2021-08-31-accounts - Bancroft's School

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			Page
Governors'	report
Strategic Report
Independent	Auditors'	Report	13
Statement	ofFinancial	Activities	16
Balance Sheets			17
Cash Flow	Statement		18
Notes to the Financial		Statements	19 '

				' Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2021	2021	2021	2020
			Note	E	E	E	E
INCOME FROM
Donations and grants			2	249,953	147,497.	397,450	726,179
Charitable activities:
School fees receivable			5	18,407,014		18,407,014	17,666,345
Other educational income				219,758		219,758	217,507
Other trading activities:
Trading income			3	14,393		14,393	55,173
Investment income			4	520	18,416	16,936	27,366
TOTAL INCOME				18,891,638	163,913	19,055,551	16,692,570
EXPENDITURE ON:
Raising funds:
Trading expenditure				6,006		6,008	63,688
Investment manager's	fees				6,307	6,307	5,190
Charitable activities			e	18,571,327	229,252	18,800,579	18,295,229
TOTAL EXPENDITURE				18,577,333	235,559	18,812,892	18,364,107
NET INCOME BEFORE	INVESTMENT
GAINS &LOSSES				314,305	(71,646)	242,659	328,463
Gains I(losses) on investments					103,913	103,913	(21,657)
NET MOVEMENT IN FUNDS FOR THE
YEAR				314,305	32,267	346,572	306,806
Transfers				536,452	(536,452)
Total funds at 1 September 2020				17,602,980	1,895,751	19,498,731	19,191,925
		'
TOTAL FUNDS AT 31 AUGUST 2021			15	18,453,737	1,391,566	19,845,303	19,498,731

	BANCROFT'8 SCHOOL
	(A Company Limited by Guarantee)
	BALANCE SHEET
	AS AT 31 AUGUST 2021
		2021	2020
	Note	8	E
FIXEDASSETS
Tangible assets Jnvestments	10 11	19,160,822 923,390	19,918,233 808,511
		20,084,212	20,726,744
CURRENT ASSETS
Stocks		47,41$	34.719
Debtors	12	1,096,048	879,456
Bank		2,083,264	.1,776,245
		3,226,730	2,690,420
CREDITORS: amounts	falling due within
one year	13	(2,766,387)	(2,970,776)
NET CURRENT (LIABILITIES)/ASSETS		460,343	(280,356)
TOTAL ASSETS LESS	CURRENT LIABILITIES	20,544,555	20,446,388
CREDITORS: amounts more than one year	falling due after 14	(699,252)	(947,657)
NET ASSETS		19,845,303	19,498,731
CHARITY FUNDS
Restricted funds	15	1,391,566	1,895,751
Unrestricted funds	15	16.453,737	17,602,980
		19,$45,303	19,498,731

			CASH FLOW STATEMENT	CASH FLOW STATEMENT	CASH FLOW STATEMENT
	FOR	THE YEAR ENDED 31AUGUST 2021
						2021	2020
					Note	E	E
Net cash provided by/(used in)	operating			activities		461,602	337,892
Cash flows from investing activities:
Interest from investments						761	27,366
Purchase of listed investments Sale oflisted investments						(90,303) 95,512	(290,427) 192,339
Investment management charges							(5,190)
Movement in cash investment							1,270
Purchase oftangible fixed assets						' (160,553)	(1,018,754)
Net cash provided by/(used in)	investing			activities		(154,583)	(1,093,396)
Change in cash and cash equivalents		in	the	reporting	period	307,019	(755,504)
Cash and cash equivalents at the	beginning			ofthe year		1,776,245	2,531,749
Cash ahd cash equivalents						2,063,264	1,776,245
A: Reconciliation ofnet movement		in	funds to net		cash flow from operating	activities
						2021f	2020 5
Nei income /(expenditure)						346,572	306,806
Interest from investments						-(761)	(27,306)
Depreciation charges						917,964	900,264
Net losses/(gains) on investment	assets					(120,088)	21,657
Decrease/(increase) in stock						(12,699)	7,600
Decrease/(increase) in debtors						(216,592)	(154,334)
Increase/(decrease) in creditors						(452,794)	(716,735)
Net cash used in operating activities						461,602	337,892

DONATION AND GRANT INCOME	Restricted	Unrestricted	Total	Total
	funds	funds	funds	funds
	2021	2021	2021	2020
	E	E	E
Bancroft's Foundation	'78,520		78,520	134,254
Drapers' Charitable Fund	50,000		50,000	50,000
Peter Salsbury Legacy Francis Bancroft Trust		156;585	156,685	170,867
Old Bancro8ien Association
(Vl Form Scholarship Trust ) Government grant: CJRS Other donations	18,977	71,321 22,047	18,977 71,321 22,047 .	. 18,095 333,714 19,249
Voluntary income	147,497	249,953	397,450	726,1'79

	The School is the sole beneficiary o Company.	f the Francis Bancro	ft Trust, which is	administered by th	e Drapers'
	COMPARATIVE 2020	'Restricted	Unrestricted	Total
		funds	funds	funds
		2020,	2020	2020
		E	E	E
	Bancroft's Foundation	134,254		134,254
	Drapers' Charitable Fund	50,000		50,000
	Peter Salsbury Legacy Francis Bancroft Trust		170,887	170,867
	Old Bancroftian Assoaation
	(Vl Form Scholarship Trust ) Other donations	18,095	.333,714	18.095 333,714
	Voluntary income	202,349	523,830	726,179
81	OTHER TRADING INCOME
				Total	Total
				funds	funds
				2021	2020
					.E
	Trading income			14393	55 173

								NOTES TO	THE FINANCIAL	THE FINANCIAL	STATEMENTS	STATEMENTS
								FOR THE YEAR		ENOED 31	AUGUST 2021
4.		INVESTMENT		INCOME
										Restricted		Unrestricted	Total		Total
										funds		funds	funds		funds
										2021		2021	2021		2020
											6	6	6		K
		Investmenl	income							16,416			16,416		19,057
		lnteresl receivable										520	520		8,309
										16,416		520	16,936		27,366
		COMPARATIVE 2020
										Restricted		Unrestricted	Total
										funds		funds	funds
										2020		2020	2020
											E	g	g
		Investment	income							19,057			19,057
		Interest receivable										6,309	8,309
										19,057		8,309	27,366
	'
5.		INCOME FROM CHARITABLE ACTIVITIES										Unrestricted			Unrestrlcled
													Funds		Funds
													2021		2020
													6		8
		Schaol Fees Receivable
		Gross fees											20,046,667	'	19,420,298
		Less: Total	scholarships				and other allowances						(1,628,838)		(1,960,175)
		Add: Bursaries		funded		fram		—restricted	funds				189,185		208,222
													16,407,014		17,666,345
		Other educational			Income
		Entrance and registration					fees						87,029		79,079
		Rents and	lettings										26,507		24,539
		Other incoming		resources									106,222		113,669
															217,507

		FOR THE YEAR	FOR THE YEAR	FOR THE YEAR	ENDED 31 AUGUST 2021	ENDED 31 AUGUST 2021
6.		EXPENDITURE BYCHARITABL'E			Restricted Unrestricted		Total	Tolal
		ACTIVITY			funds	funds	funds	funds
					2021	2021	2021	2020
					E	E	E	E
	'	SUMMARY BY.FUND TYPE
		Teaching Welfare				11,447,025 1,250,572	11,447,826 1,250,572	11,572,559 1,111,032
		Premises				3,743,606	3,743,686	3,219,572
		Support and administration Grants and awards.			229,252	2,102,797	2,102,793 229,252	2,112,175 247,677
		Bank loan interest	& bank charges			20,450	26.450	32,214
					229,252	1$,571,327	1$,800,579	1$,295,229
		SUMMARY BYEXPENDITURE TYPE
				Staffcosts	Depreciation	Other costs,	Totai	Total
				2021	2021	2021	2021	2020
				E	E	E	E	E
		Teaching Welfare Premises		10,32$,149 532,115 611,265	917,964	1,119,677 710,457 2,214,457	11,447,826 1,250,572 3,'743,$ee	11,572,559 1,111,032 3,219,572
		Support and administration Grants and awards		1,437,322		665,471 229,252	2,102,T93 229,252	2,112,175 247.677
		Bank loan interest				26,450	20,450	32,214
				12,00$,$51	917,964	.4,873.764	10,800,579	10295 229
		COMPARATIVE 2020			Restricted	Unrestricted	Total
					funds	funds	funds
					2020	2020	2020
					.E		E
		Teaching Welfare				1I,572,550 1,111,032	11,572;559 1,111,032
		Premises				3,210,572	3,219,572
		Support and administration Grants and awards			247,677	2,112,175	2,112,175 247,677
		Bank loan interest				32,214	32,214
					247,077	f0,047,552	18,295,229


STAFF COSTS	2021 6	2020f
Staff costs were as follows
Payroll costs were:
Teaching staff	10,328,149	10,494,680
Non-teaching staff	2,580,702	2,516,342
	12,908,851	13,011,022
Wages and salaries	9,721,907	9,800,316
Social security costs	1,042,821	1,053,962
Other pension costs	1,847,266	1,874,519
Medical 8 health Insurance	296,857	282,225
	12,908,851	13,011,022

STAFF CO	STS (continued)
Tile average	monthly number of	employees		during the year was as follows:
					2021	2020
					No.	fvo.
Teaching Supporl					164 103	171 102
					267	273
The school	is a certified London	Living	Wage		employer:
The number	of higher paid employees		was:		2021	2020
					No.	No.
In Ihe band In ihe band In the band	660,001 - 670,000 f70,001 - 680,000 E80,001 - f90,000				17 4 2	19 6 3
In the band	690,001 - 6100,000				2	1
:I'n the band	6100,001 -6110,000				1	1
In the band'6190, 001 - 6200,000					1
					27	31
The number	of higher paid employees'belonging				to pension schemes were as follows:
					2021	2020
					No	No.
Defined Benefit Scheme					24	28
Defined Contribution Scheme					3	3
Total					27	31

10.	TANGIBLE FIXEDASSETS
		Freehold	Motor	Fixtures 8
		property	vehicles	fittings		Total
	COST.
	At 1 September 2020	26,097,646	106,969	2,053,011	'	28,257,626
	Additions	60,257	42,594	'57,'702		160,553
	At 31 August 2021	26,157,903	149,563	2,110,713		'26,416,179
	DEPRECIATION
	At 1 September 2020	6,782,370	73,093	1,483,930		8,339,393
	Charge for the year	675,780	25,340	216,844		917,964
	At 31 August 2021	7,458,150	96,433	1,700,774		9,257,357
	NET BOOK VALUE
	At 31 August 2021	16,699,753	51,130	409,939		19,160,822
	At 31 August 2020	19,315,276	33,876	569,061		19,918,233
11.	INVESTMENTS			COMPANY
				2021		2020
				6
	At 1 September 2020			808,511		732,079
	Additions			90,303		290,427
	Disposals			(95,512)		(192,339)
	(Loss)/gain			120,068		(21,656)
	At 31August 2021			923,390		808,511
	Historic cost			839.613		757,710
	At market value
	Listed investments			923,290,		808,411
	Enterprises Limited			100		100
				923,390		608,511

			FOR THE,YEAR ENDED 31A	UGUST 2021
12.	DEBTORS			COMPANY
				2021	2020
				6	6
	Fee debtors (less bad debt provision)			425,364	518,586
	Amounts owed by subd(tliery			61,726	57,846
	Other debtors			608,958	303,024
				1,096,048	.879,456
13.	CREDITORS: amounts		falling due	COMPANY
	within one year			2021	2020
				6	E
	Bank loans			' 236,599	549,556
	Payments recejyed on		account	952,510	1,418,811
	Trade creditors			234,543	1,692
	Other creditors			4,410	326.547
	Accruals and deferred	income		1,338,325	674,170
				2,766,387	2,970,776
				COMPANY
14.	CREDITORS: amounts		falling
	due after more than one year			2021 6	2020 8
	Bank loans			82,400	486,449
	Deposits in advance			590,241	442,125
	Feesin advance			26,611	19,083
				699,252	947,657

CREDITORS: amou Advance fees	nts	nts	falling due a	falling due a	fter more than one year (con	fter more than one year (con	tinued)
Parents may enter	into		a contract to		pay to the School up to the		equivalent	of 11 years			tuitiori fees in
advance. The money		may		be retorned	subject to specific conditions		on the receipt cfone				term's notice.
Assuming pupils will	remain			in the School, advance		fees will be applied as follows:
								2021 f		,		'	2020 f
Within 1 to2 years									26,611				23,493
									26,111				23,493
Within 1 year									30,638				17,756
									57,249				41,249
1he balance represents			the	accrued liability under the conlracts. The movements					during,	the		year were:
								2021 f					2020 f
Balance at 31 August		2020							41,249				52,517
New contracts									50,584				23,493
									91,833				86,377
Amountb utilised in payment				of fees				(34,584)					(33,860)
Balance at 31August			2021						57,249				41,249
CHARITY FUNDS			Brought				Investment		Transfers				Carried
			Forward . f '		lricome f	Expenditure f	gains f						Forward f
GENERAL FUNDS
General Fund			17,602,980		18,891,638	(18,577,333)			536,452				18,453,737
Total Unrestricted funds			17,602,980		18,891,638	(18,577,333)			536,452				18,453,737
RESTRICTED FUNDS
Bancroft's Foundation			1,436,539		94,936	(140,072)	103,913		(427,240)				1,068,076
Clark Willmott legacy				50,000		(320)							49,680
Barker fund				50,000	18,523	(28,523)							40,000
Other Bursaries				109,212	50,454	(50,454)			(109,212)
Peter Salsbury I egacy				250,000		(16,190)							233,610
Total Restricted Funds			1,895,751		163,913	(235,559)	103,913		(536,452)				1,391;566
Total funds			19,498,731		19,055,551	(18,812,892)	103,913					~	19,845,303

			Brought			Investment	Carried
			Forward	Income,	Expe'n'dlture	' gains	Forward
			5	8	8		E
GENERAL FUNDS
General Fund			17,243,055	18,471,165	(18;111,240)		17;602,980
Total Unrestricted		funds	17,243,055	18,471,165	(18,111,240)		17,602,980
RESTRICTED	FUNDS
Bancroft's Foundation			1,557,753	153,310	(252,867)	(21.657)	.1,436,539
Clerk'Willmott	legacy		50,000				50,000
Barker'fund			50,000				50,000
Other Bursaries			41,117	68,095			109,212
Peter Salsbuiy	Legacy		250 000			~	250,000
Total Restricted		Funds	1,948,870	221,405	(252,867)	(2'l,657)	1,895,751
Total funds			19,191,925	18,692,570	(18,364,107)	(21,657)	19,498,731

ANALY	SIS OF NET ASSETS BETWEEN	FUNDS
		Restricted	Unrestricted	Total	Total
		funds	funds	funds	funds
		2021	2021	2021	2020
		8	8	8	9
Tangible	fixed assets		19,160,822	19,160,822	19,918,233
Investments		923,390		923,390	608,511
Current	assets	877,842	2,348,888	3,226,730	2,690,420.
Creditors	due within one year		(2,768,387)	(2,766,387)	(2,970,776)
Creditors	due in more than one year		(699,252)	(699,252)	(947,657)
		1,801,232	18,044,071	19,845,303	19,498,731
COMPARATIVE 2020
		Restricted	Unrestricted	Total
		funds	funds	funds
		2020	2020	2020
		5	6	E
Tangible	fixed assets		19,918,233	19,918,233
Investments		608,511		608,511
Current assets		1,087,240	1,603,180	2,690,420
Creditors	due within one year		(2,970,776)	(2,970,776)
Creditors	due in more than one year.		(947,657)	(947,657)
		1,895,751	17,602,980	19,498,731