and registration		fees				79,079	49,550
Rents and lettings						24,539	35,281
Other incoming resources						113,889	94,974
						217,507	179,805
EXPENDITURE BYCHARITABLE				Restricted	Unrestricted	Total	Total
ACTIVITY				funds	funds	funds	funds
				2020	2020	2020	2019
					6	8
SUMMARY BYFUND	TYPE
Teaching					11,572,532	11,572,532	10,687,782
Welfare					1,111,032	1,111,032	1,261,118
Premises					3,219,572	3,219,572	3,212,170
Support and administration					2,112,175	2,112,175	1,987,129
Grants and awards				247,677		247,677	256,153
Bank loan interest &bank		charges			32,214	32,214	60,459
				247,677	18,047,525	18,295,202	17,454,811

SUMMARY BYEXPENDITUR	E TYPE
	Staff costs	Depreciation	Other costs	Total	Total
	2020 f	2020 f	2020 f	2020f	2019f
Teaching Welfare	10,494,680 547,518		1,077,852 563,514	11,572,532 1,111,032	10,687,782 1,261,118
Premises	563,796	900,265	1,755,511	3,219,572	3,212,170
Support and administration Grants and awards	1,381,703		725,472 247,677	2,107,175 247,677	1,987,129 256,153
Bank loan interest			37,214	37,214	60,459
	12,987,697	900,265	4,407,240	18,295,202	17,464,811
		Restricted	Unrestricted	Total
		funds	funds	funds
		2019 f	2019 f	2019f
SUMMARY BYFUND TYPE	(2019)
Teaching Welfare			10,687,782 1,261,118	10,687,782 1,261,118
Premises			3,212,170	3,212,170
Support and administration Grants and awards		256,153	1,978,169	1,978,169 256,153
Bank loan interest			60,459	60,459
		256,153	17,199,698	17,455,851
SUMMARY BYEXPENDITURE TYPE (2019)
	Staff costs	Depreciation	Other costs	Total
	2019 f	2019 f	2019 f	2019
Teaching Welfare	9,509,961 571,360		1,177,821 689,758	10,687,782 1,261,118
Premises	515,693	806,938	1,889,539	3,212,170
Support and administration Grants and awards	1,339,940		638,229 256,153	1,978,169 256,153
Bank loan interest			60,459	50,459
	11,936,954	806,938	4,711,959	17,455,851

GOVER	NANCE	COS	TS INCLU	DED IN SUPPORT AND AD	MINISTRATION
					Total	Total
					funds	funds
					2020f	2019 F
Auditors	remuneration		(including	VAT)
	Audit fee				23,500	25,620
	Non-audit	services			3,900	4,500

One governor has a child in the School and paid f	ees on an arms-length basis (2019:one)	.
STAFF COSTS	2020f	2019f
Staff costs were as follows
Payroll costs were:
Teaching staff	10,494,680	9,509,962
Non-teaching staff	2,516,341	2,480,949
	13,011,021	11,990,911
Wages and salaries	9,784,378	9,420,649
Social security costs	1,053,962	1,016,689
Other pension costs	1,874,520	1,323,832
Medical 6 health Insurance	298,161	229,741
	13,011,021	11,990,911

STAFF CO	STS (cont		inued)	inued)
The average	monthly		number ofemployees		during the year was as follows:
						2020	2019
						No,	No.
Teaching Support						171 102	198 65
						273	263
The number	of higher		paid employees	was:		2020	2019
						No.	No.
In the band	f60,001 —f70,000					19	17
In the band	670,001 -		f80,000			6	4
In the band	680,001 -		690,000			3	3
In the band	f90,001 -		F100,000			1	1
In the band	f100,001		—6110,000			1	0
In the band	f140,001		—f150,000				1
In the band	f190,001		—f200,000
						31	26
The number	of higher		paid employees	belonging		to pension schemes were as follows:
						2020	2019
						No	No.
Defined Benefit Scheme						28	23
Defined Contribution		Scheme				3	3
Total						31	26

TANGIBLE FIXEDASSETS
	Freehold	Motor	Fixtures 6
GROUP	propertyf	vehicles 6	fittings 6	Total 8
COST
At 1 September 2019	25,134,445	106,969	1,997,458	27,238,872
Additions	963,201		55,553	1,018,754
At 31 August 2020	26,097,646	106,969	2,053,011	28,257,626
DEPRECIATION
At 1 September 2019	6,115,367	53,556	1,270,206	7,439,129
Charge for the year	667,003	19,537	213,724	900,264
At 31 August 2020	6,782,370	73,093	1,483,930	8,339,393
NET BOOK VALUE
At 31 August 2020	19,315,276	33,876	569,081	19,918,233
At 31 August 2019	19,019,078	53,413	727,252	19,799,743
COMPANY
COST
At 1 September 2019	25,134,445	106,969	1,997,458	27,238,872
Additions	963,201		55,553	1,018,754
At 31 August 2020	26,097,646	106,969	2,053,011	28,257,626
DEPRECIATION
At 1 September 2019	6,115,367	53,556	1,270,206	7,439,129
Charge for the year	667,003	19,537	213,724	900,264
At 31August 2020	6,782,370	73,093	1,483,930	8,339,393
NET BOOK VALUE
At 31 August 2020	19,315,276	33,876	569,081	19,918,233
At 31 August 2019	19,019,078	53,413	727,252	19,799,743

13.	INVESTMENTS	INVESTMENTS	GROUP		COMPANY
			2020 f	2019 f	2020 f	2019 f
	At 1 September 2019		728,060	698,497	728,160	698,597
	Additions		290,427	226,722	290,427	226,722
	Disposals (Loss)/gain		(192,339) (21,656)	(214,255) 16,367	(192,339) (21,656)	(214,255) 16,367
			804,492	727,331	804,492	727,331
	Movement	in cash held within
	porffolio		3,919	729	3,919	729
	At 31August 2020		808,411	726,060	808,511	728,160
	Historic cost		757,710	636,226	757,710	638,226
	At market	value
	Listed investments		808,411	726,060	808,411	728,060
	Investment	in Bancroft's
	Enterprises	Limited			100	100
			808,411	728,060	808,511	728,160
14.	STOCKS		GROUP		COMPANY
			2020 f	2019 f	2020 f	2019 f
	Stocks and	finished goods for resale	34,719	42,319	34,719	42,319


15.	DEBTORS		GROUP		COMPANY
			2020	2019	2020	2019
			6	6	6	F
	Fee debtors (less bad debt provision)		518,587	209,613	518,587	209,613
	Amounts owed by subsidiary				57,846	51,717
	Other debtors		319,762	465,654	303,024	463,793
			838,349	675,267	879,457	725,123
16.	CREDITORS: amounts	falling due	GROUP		COMPANY
	within one year		2020	2019	2020	2019
			6
	Bank loans		549,556	500,000	549,556	500,000
	Bank overdraft
	Payments received on	account	1,418,812	1,302,938	1,418,812	1,302,938
	Trade creditors		1,692	526,727	1,692	513,549
	Social security and other taxes			2,917
	Other creditors		322,137	323,643	322,137	323,643
	Accruals and deferred	income	677,807	599,385	674,170	588,186
			2,970,004	3,255,610	2,966,367	3,228,316
			GROUP		COMPANY
17.	CREDITORS: amounts	falling
	due after more than one year		2020	2019 6	2020	2019 f
	Bank loans		486,449	1,034,162	486,449	1,034,162
	Deposits in advance		442,125	354,935	442,125	354,935
	Fees in advance		23,493	17,756	23,493	17,756
			952,067	1,406,853	952,067	1,406,853

							2020	2020	2019
								8
	Within 1 to 2 years							23,493	17,756
								23,493	17,756
	Within 1 year							17,756	34,761
								41,249	52,517
	The balance represents		the accrued liability		under the contracts. The movements			during the year were:
							2020		2019
								6	6
	Balance at 31 August 2019							52,517	86,377
	New contracts							23,493
								76,010	86,377
	Amounts utilised in payment			offees				(34,761)	(33,560)
	Balance at 31	August	2020					41,249	52,517
18.	CHARITY FUNDS - 2020			Brought			Investment		Carried
				Forward 6	Income f	Expenditure	gains 6		Forward 8
	GENERAL FUNDS
	General Fund			17,243,374	18,512,826	(18,175,529)			17,580,671
	Total Unrestricted funds			17,243,374	18,512,826	(18,175,529)			17,580,671
	RESTRICTED	FUNDS
	Bancroft's Foundation			1,557,753	153,310	(252,867)	(21,657)		1,436,539
	Clark Willmott legacy			50,000					50,000
	Other Bursaries			91,117	68,095				159,212
	Peter Salsbury	Legacy		250,000					250,000
	Total Restricted	Funds		1,948,570	221,405	(252,867)	(21,657)		1,895,751
	Total funds			19,192,244	18,734,231	(18,428,396)	(21,657)		19,476,422

CHARITY FUNDS (continued CHARITY FUNDS - 2019	)
	Brought			Investment	Carried
	Forward E	Income E	Expenditure E	gains E	Forward f
GENERAL FUNDS
General Fund	16,279,436	18,338,738	(17,374,800)		17,243,374
Total Unrestricted funds	16,279,436	18,338,738	(17,374,800)		17,243,374
RESTRICTED FUNDS
Bancroft's Foundation	1,630,477	94,743	(183,838)	16,371	1,557,753
Drapers' Chantable Fund		50,000	(50,000)
Old Bancroftian Association
(Vl Form Scholarship Trust)		18,123	(18,123)
Clark Willmott legacy	50,000				50,000
Peter Salsbury Legacy		250,000			250,000
Other Bursaries	70,000	31,117	(10,000)		91,117
Total Restricted Funds	1,750,477	443,983	(261,961)	16,371	1,948,870
Total funds	18,029,913	18,782,721	(17,636,761)	16,371	19,192,244

ANALYSIS OF NET	ASSETS BETW	EEN FUNDS - 2020
		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2020	2020f	2020 6	2019
Tangible fixed assets			19,918,233	19,918,233	19,799,743
Investments		808,411		808,411	728,060
Current assets		1,087,340	1,584,509	2,671,849	3,326,904
Creditors due within one year			(2,970,004)	(2,970,004)	(3,255,610)
Creditors due in more than one year			(952,067)	(952,067)	(1,406,853)
		1,895,751	17,580,671	19,476,422	19,192,244
ANALYSIS OF NET	ASSETS BETWEEN FUNDS —2019
		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2019	2019	2019	2018
		6	6	6	6
Tangible fixed assets			19,799,743	19,799,743	19,227,482
Investments		728,060		728,060	698,497
Current assets		1,220,810	2,106,094	3,326,904	3,053,579
Creditors due within	one year		(3,255,610)	(3,255,610)	(3,054,268)
Creditors due in more than one year			(1,406,853)	(1,406,853)	(1,895,377)
		1,948,870	17,243,374	19,192,244	18,029,913
NET CASH FLOW FROM OPERATING ACTIVITIES				2020 K	2019f
Net income before revaluations				305,835	1,145,960
Returns on investments and servicing		offinance		10,211	40,724
Depreciation oftangible fixed assets				900,264	806,936
(Decrease)/increase	in stocks			7,600	(2,657)
Decrease/(increase)	in debtors			(163,082)	(56,404)
Increase/(decrease)	in creditors			(242,235)	212,371
NET CASH INFLOW FROM OPERATIONS				818,593	2,164,852

ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN	ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN	2020	2019
CASH FLOW STATEMENT		5
CASH FLOW FROM INVESTING ACTIVITIES
Interest received		8,309	15,387
Income from investments		19,057	9,705
Investment management charges Purchase oftangible fixed assets Purchase of listed investments		(5,190) (1,018,754) (290,427)	(5,808) (1,379,199) (226,722)
Sale of listed investments		192,339	214,255
Movement in cash investment		(3,920)	(729)
NET CASH FLOW FROM INVESTING	ACTIVITIES	(1,098,586)	(1,372,661)
FINANCING
Interest paid		(32,386)	(60,459)
Net Repayment ofbank loans		(498,157)	(499,548)
NET CASH FLOW FROM FINANCING	ACTIVITIES	(530,543)	(560,007)

At31 August 2020the Group minimum lease pay	At31 August 2020the Group minimum lease pay	ments un	der non-cancellabl	e operating leas	es as follows:
GROUP AND COMPANY				2020 6	2019f
EXPIRY DATE:
Less than 1 year Between 1 and 5	years			205,401 109,'269	250,265 314,670
25. COMPARATIVE	STATEMENT OF FINANCIAL	ACTIVITIES
			Unrestricted	Restricted	Total
			funds	funds	funds
INCOME FROM:		Note	2019f	2019 8	2019
Charitable activities:
School fees receivable		8	17,782,533		17,782,533
Other educational income		8	179,185		179,185
Other trading activities:
Trading company		4	90,369		90,369
Activities for generating	funds	6	80,889		80,889
Investment income		7	9,997	31,117	41,114
Voluntary income		5	195,145	412,866	608,011
TOTAL INCOME			18,338,738	443,983	18,782,721
EXPENDITURE ON:
Charitable activities		9	17,208,658	256,153	17,464,811
Raising funds:
Trading expenses and	other costs		81,049		81,049
Trading company			85,093		85,093
Investment manager's	fees			5,808	5,808
TOTAL EXPENDITURE			17,374,800	261,961	17,636,761
NET INCOME BEFORE	INVESTMENT GAINS 8
LOSSES			963,938	182,022	1,145,960
Unrealised investment gains				11,169	11,169
Realised investment gain/(loss)				5,202	5,202
NET MOVEMENT IN FUNDS FOR THE
YEAR			963,938	198,393	1,162,331
Total funds at 1 September 2018			16,279,436	1,750,477	18,029,913
TOTAL FUNDS AT 31 AUGUST 2019			17,243,374	1,948,870	19,192,244