Roglstèred numbèr: 03513962 Charity number: 1068532 BANCROFT'S SCHOOL GOVERNORS REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
BANcR0's SCHOOL IA Company Limit•d by Gu•rnnte•) CONTENTS Page Gov•rnoYs' R•port Stratsgi¢ Report Indep•nd•nt Aud•tors' R•port 23 Stat•ment of Flnanclal Activitiv 16 Balan¢e Sheet 17 Cash Flow Statement Not•s to th• Financial Statwnents 19-34
8ANCROFT'S SCHOOL IA Company Llmlted by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 GOVERNORS. REPORT The Directors of the Company. are also the Charity Trustees and the Govemors of the Sthod, who served during the year and up lo the date of this rem were.. N¢mlnee* of the Drapevs. Company Sub committ•• m•mb•r E Sautter. MA Sir A Ford J M Rose BA IHonsl. FCSI R Bhumbra PhD, FRCS R Williamson BA {Honsl. FCSI E Wingham R van Maanen B S Laden MBE. FRSA, FBII all Sub committees {Chairl (appointed 1191211 all Sub commrtiees {Deputy Chaiil {appointed 2313r221 Finance Founijalion and Educ8ts"on {lre 119r211 Education Educati Estates EduCattl (apwnted 619r211 Appoint•d by Ess•x County Ceun¢ll R Goodin9 IEng ACIBSE Estales and Finance (tsd 1191211 Co-opted Directors D Abbol B S Conroy MA. MBA C Jones Her Honour Judge B Mensah Eststes, Fllianee (appointed 2313r22) Estsles, Finance and Foundation E5ts1e5, Finance (appointed 2313122) Education Each Director Nolninalive or CoPted, hc4ds office for a lerm of three years after vthi¢h Ihey can be re-elected. Nominative Directors are appointed al a meeting convened and held a¢[dIng lo the ordinary pradice of th• appointing body. C¢>opled Directors are appointed by ordinary Tesolution passed in general meeting. K Satchithananda wa$ appointed on the 26tsr22 lo join the Educati Commrttee R Willliamson moved from Education Committee to Estates and Finance Committees on 1711or22. OFFICERS The Visitor.. The Head". The Master of the Drapers, Company lex officiol Sirnon Marshal MA. MPhil Company Secretary, Bursar and Clerk to the Governors.. LFGGreen Registered Office and Principal add58.. 8anrJoft's School High Road Wood1 Green Essex IG8 ORF
BANCROFfs SCHOOL (A C¢)mpany Llmlled by Guarantso) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 ADVISERS Bankers.. Allied Ir(%h Bank 26 Finstwry Square London EC2A 10S Barclays Bank PLC Leicester LE87 2BB Auditors.. haysma¢intyre LLP 10 Queen Street Place London EC4R 1AG Solicitors.. Veale WasbOgh Orchard Court Bristol BS1 5WS Inveslmertl A<Jvisers'. RathbMes 8 Finsbury CruJs London EC2M 7AZ Insurance Brokers". Hettfe Andrews Eleven Brindley Place 2 Brunswck Square Birrningham B1 2LP
BANCROFT'S SCHOOL IA Cwlpany Limit by Guardnts•l GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 The Governors present their annual report for the year ended 31$1 August 2022 under the Companies Act 2006 and confim that they comply wth the requirement of the Act and the Chantses SORP 2019. Governlng D¢¢urnent Bancroft'$ School is a ¢hantsble company registered on 19 February 1998. eharity number 1C68532, company number 3513962. The liability of the members is limited by guarantee. Francis Bancroft left all his personal eslale lo the Worshipful Company of Drapers to build Almshouses and a School. 8ancroft's School was established pursuant to a licence granted under letters patent from George 11 on 5 July 1731, and founded in 1737 at Mile End, in 1885 it moved to Tottenham for knvo years before moving to the new School In Woodford in 1887. The trust has been amended in subsequent years. The latest arnendments were in 1976, when the School reverted lo full independent 5talu5 and in 1998. tten the School became a charttable company limited by guarantee. Gov•rnlng B¢xly The $tructure of the board is detaled on page 3. together with infonnation on h¢)w the Directors are appointed. Rècrultment and Training of Dir•ctovs Nominative Directors are appointed at a meeting n¥ened and according lo the ordinary practice ol the appointing body. Ctropted Directors are appoinled by the Board. after due considerali¢)n of the person's eligibility. ptf50nal competence, speualist knowledge and $kill$. Directors attend extemal cour5e5, as 11 as 5peufic courses arranged by the School. Directors are encouraged lo attend at least one of the AGBIS seminars once a yèar theTe they ¥Uld have the opportunity of partlClP8ting in discu$sion$ and exchanging views bwth Directors from other schools. New Directors are offered a comprehensive induction programme to enable them to familiarise themselves Mlh the School and how it operate$. This includes a tour ofthe School and meetings wth various key personnel. The new Directors are also provided Vith a set of documents wfith retevant information for ease of reference. Organisational Management The Directors are legally responsible for the overall management and control of the School and meet four lime5 a year. The Finance Committee meet before each meets'ng ofthe full Board to consider in detail finanee and other matters delegated to them_ The Estates Commrttee meet before each meeting of the full Board to monitor the progress of maintenance. refurt)i5hment and building prqects and consider the Teports of the specialist advisers. The Edu¢abon Committee has oversight ol the curriculum and related matters including the work of the Prep School. The Foundatr'on CL¥nmittee ha5 0ver5ighl of matters relats"n9 to Banctoft's Foundatson. 1 sub- ccmmittees report to the main board. The day to day management of the School is ddegaled to the Head and the Bursar. supptsd by the Senior Leadership Team. vtho together Vth the Govemor$ a considered the Key Management Personnel. The Remuneration Cornmittee determine the Head's salary. in turn detem)ine5 the salaTy of the Senior Leadership Team. The Governors are unremunerated. struc1¥ and Relationships BancToft's actively supports the attainment of the highest standards in the Independent Schools se¢lor, through membership of the Headmasters, Conference, IAPS and nefvrkIng other schods for the evaluation of quality and performance improvement methods. We cooperate wth local organisations and charities in our continuing efforts to allow publi¢ ac¢e$$ lo the edu¢alion we can prowde and to allow the use of our cultural and sporting facilities. In order to broaden the Sla1 awareness of pupils. links have been formed with local Secondary. Primary and Nursery school$. sthools for the dhsabled and nursing homes.
BANCROFT'S SCHOOL (A Company Limited by Guar4nte¢l GOVERMORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 OBJECTS, AIMS, OBJECTIVES AND ACTivrriES Charitable Objects The Objects as sel out In the Memorandum of A$so¢i*"on a lo advan¢e the e(lu¢alion of children and young people by the prowsion, in or near Woodford in Essex. of a preparatory and secondary school for boys and gifls. Alms •nd Intsndèd Imp#tt The S¢hool aims to be a successful centre of excellence, consistenuy providing the highest ademiC standards and an educational experience enrithed by a brant cultural environment vknich prepare$ pupils successfully to take their place in the nexi phase of their lives. Pupils should emerge wilh confidence, self-motivalion. rnulual respecl and a slrortg sense Of Social respon$4bilrty lo become highty $CeSSl adults make a drflerence to the 21st century wort¢Y and the communikn.es in vknlch they live. The continuing aim of the Directors is lo have cognisance of the Charity Commission guide11r and improve the level of Public Benefit by ensunng that w2 focus on our eharitable objectives. Employ¢• Involvemont and pollcy The School is an equal opportunrty emp4oyer and ensures that all applicants or employees are treated consistenty and fairly. Effects've ¢ommuni¢alion wlh employees 1$ key lo U7e School and methods to prowde Information to and consult wth employees include regular staff briefings in each school and an annual meeting at the start of the academ year. to which all staff are invited. allows the Head and Bursar lo brief on highlights from the pa51 year and plans for Ihe coming year. At the senior school weekly briefings are now ¢onducled via Teams and recoided $0 that staff vtho were unable to attend in person do not miss out. Staff mental and physical wellbeing is important and arrangements include regular events such as yoga and promotsng services help wellbeing. Staff have use of the filness suite al Certain limes the week and ¢an access the School's counselloys by appointmenL DIv8r51ty and Incluslon The School is commtted to equalrty and opp)rtunity for all and has an enwronment in vthich individuals are Irealed on the sole basis of their fele¥ant merits and abilities. members of staff and Govemors share this ¢ommilment. The School regards as lotally unacceptable attitudes held by a person or 9roup towards an individual on the basis of race. gender, sexual orientation or any disability. Those with disabilitie5 are encouraged to apply and vherever possible the School will make adjustments for those vacancie5 that they are able lo fill. Providing all the necessary assistance with inrtial training and ongoing career develtspmenl lo ensure suilatle oppor1unrties for each disatrAed person. Engag•m•nt with oth•rs The School engages v¢ith Parents, through new31etters, a hwse tutor system, parent meetings and webin8rJ, forums and survey3. OUT local community 15 involved informally through a multitude of School activiti'e8, Including those summwised under the Community SeThi¢e se¢tion. We have a fomial largel for the payment of SUPlerS and other 5takeholder5' invoice5. and regular meets"ng$ represenlats"ve$ Irom our kYofe$$ional advisers and contractors. Safety of pupils The School ensures thal it follows proper safeguarding procedures.. stsff recrurtment policies.. makes suitable checks on contractors,. womotes the best in pastoral care and support and operates under a comprehensive health and safety pdicy to ensure the safety of our pupils. C•rbon and eneryy reportlng ¥nd Envlronmental Mattsrn The School coMmissne an Energy Sawngs Opportunity Scheme fESOS") 2 report in 2018119 capturing total of 2.8GWhly energy used on te (consisting of 1.330 Gwhly in gas and 1.420 Gwhly in electricity usage
BANCROFT'S SCHOOL (A CoThpany Limited by Guarant••) GOVERNORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2022 and 50Mwhly in diesell. This translates to total emi$$ions of COZ al 610.47 TC021year (wth 260.6 TC02fy from gas, 337.4 TC02ty from electrioty and 12.5 TC021y from diesel emissK*n$l. An action plan was developed wth significant Works planned lo commence in Summer 2021 but Covid meant some were delayed due lo slaff andlor malena15 vnavailabilily. The replacement of $et$ of heating boilers took place as scheduled in Summer 2022 and the replacement of single glazed wndows with double glazed units will commence in 2023. Installation of sdar pholo-VLknic panels Commenced as SChedud in Summer 2022. The aggregate of these measures could reduce total ulilth.es consum01c by 549,231 kwhly and resulting emissions reduction of 110.4 TC021y. Annual repoibn9 of reduction progTess wll follow an implemented recording regime. From November 2021 a newwasle cdlectKJn contractorwas appointed providing montNy waste recycling report. This s¢heme has resulted in recyding of 68% of 120t of waste collected resulting in emi$sion$ Tedudion of 44TC02 ovei 12 months penod. A second ESOS reporf will be prepared for the School before the end of December 2023 in line V4ith the new Streamlined Energy and Carbon Reporting I'SECR'I re9ul¥tions. The School has an active environmental committee of pupils, led by an enthuskast'c member of staff, who seeks to gain formal accreditation for the School in relation to en¥ironrnenlal issues. Obj•ctiv•s for the A¢•d•ml¢ Year 2021121 The focus this year has been to maintain the ¢onlinuing high level of academic performance. providing access to the education and falItieS offed by the School. Mbined wrth increasing the social awareness of pupils and their involvement in ¢wurri¢ular a¢livilie$ and public seNice. Strategies to achiev• th• y•arfs obj•ctiv•s These Included." Ihe continuous rewewofthe academic slabUS to measure aeademie standards against extemal public examination and Value added criteria. with added emphasis on sporbng, adventurous training and social skills lo develop the lotsl learning experience of Ihe pupils,. continuing to en¢ourage excellence by involvement in the Engineering Education Scheme, math5 and senCe competib.ons to devekjp increased understanding and excellence in these subiecls". increasing the empha515 on Arts through extending the curriculum.. maintaining the expertise of staff by continuing staff development.. Increasing links with local primary and junior schools in the state mainlained sedor and in¢rea$ing the e$tabli$hed links Queen Mary University of London and local Senior Schools to act as a centre of excellence wthin the ¢cmmunty. a5 well a5 building on the Tecenlly created partnerships Ihe Drapers, Academy and the 'Suecess in Schools, project. Principal activities of the y•ar The School's principal ath.vty remains the operation of a co educational day Preparatory School for pupils aged 11. and a Senior School for puyls aged 11 18. educating them to a high standard and enabling them to participate in co-curricular actswttes. thus encouraging all pupils lo fulfil their Potential and form the base for lifelong learning. Grnnt making policy The School is the sole benefiuary of the income, £165.42812021.' £156.5851 arising from the Fr8nei$ Bancroft Trust, administered by the Drapers, Company subject lo the agreement of the Charity Commi55ion. The Bancroft's Foundalicn 5UPPOrted 10 means tested award hoklers during the year. These awards widen the access lo the School. The School grants addthonal means tested awards, thich are available to meet short temi financial problems of parents, thus en8Ing pupils, education to continue. Addibonal sixth form means tested awards are exiended to external candidates. A gwant of £50,000 12021.. £50,000) Ithich continues lo support academic scholars a$ they progre5$ through the school is received from the Drapers, Company Charitable TTUSI. The School has offered no new academic schdarships from September 2021.Tolal grants from restricted funds were £251,19212021.' £229,252) and Irom Free Reserve$ £1.233,48312021." £1,410,401).
BANCROFT'S SCHOOL (A Company Limit•d by Guarnnts•) GOVERNORS. REPORT FOR THE YEAR ENOED 31 AUGUST 2022 Volunt••r¥ The Parents, Ass0uats' is very acttve, oryanising fund raising cultural e¥t$ and raises significant monies for the School each year. The Old BanCr0ftn Educational Devekjpment Fund makes grants to both existing puyls ¥nd leaver$ for a variety of qualityng purposes. Alumni are involved in our work experience nehvork to prowde placements for final year pupils along fjth the program of interview training for the Upper Sixth Fomi. It has not been possible to quantrfy thè ¢on5iderabbe number of voluntary hours these organisations commit lo the School. The Board takes this opwrtunty 10 Say how much they appreciate their continuing and valuable 5LVPOrt. STRATEGIC REPORT REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR Academic The School continued lo develop the provision of teaching and co-curricular activities whilst SuppO.ng the pupils in their relum to onsrte school after the disrupb'ons and uncertainrtie5 of the last few Comd-dominated years. The pupils had excellent results in the first sel of external assessed exams for t% years. At A2, 45.1% 01 grades wEre awardeij at A-. wlh 76.5% A"IA and 93% A'_B. 1n0St 25% of the year4Jroup of 102 gained 3 ly more A's. These results compare very favourably th both 2020 (GAGS) and OUT last Set of pre- pandemic gra¢Jes 120191 and represent a very significanl achievement after such a disrupted pa51 yèars. What Is esp¢ryally pleasing Is that most of ihe year%roup have gained FaCeS at their first ¢hoi¢e of university OT Post-school course". in addikn"on, a number of students will go on to study prests'gious degree-level appwiticeships. 8 students moved on to 0xbn.dge ar#Y 75 to other Russel Group uniVerlies. At GCSE. 52% of all grade$ avrdrded Vre 9 and 82% of grades were 9-8 {the equivalent of A"s1. 93% of exams were graded at 918 or 7 (the equivalent lo an A" or A). 18 pupils in a year grryjp of 129 got a clean sweep of ten lor more) A". Thanks to the support of the Drapers, Cornpany, the Frarris Bancroft bequest, the Foundation, the OBA Sixth Form Scholarship Fund, the Fdisiak donation. and BADFAS. the Sthool is able to provide some financial supwrt for 12% of its pUlS. Charlty Commlsg1¢)n The School did not make a seri5 Incident Report to the Charity Commison in the year. (t51de the classroom Bancroft's pupd5 We once again able to take part in a wde range of trips and wth every year group having opportunities to expand their h¢yizon on and off their academic timetable. It has been vnderf[11 to relum to mPe""Ve sport and Ihe PUFxls have had the opportunity to choose from over fixty sports club5 every week. Indiwdually one pupil reeaved a team Gold in the U17 Commonwealth Fencing Championships in August and another puwl rowed their way to Bronze in the U16 quaijruple scu115 category of the Brrtish Junior Championship. Other Bancroftian medallists inclu(le a pupil finished Second in their age group IM17-191 in the London Tnathlon." another pupil secured a &"Iver Medal in the U15 200m in the All Ireland Track and Field ChamFxonships and a pupil who achieved a bronze medal in the U16 football team at the 21st Maccabs'ah Games. Drama returned a flourish vith the Senlor produth.on of 'lnto the Woods.: the Prep School production of 'Oliverf and the Teturn of Inler House Perfomiing Arts.
BANCROFfs SCHOOL IA Ctynpany Llmlted by Guarantee) GOVERNORS. REPORT FOR TPIE YEAR ENDED 31 AUGUST 2022 The Music department vas not lo be outdone and started the year with the Music Award Holder's Concert in September 2021 wth a number of ¢on¢erts throughout the year including 'Christrnas in the Quadl,: the 'Drapers' H411 Concert, and finishing the year with the 'Summer Con¢ert' held in the Quad. PUBLIC BENEFIT The School has always been rooted in the local community and prOdeS support in a number ol ways. The Governing Body continues to have due regard lo the Charity Act 2011 and to the Charlty Commission's general guidance on'Ch¥rties and Public Benefif through the folk)w"ng actiwties-. Acad•mic We sought lo continue our activiti.es induding.. supportin9 curricular development and providing teacher CPD in local 51ale 5choo15, particularly in Maths, Latin and E¢onomic$.' providing actt$s for slate pupils to attend a range of academic lectures, organising and hosting UKMT evenl lor Redbridge,. Primary Science fair.. Roman Le910 day," hoskn'ng Oxbridge information events and providing interview pra¢ti¢e for bcal sch)ols,' Shine programme for Primary s¢hools in Walthamslow". and nats.onal websrte resource for Chemisty. Outsld8 th• classroom We continue to h051 the Bancrrfs Univwsilies Fr featuring 20 universrties where Ban¢roft's pupils vRre joined by Year 12 students frorn Tllnty. Woodbridge and Drapers, Academy. In addib"on, we organised a Trgional Schools. Challenge Compelilion," hosted Netball and Cricket festival$ for Primary s¢hool$." provided use of our SvAmming Pool for local pnmary schools", shared sporting farjlities Vith Woodbridge School,. our staff coached the Redbridge LYG Hod(ey squad,. and loGal stho(As invited to plays and cultural events. Community Service Our pupils coach swimming for Little Heath pupils an¢Y help run the Epping FO$t PHAB elub. The School provides facilitS for 8ADFAS and lo¢al Neighbourhood Wat¢h meetings. Bancroft's host Cub and Scout events for the Dislnct. Pupils carry out a Tange of Communty placemen¢$ helping the disabled, eléerfy, primary schoo15 and eharilies. Stsff serve as slate school govemoTS. Our pupils. fundraising activrties sUMed including the TAAL festival. With a number of other initiatives, the pupils raised a very irnpre551ve £22,852 12021". £14,721) which has been disln'buted to I31 and nalional charities. The whole School conknnues to engage with the Epping Forest foodbank." ty.nned and packet foodstuff donations were collected and pupils and staff thsiled the warehouse and disth"bLrtion sites to assist. while Staff used OUT minibuses to assist transF¥yt. Fund R*l$ing Perfornianc• The Baneroft's Foundation wa5 established to raise funds to provide for mean$ tested fee assistance thus enabling bright children. whose parents would not normally be ab to affofd the fees, to benefrt from Bancroft'$ 'Tradition of Ex¢dlen¢e'. Donations Received £292,377 12021.. £94.936). Donations Made + Admini$tralion Costs £197,48212021.' £140,072). The School did not work ¥th any fvndr3ising partners in 2021. The Sthool is wislered vrith the FundTaising Fiegulator and adheres lo the standards of the Fun¢Jraising Code of Prathce. We did not receive any complaints about fundraising in 2022. Rlsk Management The Board ¢1 Directors 15 responsible lor the management of Tisks possibly faang the School. A fomi81 remew of the risk management processes is regulady unclertaken and th the onset of the Covid pandemic these reviews specifically Incorporated the appropriate risk asse5smen15. The major risk5 Mlentified by this process such as Fire. Health & Safety, chi Protects'on, Public Benefrt. Managemènt Succession and Data Protecb"on have been itsgated to an acceptable level by internal control systems. insuonce cover and other measures as appropriate. The key controls used are..
BANCROFT'S SCHOOL IA Company Limited by Grante•l GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Formal agendas for all Committee and Board aCti?ty,. Comyehenswe strategie planning, budgets and managent account$; Eslablishmenl ol a strategic Cash Reserve Fund". Established organisation and reporb.ng procedures," Fomial written poliaes.. Clear aulhon5ats.on and approval levels.. Health & Safety Commrtiee", Regular Fire and Health & Safety audits" Vetting procedures a5 required by legislation for the protection of the vulnerable.. Maintenance and monitoring risk gIster'. Regular review of Polioes. The Directors, bthilst recognising that systems can only provide reasonable bul not absrAute assurance, are satisfied that the major risks have been idents.fied and miiigated ere necessary. FINANCIAL REVIEW AND RESULTS FOR THE YEAR The School's net movement in unreslricled fvnds of £364,885 bef transfers12021". £314,305) and a movewnent of £51,63512021.' negative £32,267) in resth.cted funds were in line wth expectalions. Re$•ry•8 The level of reserve5 shown al 31 August 2022 was £20.261.823 (2021.. £19.845,3031. of %thich £1,443,201 12021.. £1,391.5661 related to re51n.cted fvnd5 and £18,878,622 {2021." £18.453,7371 ¥elated lo unresth.cted fur$. The overall policy femains to build up free reserves by means of annual operaling surpluses to cover the current and fvtwe needs of the School. At Present all unre$tri¢ted $urpluse$ tcgether wth borrowngs have been used to finance improvements to the School's buildings and facilities. In light of the uncertain economi¢ Glimate the School decided to lurther postpone a building project (new Recepb"on Lirthl originally due to have started in July 2021. The School monitors rts ¢ashfflow carefvlly to ensure that rt holds sufficient cash re$our¢es to meet day to day operatsng qUIreMents. Inv•stmont poll¢y and objectiv•s There are no restrictions on the companYs absolute powers of imieslment. The Board'5 Investment Policy for the Restricted Funds, Investments is lo maximise the overall return through income and capital grovrth, relative to the School's laxatson status as a charity. vA)ilst bearing in mind the ongoing cash requirements of awards already made. 11 1$ approwate for a proportion of these funds to be in ¢ash deposit5 and available to meet any unforeseen expendrture. The School VIrkS *ilh Fund Managerto avoid investment in socially unacceptable sectors. FUTURE PLANS The key objectives within the cunt strategic plan are". To maintain small class sizes in the Preparatory and Lower School: To maintain the Schoc4 roll in the Sixth Fom." To provide a curriculum wthich is broad and balanced. preparing slLKlent$ for Higher Education whilst enriching their lives", To maintain high academic SdardS as measured by wblic ewninab'ons and independent value-added leria, To increase the range and quality of extfacurricular and public $er4i¢e opportunrtie$," To wden acGe55 to the School through the provision ol additsonal means lesled awards." To continue strengthening links wlh local s¢hods. sharing facthties and good pra¢tsce', io
BANCROFfs SCHOOL IA Company Llmlt¢d by Guarant¢¢) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 To form closerworking relationships wrth our stakeholders.. all Aumni and their parents. the Old Bancroftian Associats"on. Parents, Association, the Drapers. Company. current and fr>m7er staff., To continue to develop relationships with Queen Mary, University of London thus further developing the School as a centre of excellence., To accumulate lunds in a strategic Cash Reserve io cover the current and future needs of the School by means of annual oFeraling surpluses., To expand Bancroft's School Foundation to actas the focusfor future fundraising for Means Tested Awards lo widen access lo talented children of all backgrounds- To continue lo ensure that School facilities are mainlained in the best Condition and upgraded as required lo meet new and enduring purposes. The Covid pandemic lockdown and our successful move lo online provision has prompted a review of the opportunities that enhanced use of digital SourceS Can bring and these continue to be incorporated in the Strateg plan going foThvards. ACCOUNTING AND REPORTING RESPONSIBILITIES The purpose of this statement is to distinguish the Direthrs, spOnsIbl11ties for the accounts from those of the auditors as stated in their report. Company law requi$ the Director5 to prepare accounts ts exh financial year. which give a true and fair view of the state of affaits of the company and of ils net income or expenditure for the year. In pParIng the accounts the Directors are required to: select suitable accounting policies and then apply them consistendy.. make Judgments and esbmates that are reasonable and pruden( State whether applicable accounting standards have been followed. subject lo any material departures disclosed and explained In the accounts. and prepare the accounts on the going concern basis unless it is inappropriate to assume that the company will continue in business. The Directors are responsible for keeping proper accounting records which disclose. with reas(able accuracy. the financial positr.on of the company al any b"me. and to enable them lo ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguardin9 the company's corporate assets and those of ils trust funds and ensuring their proper application in accordance with charity law. and hence for taking reasonabbe steps for the pwenbon and delecb'on of fraud or other Iegularl11es. li
BANCROFfs SCHOOL IA Company Limited by Guarantee) GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 PROVISION OF INFORMATION TO AUDoRs Each of the persons are direcl(Ks at the time when this Directors. Teport is approved ha5 c{firrned that". so far as thal director is adre. there is no relevant audrt inforynab.on of which the company's wditors are unaware," and each director has taken all the steps that ought to have been taken as a director in order to be aware of any infonnalion needed by Ihe company's auditors in conneth.on with preparing their report and lo establish that the company's audrtors are aware of that informabon. AUDITORS MessTS haysmacintyTe have indicaleil their Voillingness to continue in office. The Designated Direct5 will propose a motion re appointing them auditors at a meeb.ng ot the Company. The Governors Report. incorporating the Strategic Rep was approved by the Board of Directors at rts meeting on 20 March 2023 and signed on it5 behalf by. Edmund Sautter MA Chairman 12
BANCROFT'S SCHOOL IA Cornpany LimSt•d by Guarnntsel AUDITORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 Opinlon We have audited the financial statements of Bancroft's School forthe year ended 31 August 2022 which comprise the Stslement of Finanrjal Actiwties. the Balance Sheets. Ihe Cash Flow Statement and note5 to the financial statemenls. indvding a 5urnmary ol significant accouning polies. The financial pOrting framework that ha5 been applie¢J in their preparation is applicable law and United kn'ngdom A¢¢oynling Standard$, including Financial Reporting Standard 102 The FAnanci81 RepL)rting Standard applKable in the UK and Reptjblic 01110nd (United Kingdom Generally Accepted Accounting prath"1. In OUT opinion. the financial statements.. give a true and fair view of the state of the group of the parent eharitsble company's affairs as at 31 Augusl 2022 and of the group's and pafenl charrtable companls net movement in funds. including the incorne and expenditure, for the year then ended.. have been properfy prepared in accordance1th United lfjngdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We condu¢led our audrt in accordance vthh International Standards on Audib"ng IUKI IISAS IUKII and applicable law. Our responsibilities under those standard5 are further described in the Audf(or's spOnsIbl1111ets for the audit ofthe financial ststements seGbon of our report. We are independent of the charity in accordance wth the ethical requirements that are relevant to our audit of the finanryal statements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other etr6ical spOnSIbl1.es in accordance wth these Tequirements. We believe that the audit evidence have obtained is suffiuent and apwopriate to Prtiwde a basis for our opinion. Con¢luslon$ relatlng to going conc•m In audrting the linancial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriale. Based on the rk wè have performed, have idents.fied any material uncertainties relating to events Cr conditions that. individvally or cotlecb"vely. may cast significant doubt on the charrtable company's ability to continue as a going concem for a period of al least t¥•Elve months from the financial statements are authorised for issue. Our responsibilities and the responsitmlities of the trustees vnih Spect lo going concem are described in the rdevanl sections of this report. Oth•r Infomiatlon The trustees are responsible for the other informatson. The other Infom)abon ¢omkYises the informats'on included in the Trustees, Annual Report. Our opinion on the finanaal statements does not cover the other information and, except to the extent otherv*ise explicrtly staled in our report. do not express any fomi of assurance conclusion theieon. In connection wth OUT audit of the finan¢ial ststemenls. our responsibilily is tts read the other information and. in doing so, consider whether the other infomiatson is materially inconsistent wth the financial slalernents or our knoedge obtained in the audit or otherw$e appears to be materially misstated. If we identsfy such rnaterial in¢on$istencies or apparent matenal rnisstatements. we are required lo deteimine whether there 15 a material misstatement in the financial Statements or a material misstatement of the other Information. If, based on the work we have perfomed. we condude that there 15 a material misstatement of this other information, we are required lo report that fad. We have nothing lo report in this regard. 13
BAMCROFT'S SCHOOL IA Company Limit•d by Guarnntee) AUDITORS. REPORT FOR THE YEAR EMDED 31 AUGUST 2022 Opinions on other matt•vs prescribed by the Companies A¢t 2006 In our opinion, based on the undertaken in the course of trte audrt.. the infcrmalion given the Trustees, Annual Report Ivthich includes the strategic report and the dITtOrS, report ppared tr the purpo$e$ of wnpany lawl for Ihe financsal year for the ffiancial statement5 are prepared is cOnStent with the financial statements." and the strategic POrt and the directOTS' report included V1th the Trustees, Annual Report have been prepared in accordance wth apFAicabJe legal requiremènts. Mattews ¢n wthlch wo arn r•quir•d to r•port by •xc•ption In the light of the knovAedge and understanding of the charitable company and its environment obtained in the course of the audit. we have not Identif material misstslements in Ihe Twstees. Annual Report {vthich incorporates the stralegic report and the directors. report). We have nothing lo report in respect ofthefc41oving matteTS in relabon to which the Comparies Act 2006 requires us to report to you rf. in our opinion. adequate a¢¢ounting records have not been kept by the chaTitable company, c the charrtable company financial statements are not in agreement vAth the accounting records and retums., OT certain disclosures ol truslees. remuneration specified by law are not made". or we have not received all the informab.on and e%ana.0n5 Wt require for our audtl R•8pon$lblllfjM of trustMs for th? financial slalements As explained MO fully in the trustees. responsibilities stalemenl set out on page 12, the ttuslees {vA)o are also the directors ol the charitable company for the purp05e5 of cornpany law) are responsible for the preparation of the financial 5tstements and for being sab"sfied that they give a true and fair view, and lor such Intemal control as the Iru51ees determine Is necessary lo enabk the preparatr'on of finarrial statements that are free from material mi$statemenL wethw due lo fraud or error. In wepaTing the financial statements, the tnJst•es are responsible for assessing the ¢h8ritatle company's ability lo continue as a going cot)cem. disck)sing. as applicatrAe. matters related lo going concem and usin9 the going ¢on¢em basis of acwnting unless the trustees either intend to liquidate the charilabk company or to cease operations, or have no realistic altemative but to do so. Audltoes rtspon¥lbllltl•s ftwth• audlt of th• Ilnancial stat•m•nts Our objectives a lo obtain aSOnable assurance about ¥thether the finanaal statemen15 as a whole are free from material misstatement, %thether due to fraud or error. and to issue an èuditerfs port that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an au¢Jil conducted in accordance wth ISA5 (UK) wll always delect a material mis$tement then it exists. Misst*ements can arise from fraud or error and are considered matenal if. indiyidually Of in the aggregate, they could reasonably be expected to infiuence the economic decisicS of users taken on the basis of these financ1 statements. Irregularit$, including fraud. are instances of n(-cOMplIse vth laws and regulations. We design procedures in line with our responSi"1$e3, outlined above. lo delect rnaleriol mi551alemenls in respect of irregularities, including fraud. The extent to 4thich our pr¢drÈS are capatrAe of detecting wregularities, including fraud is detsiled below". 8ased on our understsnding of the School and the enwrMment in operates. we idents'fied that the principal risks of non-cOMlarn¢e with laws and 10"0n$ lated to ¢harity and wmpany law applicable in England and Wales, and V Consided the exlent to vthich nonoomplrance might have a malerkil effect on the finanei81 ststements. We also considered those laws and regUlats"c$ that have a direct impact on the pparaOn ol ihe financial stalements such a5 the Comparue5 Act 2006. 14
BANCROFT'S SCHOOL IA Company Llmlt•d ljy Gu•rantso1 AUDITORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022 We evaluated managernent's rKentives and wp(Ktunities forfraudulent manipulation oflhe financial stalemenls (including the ri$k of override of controls). and detemiined that the Principal risks V+Ere related to revenue recognition, in particular in relation to recording income frcffl donations and charitable acb"vilies in the Correct accounting period and management override of controls. Audit procedures perfomied by the engagement team induded.. In$peckn'ng correspondence 1th regulors: Discussions wlh management including c51derab.On of knon orSpected inylances ol nonwcompliance with laws and regulation and fraud. Reviewng the contr5 and proceilure$ of the ¢harity relevant to the Prerab0ft of the financial statements to ensure these re in place through(xrt the year, Reviewng post balance sheet events., Evaluating management's Ctrol$ designed to prevent and delect irregularities.. Identtying and testing joumals, in paitiGul8r joumal entries posted 7Mth unusual arUnt wibinalions. postings by unusual users 01 unusual descripb"on$", and Chdlenging assumptims and judgements made by management in their crilical acCounn9 estimates. Because of the Inhent limitstic$ of an audit. the 1$ 3 risk that vft wll not delect all irregular¢ties. including those leading lo a material misstatement in the finanual ststements fx non-comrAiance with regulats"on. This risk increases the mare that compliancewth a lawor regulation is removed from the ents and transactions reflected in Ihe financial statements, as we ryll be le55 likdy to become aware of inslance$ of non-compliance. The risk is also greater regarding irregularities occumng due to fraud rather than error. as fraud inVoeS intentional concealment. forgery. collusion. OMI5On or misrepresentation. A further description of our responsitm'lities fcy the audit of the financial statements is located on the Financial Rewrting Council's website at.. wMw.frc.or .uklauditorsres n5ibi This deriptsOn forms part of our audilorfs repurt. U¥• of our r•port Thi5 report is made sdety to the ¢haritable companYs members, as a body. in accordance wth Chapter 3 of Part 16 of the Companie$ Aci 2006. Our audrt work ha5 been undertaken so that we might state to the ¢haritable company'$ members those matters a requi to stale to them in an Auditorfs report and for no other purpose. To the fulle$l extent pemiitted by law, do not accept or assume reSpOnbIlItY to anyone other than the charitable company and the charitable ccnpanl$ membws, as a t*)dy, for our audit vAJrk, for this Teport, or for the ¢¥)inions we have forrned. Adam H81sey {Senior Statutory Auditor) For and on beham of h8ysmacintyre LLP. Statutory Auditor Date.. 27 April 2023 10 Queen Street Place London EC4R 1AG 15
BANCROFfs SCHOOL (A Company Umlt•d by Guaranlv) STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 AUGUST 2022 Unrestricted funds 2022 Restvicted funds 2022 Total funds 2022 Totsl fund5 2021 Income from: Donations and legacies Charitable activities - School fees cLvable - Other edv¢altMal income Trath'ng Income Investments 165.428 319.1110 484.528 397.450 19.581.188 228.851 40,039 4,271 19.581,188 228,851 40,039 4.461 18,407,014 219.758 14,393 16,936 190 Total incom• 20.019,7TI 319.290 20.339.067 19.055,551 Expenditure on: Ralslng funds.. Trading expenses anfj olher costs Investment manager's lees Charitable artivilies 9,369 9.369 6.659 19,896,715 6,006 6,307 18,800,579 6,659 251,192 19.645.523 Totsl expgn(thtur¢ 19.654.892 257.851 19.912.743 18.812,892 N•t incomel lexpenditurel 364.885 61.439 426,324 242.659 Gains I Ilossesl on investments 19,8IMI 19,8041 103,913 Ngt movgment In funds Transfers 364.885 51.635 416,520 346,572 TOTAL FUNDS AT 1 Septwnber 2021 18,453,737 1,391,S66 19,845,303 19,498,731 TOTAL FUNDS AT 31 August 2022 15 18.818.622 1.443.201 20.261.823 19,845,303 All acb"vities relate to conts"nuing operation5. The note5 on pages 19 to 34 Im part of these financial statements. 16
BANCROFTS SCHOOL (A Company Llmlted by Guarantee) BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Note FIXED ASSETS Tangible assels Investments 10 18,752,305 1.052,S54 19.160,822 923,390 19,804,8S9 20,084.212 CURRENT ASSETS Stock Debtors Cash al bank and in hand 35,503 824,819 3,077,405 47.418 1,096.048 2,083.264 12 3,937,727 3,226.730 CREDrroRS: Amounts falling due within one year 13 13,435.2631 12.768.387) NET CURRENT ASSETSIILIABILITIES) 502,464 460,343 TOTAL ASSETS LESS CURRENT LIABILITIES 20,307,323 20,544.555 CREDITORS: Amounts falllng due after one year 45.500 699,252 NET ASSETS 20,261,823 19,845.303 ACCUMULATED FUNDS R¢8lrl¢ted funds unrestricted funds 15 1,443,201 18,818,622 1.391,566 18,453.737 TOTAL FUNDS 20.261.823 19.845.303 The financial ststements We approved by the Govemor5 on 20 March 2023 signed on their behalf. by.. EdffluTrd Sautter MA Chalmian The notes on pages 19 to 34 fomi part of Ihese ffinanual statemenls. 17
BANCROFTS SCHOOL IA Company Lknlted by Guarantee) CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2022 2022 2021 Note N•t cash provided byllused In) operating activitie• 1.622,503 461,602 C•sh flows from Investlng aclivilies: Interest from investments Purchase of listed investments Sale of listed investments Purchase of tangible fixed assets 4,461 1364,156) 225.188 1493.855) 761 190,3031 95.512 1160.5531 Nèt cash PTovlded byllu$od in) investing activities 1628,3621 1154,5831 Change in cash and cash equivalents in the reporting per 994.141 307,019 Cash and cash equivalent5 at the beginning of the year 2.083.264 1.776,245 Ch and cash equivalents 3,077.405 2,083,264 A". Reconclllatlon of net movement in funds to net cash flow from operallng actlvttles 2022 2021 Net income I lexpendilure) Interest from investments Depreciation charges Net lossesllgainsl on investment assets Decreasellincreasel in stock Decreasellincreasel in deblors Increaselldecrease) in creditor5 416.520 {4.461) 902.372 9.804 11.915 271.229 15.124 346,572 17611 917.964 (120,088) 112,699) 1216,592} (452,797} Net cash used in operatlng actlvltles 1,622,503 461.602 Cash and cash equivalenis comprise soldy cash at Ikink and in hand in both the current and pnor year. The notes on pages 19 to 34 form part of these firkincial statements. 18
BANCROFT'S SCHOOL (A Company Limit•d by Guarantsel MOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been Prepared in accordance wrtl) the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. the Companie5 kt 2006 and the Stslement of Recommende(J Practice applicable to charities preparing their acUnts in accordance wf(h the Finanual Reporting Stsndard applicable in the UK and Republic of Iland IFRS 102) - effective 1 January 2019. The fvnth.onal currency of the School is Considered lo be GBP because that is the currency of the primary economic environment in tA*)ich the School operate$. The accounts are dra up on the historical cost basis of accounting, as modified by the revaluatlon ol inveslmenls. The Slalemenl of Financial Activities (SOFA) and Balance Sheet consolidale Ihe financial ststements of the company and its Subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. No separate SOFA has been presented for the company alone as peTmitted by section 408 of the Companies Act 2006. 1.2 COMPANY STATUS The School is a Public Benefit Entty registered as a charity in England and Wales and 1$ a company limited by guarantee. The membefs of the cornpany are the Directors named on page 1. In the event of the company being wound up. the liabilrty in respect of the guarantee is limited to £1 per member of the company. It was incorporated on 19 February 1998 (company number 035139621 and registered as a charity on 10 March 1998 Ichanty number 10685321. 1.3 GOING CONCERN Having reviewed the lunding faulities available to the Schcol together wlh the expected ongoing demand for places and the School's future projected cash the Govemors have a reasonable expectation that the Schod has adequate resoufces to continue its activrties for the foreseeable ftrtu. Accordingty, they have no material uncertainties in relation to going concern and continue lo adopt Ihe going concem b35is in preparin9 the financial statements as 0ullid in the Statement of Accounting and Reporting Responsibil"e$ on page 11. 1.4 FEES ANO SIMILAR INCOME Fees receivable and charges for seNi¢e$ and use of premFses a anted for in Ihe year in 1¢h the service is provided. Fees receivable are gro$$ fees. less scholarships and other allowances, include contribubons received from The Scholarship Fund. a DesBJnated Fund. The Scholarship Fund income received from The Drapers. Charitable Fund, Francis Bancroft Trust and othercharities, incluijing the Old Bancrth"an A5ciation, 15 used to support meanstested Francis Bancroft Awards and is a¢¢ounted fty in the year for which the funds are provided. 19
8ANCROFfs SCHOOL (A Ctynp•ny Limited by Guara) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1.5 DONATIONS AND BEQUESTS Donation5 receivable for the general purposes ol the School are credited to Unrestricted Funds. Donations for purpose5 restrted by the wshes of the dOr wOua be taken to Restricted Funds where these V•i$hes are legally ts"nding on the Directors. 1.6 EXPENDITURE ExpendrtUTe is accounted on an accruals basis thscounted to present value for longer term liabilrties. Overhead and other $ts not directly attributable to particular functional activity categories are appth.oned over the relevanl categories on the ba515 of management estimates of the amount attributable to thal acb.wly In the year. either by reference to stsff time or space occupied, as appropriate. The irrecoveraL4e dement of VAT is irbcbuded in the rtem of expen6e lo vthich it relates. 1.7 SCHOOL LANO AND BUILDINGS ANO EQUIPMENT Capil8lisatsi and replacem•nl The School land. together wth the original burfding$ Ivknich a all Grade 2 listed) and separate sports ground and buildings. are held in trus( at value. su4.ecl lo an otrligalion to Preserve them for educational use. These assets have not been revalved since the incorporation of the School as a C{panY limiied by guarantee in 1998. The original land and buildings have not been revalued as the costs In1ved would be onerous compared lo the addib.onal benefit denved by the users of the accounts in a55¢$sing the directors. stewardship ol the assets. The Directors are responsible for keeping the original buildings in a frt ènd useful condth"on. the costs of d(Mng $0 are written off a5 and en incurred. Building improvement and extensions, lurnrture and equipment. additional to the assets at time of ncorporats.on and costsng more than £5,000 are capitalised and carried in the BaLince Sheet al historical c05t. Depre¢tIon The freehold school Land is not depreciated. The Drinal school buildings have to be maintained in good working order and are therefore considered lo have an indefinrte useful economic life. As such they are not depreciated, but annual impairnient review5 have confirmed thal their serwce potents'al remains undiminished. Depreciatw)n of other assets is provided on a straight line basis at rates calculated lo write off the exce55 C051. over estimated residual amount, evenly over the esbmated Useful economic lives of each da$s of asset, subiecl to annual review. These rates are evAl". Freehold and long leasehdd buldings Freehold Improvements Fumiture and equipment Molor vetrudes - 50 years 10 years - 5 years - S years ItS costing less than £S.000 are V•Trtten off as an expense a$ acquired. 20
BANCROFT'S SCHOOL IA Company Limlt•d by Guarantee) 140TES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1.8 INVESTMENTS Listed inve5trnenls Investfflents are slated at market value at the balance sheet date. The Statement of Financial Activitie5 includes the net gains and bsses arising on revaluations and disposals throughout the year. Subsidiary undertakings Investment in subsidiary is valued al cost less prowsion for impaimient. 1.9 STOCKS Stocks are valued al the lowEr of cost and net reali5atle value after making due allowance for obsolete stocks. C05t includes au direct costs. 1.10 ACCEPTANCE DEPOSITS On Occasn$ parents thoose not lo Send a pupil lo the S¥hool after fi)rmally acttpting a place. In such urcumstances the acceptance deposit is vAthheld acrdIng to the School's terms and COnditn$. 1.11 ADVANCE FEE PAYIAENTS Partnts may enter into a eontra¢t wrth the Sthoc4 to pay lurtion fees in advance and by doing so they recewe an agreed level ol lees for the levant year. 1.12 FUND ACCOUMTING GenwJ funds are Un$trIe funds a available fw use al the disrxetion of Ihe Directors in furtherance of the general objectives of the company and vkni'ch have not been designated ts other purposes. Restricted funds are funds which are to be used in accordance V*ith specific restrictions imposed by donor$ and which have been raised by the company for path'cular purpo$e$. The cost of raising and admini51erin9 such funds are charged against the specific fund. The aim and use of each reslricled fund is Set out in the notes to the finanual statements. The resthcted fund monies are held in a separate designated bank 4ccounL Investment income. 98ins aftd losses a alocaled to the appropriate fund. 21
BANCROFT'S SCHOOL IA Comp•ny Limited by Gu•rnnts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 1.13 PENSIONS The Scho(A conlribjtes to the Tethrs. Pension Defined Beneffts Schemeat rates set bythe Scheme Actuary and advised to the Board by the Scheme Admiryslrator. The 5theme is a mull'_employeT pension scheme and rt is not posse to Klentrfy the assets and liabilits'es of the scheme, whKh are attriblrtable to the School. In acwdance with FRS 102 thereftye. the scheme is accounted for as a defined contributson scheme. The School also contributes to inthwdual persmal pension $theme$ for $UPPOrt staff at 10% of salary. The scheme is administered by Stan¢Jard Lrfe. Contributions to both 5cheme5 we charged in the Statement of Financial Activity (SOFA) as they become payable in aecordance ¥Ath the rules of the scheme5. 1.140PERATING LEASES Rentals under ¢¥)erating leases art charged to the Ststèment of Financial Actthe5 ryl a 51raighl line basis over the lease tem7. Benefits received and Vable as an incentive to $1gn an opefating lease are similarfy spread on a straghl4e basis ovw the lease term. 1.1S FINANCIAL INSTRUMENTS Basic financial instruments are inibally recognised at transaction value and subsequently measured al amortised c05t with the exceplon of investments which are held at fair value. Financial assets held at amortised cost comprise cash al bank and in hand, together trade and other dèbtors. speafic provision is made for debts for thich recoverabilty is in doubt. Cash al bank and in hand is defined as all cash held In instant access bank accounts and used 8$ working ¢aprtal. Financial liabilities held at amortise(I ccsl rnpSe all creditors except sock?15ecurity and other taxes and provisions. Assets and liabthlTres held in ftygn currency a translated to GBP at the balance sheet date at an appropriate year end exchange rate. 1.16 CRITICAL ACOUNTING JUDGEMENTS ANO KEY SOURCES OF ESTIMATION UNCERTAINTY In the appliCatn of the accounting po.£1•$, Directors are requred to make judgements, estsmale$. and assumptions about the carrying value of assets and liabilitie$ that are not readily apparent from other sources. The estimates and undedwng assumpknns ale based on histori1 experience an other factors that are ccmsidered to be relevant. Actual re5ull$ may differ from these estimates. The estimates and underfying assumpli'¢y)s are revie*d on an on90ing basis. RewsKJns to accounting estimates are recognised in the period in thi¢h the estimate is revised if the revision affects only that peri¢)d, OT in the period of the revision and future periods rf Ihe revision affected current and future periojs. In Ihe view of the Directors, no aSsuMptiS conceming the future or estimation uneertsinly affe¢ting a5se15 or lblIrtieS at the balance sheet e are likely to resutt in a material a4'ustment to their carrying 3mouMS in the next financial year. 22
BANCROFT'S SCHOOL IA Company Limit•d by Gwrantee) IIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 AUGUST 2022 DONATION AND GRAMT INCOME R•striet•d Unrnstrl¢ted funds funds 2022 2022 Total funds 2022 Total funcls 2021 Bancrolfs Foundation Draper5' Charitable Fund Francis Bancroft Trust Old Bancroftian Associalion (Vl Form Scholarship Tnjst ) Other grants Other donalions 171.872 50.000 171,872 50,000 165,428 78,520 50,000 156,585 16S.428 19,761 46.830 30.637 19,761 46,830 30,637 18,977 71,321 22,047 Vc4untary income 319.100 16S,428 484,528 397,450 The School is the sole benefiaary of the Francis Bancroft Trust. vthich is administered by the Drapers, Company. COMPARATIVE 2021 Restricted Unrestricted funds funds 2021 2021 Tolal funds 2021 8ancroft'$ Foundat'on Drapers. Charitable Fund Peter Salsbury Legacy Franci5 Bancroft Trust Old 8ancrolb.an A5sociakn"on l Form Scholarship Trust ) Govemment grant". CJRS Other donations 78.520 50.0fy) 78,520 50,000 156.585 156.585 18.977 18,977 71,321 22,047 71,321 22,047 Voluntary income 147.497 249.953 397,450 OTHER TRADING INCOIAE Total nds 2022 To181 funds 2021 Trading income 40,039 14,393 Trading income relales to confectionary arid sundry items. and was solely unrestn'cled in both the current and prior years. 23
BANCROFT'S SCHOOL (A Company Lknlt•d by Gu•rants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 INVESTMENT114COME Restricted Unr•stricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Invesiment income Interest receivab 190 190 4.271 16.416 520 4.271 190 4.271 4.461 16.936 COMPARATIVE 2021 Restricted Unrestricted lunds fund¥ 2021 2021 Totsl funds 2021 Investment income Interest rtteivab 16,416 16,416 520 520 16,416 520 16,936 INCOME FROM CHARITABLE ACTMTIES Unrnstrlct•d Funds 2022 unS1cled Funds 2021 School Fegs Rgc•i¥able Gross fees Less." Total scholarships and other alltswances Add". Bursaries fvnded from- restrted funds 21.065,863 11.656.54T) 171,872 20,046,667 {1,828,8381 189.185 19.S81.188 18.407,014 Other UcatIen•J Income Entrance and registrab'on fees Rents and lettings Other incoming resoue$ 73.651 33.028 122.172 87.029 26,507 106.222 228.851 219,758 24
BANCROFT'S SCHOOL (A Company Llmtted by Guarnnt•tl NOTES TOTHE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 AUGUST 2022 EXPENDITURE BY CHARITABLE ACTivrrY Restrlded Unrn*tricted funds funds 2022 2022 Total lund$ 2022 Total funds 2021 SUMMARY BY FUND TYPE Teaching Welfare Premises Support and adrninistration Grants and awards Bank loan Inte5t & bank charge5 11,885,650 1,576,978 3,861,326 2.290,666 11.885.650 1,576,978 3.861,3Z6 2.290.666 251,192 30,903 11,447,826 1,250,572 3,743,686 2, 102,793 229,252 26,450 2S1,192 30,903 251.192 19,645.523 19,896,71S 18,800,579 SUMMARY 8Y EXPENDITURE TYPE Stsff co¥ts DepTr¢latl¢n Olh•r co$t> 2022 2022 2022 Total 2022 2021 Teaching Welfare Premi$e$ Support and administratron Grants and awards Bank loan interest 10.4T6.705 637.817 578.834 1.634.783 1.408.945 939.161 2,380,120 655,8B3 251.192 30.903 11.885,650 1,576,978 3.861,326 2.290,666 251,192 30,903 11,447.826 1,250,572 3,743,686 2,102,793 229,252 26,450 902.372 13.328.139 902.372 5,666.204 19,896,715 18.800.579 COMPARATIVE 2021 Restricted Unrestricted funds fund5 2021 2021 Total funds 2021 Teaching Welfare Premises Support and administration Grant5 and awards Bank loan interest 11.447,826 1,250,572 3,743,686 2,102,793 11.447.826 1.250,572 3.743.686 2.102,793 229,252 26,450 229.2S2 26,450 229.252 18,571.327 18,800,579 25
BANCROFT3 SCHOOL (A Company Limlted by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 GOVERNANCE COSTS INCLUDED IN SUPPORT ANO ADMINISTRATION Total fund 2022 Total funds 2021 Auditor5 mUnerati (Induding VAT) Audit fee Non-audit seNces 20.$00 3.968 19,500 2.750 All govemance costs were made out of un$trted fvnds in both the Curn1 and pnor year. During the year, no Governors received re1rntrrsemenl of expenses12021- £nif). RELATED PARTY TRANSACTIONS The Directors, vtho are also the GovernS and Tnjstees, recaved no remuneration during the year12021." £nill. The Govemors were protected against daims of negligence and error professiors indemnty insurance, which has a lirnrt of £5.000,000. The cost of the premium is included In the combined Insurance premium and cannot be identified separalety. One Governor has a child in the SchocA and paid fees on an amis-length basis12021.' one). STAFF COSTS 2022 2021 Staff costs were as follow3 PayToII costs were.. Teaching staff Non-teaching stsff 10A76,705 2.851,434 10.328.149 2,580,702 13.328,139 12,908,851 Wage$ and salaries Social security costs Other pension costs Medical & heatth Insurance 10,025,669 1.114.254 1.824.998 363.218 9,721,907 1,042,821 1,B47,266 296,857 13,328.139 12,908,851 26
BANCROFfs SCHOOL IA Company Limit•d by Guarant••) IIOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR ENDED 31 ALIGUST 2022 STAFF COSTS Icontlnued) The average monthly numter of emFloyees during the year was as foNows.' 2022 2021 No. Teaching Support 164 107 164 103 271 287 The school is a certified London Lr¥ing Wage employer. The number of higher paid employees was." 2022 2021 In the band £60.001 - £70,000 In the band £70,001- £80,000 In the band £80,001 £90,000 In the band £90,001- £100,000 In the band £100,001 £110,000 In the band £180,001- £190.000 16 17 28 27 The number of higher paid )ployeeS belonging to pension s¢heme$ were as follows.. 2022 No. 2021 No. Defined Benefit S¢heme Defined Contribution Scheme 25 27 The key Management Personnel in the S¢hool are the members of the Senior Leadership Team ISLT) and the Governing Body. The Governors are unremunerated and the totsl amount of remuneration, benefits lexduding those listed below) and pensions paid lo the SLT was £1,349,891 12021.. £t,384.2641. In addition to the above payments and those contained in the banding$ al)ove, the S¢hod provides fee remissions lo leaching and other staff as is normal in the Independent School's sector. During the year and Ihe prewoijs year there vRre no redundancy and termination payments made or amounts rtStandIng 01 each year-end. 27
BANCROFTE SCHOOL IA Company Limited by Guarant••l 14OTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 AUGUST 2022 10. TANGIBLE FIXED ASSETS Fveehold Motor Iwrty vehlcles Fixtur•8 & ffttings Total COST At 1 September 2021 Addition$ 26.157.903 484,255 149.563 9.600 2,110.713 28.418.179 493,855 At 31 August 2022 26.642.158 159.163 1110,713 28,912.034 DEPRECIATION At 1 September 2021 Cttarge for the year 7.458,150 680,288 98,433 24.393 1,700,774 197,691 9,257.357 902,372 At 31 August 2022 8,138,438 122,826 1.898,465 10,159.729 NET 800K VALUE At 31 August 2022 18.503,720 36,337 212,248 18,752.305 At 31 August 2021 18.699.753 51.130 409.939 19,160.822 11. INVESTMENTS 2022 2021 At 1 Seplemkr Addrtion5 Disposals (Lossllgain 923,390 364,156 (225,1881 19.8041 808.511 90.303 195,5121 120.088 Al 31 August 1.OS2.$54 923,390 Hist0C cost 757,369 839,013 At market value Listed investments Bakvoft's Enterwises Limited 1,052,454 11)0 923,290 100 1,052,554 923,390 28
BANCROFT% SCHOOL (A Company Limlted by Guar•nts•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 11. DEBTORS 202Z 2021 Fee debtors (less bad debt provi%ion) Amounts owed by subsidiary Other debtors 480,722 41,059 303,038 425,3e4 61,726 808,958 824,819 1,096,048 13. CREDITORS: amounts falling du• within one year 2022 2021 Bank loan5 Payments e1ved on account Trade credrtors Other creditors Accruals and deferred income 82,377 648,830 156,729 4,410 2,542.917 236.599 952.510 234.543 4.410 1.338.325 3.435.263 2.766.387 14. CREDITORS: amounts falllng due after more than one y•ar 2022 2021 Bank loans Deposits in advance Fees in advance 82.400 590,241 26,611 4S,SOO 45,500 699,252 The bank loans represent unsecured debtlopment finance for completed building projects. The bank loans are repayable in inslalmenls over varwng lengths of bme, wth the last expiring in December 2022. The loans were based on varying inteTest fates fr¢yn LIBOR + 0.8% to LIBOR * 1.9%. 29
BANCROFT'S SCHOOL IA Company Lwnit•d by Grante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 202Z 14. CREDITORS: amounts falllng due after more than one year (Contin4d) Advance fees Parents may enter into a contract to pay to the Sd1 up to the equivalenl of 11 years tuith)n fees in advance. The money may be retumed subject to specific condib.ons on the elpt of one term's notice. Assuming pupils will remain in the sc)01. advance fees WAI be applied as follows.. 2022 2021 thin I to 2 years 26,611 26,111 30,638 Ithin l year 57,249 The balance represents the accrued liabilrty urKler Ihe contracts. The movements during the year were.. 2022 2021 Balance at 31 August New contracts S7.249 41,249 SO,584 57,249 157.2491 86.377 133,6601 Amounts ublised in payment of fees Balance at 31 August 57,249 1& CHARITY FUNDS Brought Forward Inv•stm•nt Transfers galns Carrled FOard Income Expendllure GENERAL FUNDS General Fund 18,453.737 20.019.777 119.654.892) 18,818.622 Total Unrestricted fijnds 18.453.737 20.019.777 119.654,892) RESTRICTED FUNDS Bancroft's Foundab"on Clark Willmott Legacy Barker Fund Other Bursaries Peter Salsbury Legacy 18,818.622 1.088,076 49,680 40,000 292,377 12Q4,141) (9,8041 1,146,508 49.680 30.000 26.913 136.913) 233.810 116,797) 217,013 Total Restn'cted Funds 1.391.566 319.290 1257.851) {9.8041 1,443.201 Total lunds 19.845.303 20,339.067 119,912.7431 {9.804} 20,261.823
BANCROFTS SCHOOL (A Company Lknited by Guarants•) NOTES TO THE FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 AUGUST 2022 15. CHARITY FUNDS (contlnuedl COMPARATIVE 2021 Brought Forward Inv•stm•nt Transf•vs gains Carrid Forward Income Expendlture GENERAL FUNDS General Fund 17,602,980 18,891.638 118,577.3331 536.452 18.453.737 Total Unreslricled funds 17.602.980 18.891.638 118,577.3331 RESTRICTED FUNDS 536.452 18,4S3.737 BancToffs FoundatTon Clark Willmott legacy Barker fund Other Bursaries Peter Sal$bury Legacy 1,436,539 50,000 50,000 109,212 250,000 71.781 1140,0721 {3201 128.5231 150.4541 116,1901 120.018 {427.2401 1.068,076 49,680 40,000 18.523 $0.454 1109,212} 233.810 Tolal Restricted Funds 1,895,751 147,738 1235.SS91 120,088 1536.452) 1.391.566 Tol•l lund$ 19.498,731 19,039,376 {18,812,8921 120.088 19,84S.303 1) 8an¢roft's Found•tlon This is a reslricled fund to be used for the purpose of paying school fees for those vtho cannot olhervAse afford them. The seleth.on of the candidates for these bursaries wilt be at the discretion of the Governors of the School as recommendeij by Ihe Head. 21 Clark Wlllmott legacy This 1$ a re$tri¢led fund lo wde financial assistsnce for mtsdem foreign language exchange programmes. 31 8rker fund This is a restricted lund to pfowde temporary la rnaximwn oftffl) tem)s fee$l financial assistance to existing pupils vthere the household are experiencing temporary financial hardship 41 Pet•r Salsbury logacy This is a re$tn'ded fund intended to grow as a long-term endov•Tnenl with the aim of provithng Sustainable means tested a4wdrds 51 Oth•r Bursarle5 This 1$ a restrided fund used lo provide fee a$sistsnce. Transfers from this fund are to update the fund for costs incurred in prKir years. 31
8ANCROFTE SCHOOL (A c1)mnY Limited by Guarnnte•l NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 16. ANALYSIS OF NET ASSETS BETWEEN FUMDS R•striet•d Unrostrlet•d funds funds 2022 2022 Total fun 2022 Total funds 2021 Tangible fixed assets Investments CuThent assets Creditors due within one year Creditors due in more than one year 18.752.305 18.752.305 19.160,822 1.125,399 923,390 3.547.080 3,864,882 3,226,730 13.435,2631 (3,43S.2631 12,766,387) 14S.SOOI 145.5001 {699,2521 1.12S.399 317.8D2 1.443.201 18.818,622 20.261.823 19.845.303 COMPARATIVE 2021 ReStrted un51Cted fvn¢Js funds 2021 2021 Tolal funds 2021 Tangible fixed assets Investments Current assets Creditors due wthin one year Creditors due in MO than one year 19,160,822 19,160,822 923,390 2,348,888 3.226,730 12.766.387) 12.766,3871 {699.2521 (699.2521 923,390 877,842 1.801,232 18,044.071 19,845,303 32
BANCROFfs SCHOOL {A cOmnY LImlI by Gu•rant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 17. PENSION COMMThMENTS The School partiupates in the Teachers. Pension Scheme fihe TPS") for its teaching staff. The pension charge for the year indude5 contribJtions payable lo the TPS of £1.563.57912021.. £1.572.6571 and al the year-end £nil12021 - £nill was accrued in respect of contn"butions lo this scheme. The TPS is an unfunded mulli-employer define(I benefits pension scheme govemed by The Teachers, Pensions Regulati¢n$ 2010 las amended) and The Tea¢hers' Pension Scheme Regulations 2014 {as amended). Members cclntribule on a "pay a$ you go. basis with contributions from meTnbers and the employer being credited to the Exchequer. Rets"rement and other pension benefrts are paid by public funds prcvided by Parfiament. The emFdoyer cOntributn rate is set by the Secretary of State followng scheme valuations undertaken by the G¢vemmenl Aduary's Department. The most recent acluanal valuation of the TPS was prepared as at 31 March 2016 and the Valvabon Report. 1th was published in March 2020, confi'rmed that the employer contribulion rate for the TPS would increase from 16.4% to 23.6% from 1 September 2020. Employers are also required to pay a heme administration kvy of 0.08% giving a total employeT contribution rate 0123.68%. The 31 March 2016 ValuatIc Report was prepared in accordance Yh the benefits set out in the scheme regulations and under the approach specified in the Direction5, as they applied a15 March 2020. However. the assvmpbons were considere(J and sel by the Department for Edu¢albon prior to the ruling in the 'McGloudlSargeant ¢ase'. This case has quired the courts to consider cases regarding the implementation of the 2015 f0M7$ to Public SeNce Pensions indudin9 the Teachers, Pensions. On 27 June 2020 the Supreme Court dend the govemment permission to appeal the CourtofAppeal'sjudgment that transitional provisions inlrodu¢ed to the reformed pension schemes in 2015 gave rise lo unlawful age discrimination. The govemment is respecbng the Court's decision and has said it will engage fully the Employment Tribunal as well as employer and member rewesentative5 to agree how the di5criminalions will be rernedied. A consultaknon a8 launthed by the govemment on 16 July 2021. and closed to responses on 11 October 2021. The TPS is subject to a cost cap mechanism Trhhich d5 Put in place to protect taxpayer5 against unforeseen changes in scheme costs. The Chief Se¢relary to the Treasury. having in 2018 announced Ihat there would be a review of this cost Cap mechanism, in January 2019 announced a pause to the cost ¢ap m&¢hanism following the Court of Appeal's ruling in the Mccloudlsargeant case and until there is certainty about the value ol pensions to ernployees from April 2015 onwards. The pause was lifted in July 2020, and a consultstion was 5aunched on 24 June on proposed changes to the cost control fflechani5m followng a review by the Government Actuary. Followng a public consultation, the Government have accepted three key proposals recommended by the Government Actuary, and are aiming to implement these changes In lime for the 2020 valuab.tsns In view olthe above rulings and deuwons the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. In this s¢ena¥io. a valuation prepad in accordance revised benefits and suitably revised assumptions would yield different results than those conlained in the Actuarial Valuation. Until the consultation and the cost cap mechanism review are completed rt 1$ not pogsible lo conclude on any financial impact or future changes to the contribuiion rate5 of the TPS. Accordingly, no provision for any addits.onal past benefit pension costs is induded In these Iinancial stslements. The School also run5 a money purchase scheme for qualty.ng support staff. The cost for the year represents the School's c¢nlributions to the scheme of £264,025 12021.. £214,100). The School's contributions lo the Bancroff s School PRE199212000 Benefits Schemes in the year were £37.76312021.' 33
BANCROFTS SCHOOL IA Company Llmltsd by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 18. OPERATING LEASE COMMITMENTS At 31 August 2022 the minimum lease payments undef ncKCe1ab1e operating leases as follows.. 2022 2021 EXPIRY DATE: Les5 than 1 year Between 1 and S year5 158,412 210,711 205,401 109,269