## ## ||||CONTENTS|| |---|---|---|---|---| |||||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| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |2':|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|| ## ## ## ## ## ## ## ## ##