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 (￿ts￿d 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 Co￿Pted, 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 add￿58..
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 WasbO￿gh
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$. This includes a tour ofthe School and meetings wth various key personnel. The
new Directors are also provided V*ith a set of documents wfith retevant information for ease of reference.
Organisational Management
The Directors are legally responsible for the overall management and control of the School and meet four lime5
a year. The Finance Committee meet before each meets'ng ofthe full Board to consider in detail finanee and other
matters delegated to them_ The Estates Commrttee meet before each meeting of the full Board to monitor the
progress of maintenance. refurt)i5hment and building prqects and consider the Teports of the specialist advisers.
The Edu¢abon Committee has oversight ol the curriculum and related matters including the work of the Prep
School. The Foundatr'on CL¥nmittee ha5 0ver5ighl of matters relats"n9 to Banctoft's Foundatson. ￿1 sub-
ccmmittees report to the main board.
The day to day management of the School is ddegaled to the Head and the Bursar. supp￿tsd by the Senior
Leadership Team. vtho together V￿th the Govemor$ 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.
struc￿1¥ 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 nefv￿rkIng 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 S￿la1 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$so¢i*"on a￿ lo advan¢e the e(lu¢alion of children and young
people by the prowsion, in or near Woodford in Essex. of a preparatory and secondary school for boys and gifls.
Alms •nd Intsndèd Imp#tt
The S¢hool aims to be a successful centre of excellence, consistenuy providing the highest a￿demiC standards
and an educational experience enrithed by a ￿brant cultural environment vknich prepare$ 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 $￿CeSS￿l adults make a drflerence to
the 21st century wort¢Y and the communikn.es in vknlch they live.
The continuing aim of the Directors is lo have cognisance of the Charity Commission guide11r￿ and improve the
level of Public Benefit by ensunng that w2 focus on our eharitable objectives.
Employ¢• Involvemont and pollcy
The School is an equal opportunrty emp4oyer and ensures that all applicants or employees are treated
consistenty and fairly.
Effects've ¢ommuni¢alion wlh employees 1$ 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
$0 that staff vtho were unable to attend in person do not miss out.
Staff mental and physical wellbeing is important and arrangements include regular events such as yoga and
promotsng services help wellbeing. Staff have use of the filness suite al Certain limes the week
and ¢an access the School's counselloys by appointmenL
DIv8r51ty and Incluslon
The School is commtted to equalrty and opp)rtunity for all and has an enwronment in vthich individuals are
Irealed on the sole basis of their fele¥ant merits and abilities. members of staff and Govemors share this
¢ommilment. The School regards as lotally unacceptable attitudes held by a person or 9roup towards an
individual on the basis of race. gender, sexual orientation or any disability. Those with disabilitie5 are encouraged
to apply and vherever possible the School will make adjustments for those vacancie5 that they are able lo fill.
Providing all the necessary assistance with inrtial training and ongoing career develtspmenl lo ensure suilatle
oppor1unrties for each disatrAed person.
Engag•m•nt with oth•rs
The School engages v¢ith Parents, through new31etters, a hwse tutor system, parent meetings and webin8rJ,
forums and survey3. OUT local community 15 involved informally through a multitude of School activiti'e8,
Including those summwised under the Community SeThi¢e se¢tion. We have a fomial largel for the payment of
SUP￿lerS and other 5takeholder5' invoice5. and regular meets"ng$ 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 coMmiss￿ne￿ 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 SChedu￿d 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 fa￿lItieS offe￿d 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 s￿labUS 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 s￿enCe 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 en8￿Ing 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 BanCr0ft￿n 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 F￿aCeS 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 uniVer￿lies.
At GCSE. 52% of all grade$ avrdrded V￿re 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 pU￿lS.
Charlty Commlsg1¢)n
The School did not make a seri￿5 Incident Report to the Charity Commis*on 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 v￿nderf[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 v*as 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 prO￿deS 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 F*r 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$." provided use of our
SvAmming Pool for local pnmary schools", shared sporting farjlities V*ith Woodbridge School,. our staff coached
the Redbridge LYG Hod(ey squad,. and loGal stho(As invited to plays and cultural events.
Community Service
Our pupils coach swimming for Little Heath pupils an¢Y help run the Epping FO￿$t PHAB elub. The School
provides facilit￿S 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 I￿31 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 G￿rante•l
GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022
Formal agendas for all Committee and Board aCti?￿ty,.
Comyehenswe strategie planning, budgets and manag￿ent 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 VI￿rkS *ilh Fund Managerto avoid investment in socially unacceptable
sectors.
FUTURE PLANS
The key objectives within the cu￿nt 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 S￿dardS 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 p￿ParIng 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 I￿egularl11es.
li

BANCROFfs SCHOOL
IA Company Limited by Guarantee)
GOVERNORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2022
PROVISION OF INFORMATION TO AUD￿oRs
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 a￿dre. 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 Direct￿5 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 poli￿es. The financial ￿pOrting framework that ha5
been applie¢J in their preparation is applicable law and United kn'ngdom A¢¢oynling Standard$, including Financial
Reporting Standard 102 The FAnanci81 RepL)rting Standard applKable in the UK and Reptjblic 011￿10nd (United
Kingdom Generally Accepted Accounting prath"￿1.
In OUT opinion. the financial statements..
give a true and fair view of the state of the group of the parent eharitsble company's affairs as at 31
Augusl 2022 and of the group's and pafenl charrtable companls net movement in funds. including the
incorne and expenditure, for the year then ended..
have been properfy prepared in accordance￿1th United lfjngdom Generally Accepted Accounting Practice..
and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basls for oplnlon
We condu¢led our audrt in accordance vthh International Standards on Audib"ng IUKI IISAS IUKII and applicable
law. Our responsibilities under those standard5 are further described in the Audf(or's ￿spOnsIbl1111ets for the audit
ofthe financial ststements seGbon of our report. We are independent of the charity in accordance wth the ethical
requirements that are relevant to our audit of the finanryal statements in the UK, including the FRC'S Ethical
Stsndard, and we have fulfilled our other etr6ical ￿spOnSIbl1￿.es in accordance wth these Tequirements. We
believe that the audit evidence have obtained is suffiuent and apwopriate to Prtiwde a basis for our opinion.
Con¢luslon$ 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
kno￿edge 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 dIT￿tOrS,
report p￿pared tr the purpo$e$ of wnpany lawl for Ihe financsal year for the ffiancial statement5
are prepared is cOn￿Stent 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 ofthefc41ov*ing 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 w*ethw 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$t*ement *then it exists. Misst*ements can arise
from fraud or error and are considered matenal if. indiyidually Of in the aggregate, they could reasonably be
expected to infiuence the economic decisic￿S of users taken on the basis of these financ￿1 statements.
Irregularit￿$, including fraud. are instances of n(￿-cOMplIs￿e vth laws and regulations. We design procedures
in line with our responSi￿"1$￿e3, outlined above. lo delect rnaleriol mi551alemenls in respect of irregularities,
including fraud. The extent to 4thich our pr¢￿d￿rÈS are capatrAe of detecting wregularities, including fraud is
detsiled below".
8ased on our understsnding of the School and the enwrMment in operates. we idents'fied that the
principal risks of non-cOM￿￿larn¢e with laws and ￿￿10￿"0n$ ￿lated to ¢harity and wmpany law applicable in
England and Wales, and V￿ Conside￿d 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 p￿para￿On
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 regul*ors:
Discussions wlh management including c￿51derab.On of kno*n or￿Spected inylances ol nonwcompliance
with laws and regulation and fraud.
Reviewng the contr￿5 and proceilure$ of the ¢harity relevant to the Pre￿rab0ft of the financial statements
to ensure these ￿re in place through(xrt the year,
Reviewng post balance sheet events.,
Evaluating management's C￿trol$ designed to prevent and delect irregularities..
Identtying and testing joumals, in paitiGul8r joumal entries posted 7Mth unusual ar￿Unt wibinalions.
postings by unusual users 01 unusual descripb"on$", and
Chdlenging assumptims and judgements made by management in their crilical acCoun￿n9 estimates.
Because of the Inhe￿nt limitstic￿$ 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 e￿nts 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 inVo￿eS intentional
concealment. forgery. collusion. OMI5￿On 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 de￿riptsOn 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$l extent pemiitted by law, do not accept or assume reSpOn￿bIlItY to anyone other than
the charitable company and the charitable cc*npanl$ 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 ￿cL￿vable
- 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
C￿h 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 ac￿Unts in accordance wf(h the
Finanual Reporting Stsndard applicable in the UK and Republic of I￿land 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 0ulli￿d 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￿ a￿￿nted 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 A5￿ciation, 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 restr￿ted by the wshes of the d￿Or wOu￿a 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 In￿1ved 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 $0 are written off a5 and
en incurred.
Building improvement and extensions, lurnrture and equipment. additional to the assets at time of
ncorporats.on and costsng more than £5,000 are capitalised and carried in the BaLince Sheet al
historical c05t.
Depre¢￿tIon
The freehold school Land is not depreciated. The Dri￿nal school buildings have to be maintained in
good working order and are therefore considered lo have an indefinrte useful economic life. As such
they are not depreciated, but annual impairnient review5 have confirmed thal their serwce potents'al
remains undiminished. Depreciatw)n of other assets is provided on a straight line basis at rates
calculated lo write off the exce55 C051. over estimated residual amount, evenly over the esbmated
Useful economic lives of each da$s of asset, subiecl to annual review.
These rates are ev￿Al￿".
Freehold and long leasehdd buldings
Freehold Improvements
Fumiture and equipment
Molor vetrudes
- 50 years
10 years
- 5 years
- S years
It￿S 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 Occas￿n$ 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 ac￿rdIng to the School's terms and
COndit￿n$.
1.11 ADVANCE FEE PAYIAENTS
Partnts may enter into a eontra¢t wrth the Sthoc4 to pay lurtion fees in advance and by doing so they
recewe an agreed level ol lees for the ￿levant year.
1.12 FUND ACCOUMTING
GenwJ funds are Un￿$trI￿e￿ 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 poss￿e 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 Act￿the5 ryl a 51raighl line
basis over the lease tem7. Benefits received and ￿￿Vable as an incentive to $1gn an opefating
lease are similarfy spread on a straghl4￿e basis ovw the lease term.
1.1S FINANCIAL INSTRUMENTS
Basic financial instruments are inibally recognised at transaction value and subsequently measured
al amortised c05t with the exceplon of investments which are held at fair value. Financial assets
held at amortised cost comprise cash al bank and in hand, together trade and other dèbtors.
speafic provision is made for debts for *thich recoverabilty is in doubt. Cash al bank and in hand is
defined as all cash held In instant access bank accounts and used 8$ working ¢aprtal. Financial
liabilities held at amortise(I ccsl ￿rnp￿Se all creditors except sock?15ecurity and other taxes and
provisions. Assets and liabthlTres held in fty*gn 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 appliCat￿n 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 histori￿1 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 aSsuMpti￿S conceming the future or estimation uneertsinly affe¢ting
a5se15 or l￿blIrtieS 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
un￿S1￿cled
Funds
2021
School Fegs Rgc•i¥able
Gross fees
Less." Total scholarships and other alltswances
Add". Bursaries fvnded from- restr￿ted 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 resou￿e$
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 Inte￿5t & 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.$00
3.968
19,500
2.750
All govemance costs were made out of un￿$tr￿ted fvnds in both the Cur￿n1 and pnor year.
During the year, no Governors received re1rntr￿rsemenl of expenses12021- £nif).
RELATED PARTY TRANSACTIONS
The Directors, vtho are also the Govern￿S 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
Hist0￿C 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 G￿rante•)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 202Z
14. CREDITORS: amounts falllng due after more than one year (Contin4￿d)
Advance fees
Parents may enter into a contract to pay to the Sd￿1 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
FO￿ard
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
Carri*d
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$tri¢led fund lo wde financial assistsnce for mtsdem foreign language exchange
programmes.
31 8*rker fund
This is a restricted lund to pfowde temporary la rnaximwn oftffl) tem)s fee$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)m￿nY 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
ReStr￿ted un￿51￿Cted
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 cOm￿nY 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 contrib*Jtions 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
prc*vided by Parfiament.
The emFdoyer cOntribut￿n 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 Y￿h 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 den￿d 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 prepa￿d 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 ncK￿Ce1ab1e 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