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← Bancroft's School

2024-08-31-accounts

Registered number: 03513962 Charity number: 1068532

BANCROFT'S SCHOOL

GOVERNORS REPORT AND FINANCIAL

STATEMENTS FOR THE YEAR ENDED 31 AUGUST

2024

BANCROFT'S SCHOOL (A Company Limited by Guarantee)

CONTENTS

Page
Governors 3
Advisers 4
Governors’ Report 5
Strategic Report 8
Independent Auditors' Report 14
Statement of Financial Activities 17
Balance Sheet 18
Cash Flow Statement 19
Notes to the Financial Statements 20 - 34

BANCROFT'S SCHOOL (A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

GOVERNORS' REPORT

The Directors of the Company, who are also the Charity Trustees and the Governors of the School, who served during the year and up to the date of this report, were:

Nominees of the Drapers' Company

Sub committee member

A Ford GCVO L Savage (BEng) R Sankey BSc (Hons) MBA R Williamson BA (Hons), MA (Oxon) E Wingham R van Maanen B S Laden MBE, FRSA, FBII

all Sub-committees (Chair, appointed 1/9/23, resigned 24/03/25) all Sub-committees (Chair, appointed 24/03/25) Finance Education (Deputy Chair, appointed 1/9/23) Education Estates Education

Co-opted Directors

D Abbot Estates, Finance, Audit C Jones Estates, Finance, Audit K Satchithananda Education Prof M Fossey FRSA Education L Savage (BEng) Finance, Audit

Each Director Nominative or Co-opted, holds office for a term of three years. Nominative Directors are appointed at a meeting convened and held according to the ordinary practice of the appointing body. Co-opted Directors are appointed by ordinary resolution passed in general meeting.

OFFICERS

The Visitor:

The Master of the Drapers’ Company (ex officio)

The Head:

Simon Marshall MA, MPhil (retired 31/8/24) Alex Frazer MA (Cantab) (appointed 1/9/24)

Company Secretary, Bursar and Clerk to the Governors:

L F G Green (retired 31/8/24)

Chief Operating Office and Clerk to the Governors:

Shaun Wilson MSc, BA (appointed 1/9/24)

Registered Office and Principal address:

Bancroft’s School High Road Woodford Green Essex IG8 0RF

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BANCROFT'S SCHOOL (A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

ADVISERS

Bankers: Barclays Bank PLC Leicester LE87 2BB Auditors: HaysMac LLP 10 Queen Street Place London EC4R 1AG Solicitors: Veale Wasborough Orchard Court Bristol BS1 5WS Investment Advisers: Rathbones 8 Finsbury Circus London EC2M 7AZ Insurance Brokers: Marsh Education Practice 4 Milton Road Haywards Heath West Sussex RH16 1AH

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BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Governors present their annual report for the year ended 31[st] August 2024 under the Companies Act 2006 and confirm that they comply with the requirement of the Act and the Charities SORP (FRS 102) 2019. The Directors of the Company are also the Charity Trustees and the Governors of the School and hereafter will be referred to as Governors.

Governing Document

Bancroft’s School is a charitable company registered on 19 February 1998, charity number 1068532, company number 3513962. The liability of the members is limited by guarantee. Francis Bancroft left all his personal estate to the Worshipful Company of Drapers to build Almshouses and a School. Bancroft’s School was established pursuant to a licence granted under letters patent from George II on 5 July 1731, and founded in 1737 at Mile End. In 1885, it moved to Tottenham for two years before moving to the current site in Woodford in 1887. The trust has been amended in subsequent years. The latest amendments were in 1976, when the School reverted to full independent status, and in 1998, when the School became a charitable company limited by guarantee.

Governing Body

The structure of the Board is detailed on page 3, together with information on how the Governors are appointed.

Recruitment and Training of Governors

Nominative Governors are appointed at a meeting convened and held according to the ordinary practice of the appointing body. Co-opted Governors are appointed by the Board, after due consideration of the person’s eligibility, personal competence, specialist knowledge and skills.

Governors attend external courses, as well as specific courses arranged by the School. Governors are encouraged to attend at least one of the AGBIS seminars once a year where they would have the opportunity of participating in discussions and exchanging views with Governors from other schools.

New Governors are offered a comprehensive induction programme to enable them to familiarise themselves with the School and how it operates. This includes a tour of the School and meetings with various key personnel. The new Governors are also provided with a set of documents with relevant information for ease of reference.

Organisational Management

The Governors are legally responsible for the overall management and control of the School and meet four times a year. The Finance Committee generally meet two weeks before each meeting of the full Board to consider in detail finance and other matters delegated to them. The Estates Committee has been meeting as required to monitor the progress of maintenance, refurbishment and building projects and consider the reports of the specialist advisers. The Education Committee has oversight of the curriculum and related matters including the work of the Prep School. The Foundation Committee has oversight of matters relating to Bancroft’s Foundation. All sub-committees report to the main Board. During the course of the reporting period and up to the reporting date, the Board has created two new Steering Groups, Diversity, Equity and Inclusion Steering Group and the Audit Steering Group, which will be formalised as Committees during the Autumn Term 2025.

The day-to-day management of the School is delegated to the Head and the Bursar, supported by the Senior Leadership Team, who together with the Governors are considered the Key Management Personnel. The Remuneration Committee determine the Head’s salary, who in turn determines the salary of the Senior Leadership Team. The Governors are unremunerated. From September 2024 Key Management Personnel will comprise eight senior leadership staff who will form a Management Executive Committee; the role of Bursar will also be re-titled Chief Operating Officer.

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BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Structure and Relationships

Bancroft’s actively supports the attainment of the highest standards in the Independent Schools sector, through membership of the Headmasters’ Conference (HMC), IAPS and networking with other schools for the evaluation of quality and performance improvement methods. We co-operate with local organisations and charities in our continuing efforts to allow public access to the education we can provide and to allow the use of our cultural and sporting facilities. In order to broaden the social awareness of pupils, links have been formed with local Secondary, Primary and Nursery schools, schools for the disabled and nursing homes.

OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES

Charitable Objects

The Objects as set out in the Memorandum of Association are to advance the education of children and young people by the provision, in or near Woodford in Essex, of a preparatory and secondary school for boys and girls.

Aims and Intended Impact

The School aims to be a successful centre of excellence, consistently providing the highest academic standards and an educational experience enriched by a vibrant cultural environment which prepares pupils successfully to take their place in the next phase of their lives. Pupils should emerge with confidence, self-motivation, mutual respect and a strong sense of social responsibility to become highly successful adults who make a difference to the 21[st] Century world and the communities in which they live.

Employee involvement and policy

The School is an equal opportunity employer and ensures that all applicants or employees are treated consistently and fairly.

Effective communication with employees is key to the School and methods to provide information to and consult with employees include regular staff briefings in each school and an annual meeting at the start of the academic year, to which all staff are invited, which allows the Head and Key Personnel to brief on highlights from the past year and plans for the coming year. The senior school weekly briefings are in person with minutes circulated so that staff who 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 promoting services which help wellbeing. Staff have use of the fitness suite at certain times through the week and can access the School’s counsellors by appointment.

Diversity and Inclusion

The School is committed to equality and opportunity for all and has an environment in which individuals are treated on the sole basis of their relevant merits and abilities. All members of staff and Governors share this commitment and a DEI Steering Group, chaired by a Governor and with other Governor representation, has been established during the course of this reporting period to promote this objective. The School regards as totally unacceptable attitudes held by a person or group towards an individual on the basis of race, gender, sexual orientation or any disability. Those with disabilities are encouraged to apply and wherever possible the School will adjust for those vacancies that they are able to fill, providing all the necessary assistance with initial training and ongoing career development to ensure suitable opportunities for each disabled person.

Engagement with others

The School engages with Parents, through newsletters, a house tutor system, parent meetings and webinars, forums and surveys. Our local community is engaged informally through a multitude of activities that the School is engaged in, including those summarised under the Community Service section. We have a formal target for the payment of suppliers’ and other stakeholders’ invoices, and have regular meetings with representatives from our professional advisers and contractors.

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BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Safety of pupils

The School ensures that it follows proper safeguarding procedures and staff recruitment policies, makes suitable checks on contractors, promotes the best in pastoral care and support and operates under a comprehensive health and safety policy to ensure the safety of our pupils.

Carbon and Energy Reporting – Energy Savings Opportunity Scheme (ESOS)

The Energy Savings Opportunity Scheme (ESOS) is a mandatory energy assessment scheme for large UK organisations and their corporate groups. It requires an audit of the energy used by our buildings, industrial processes and transport to identify cost-effective energy saving measures. Bancroft’s continues to report against ESOS requirements and in 2019 commenced with the introduction of energy saving projects targeting the following areas:

As an ESOS participant, Bancroft’s is required to provide notification to the Environment Agency of compliance with the requirements of ESOS on or before the final date of each Phase. Phase 3 compliance date is 05/12/2023 (extended to 05/06/2024). The School’s ESOS report was signed off by an external assessor on 21/11/2024. The School continues to implement measures towards further environmental management standards.

Objectives for the Academic Year 2023/24

The focus continues to be maintaining the high level of academic performance and providing access to the education and facilities provided by the School, combined with increasing the social awareness of pupils and their involvement in co-curricular activities and public service.

Strategies to achieve the year’s objectives

These included: the continuous review of the academic syllabus to measure academic standards against external public examination and value-added criteria, with added emphasis on sporting, adventurous training and social skills to develop the total learning experience of the pupils; continuing to encourage excellence by involvement in the Engineering Education Scheme and maths and science competitions which develop increased understanding and excellence in these subjects; increasing the emphasis 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-maintained sector; increasing the established links with Queen Mary University of London and local Senior Schools to act as a centre of excellence within the community, as well as building on the recently created partnerships with the Drapers’ Academy and the ’Success in Schools’ project.

Principal activities of the year

The School’s principal activity remains the operation of a co-educational day Preparatory School for pupils aged 7-11 and a Senior School for pupils aged 11-18, educating them to a high standard and enabling them to participate in cocurricular activities, thus encouraging all pupils to fulfil their potential and form the base for lifelong learning.

Grant making policy

The School is the sole beneficiary of the income, £168,303 (2023: £142,063) arising from the Francis Bancroft Trust, administered by the Drapers’ Company subject to the agreement of the Charity Commission. The Bancroft’s Foundation supported 9 means-tested award holders during the year. These awards widen the access to the School. The School grants additional means-tested awards, which are available to meet short term financial problems of parents, thus enabling pupils’ education to continue. Additional sixth form means-tested awards are extended to external candidates. A grant of £50,000 (2023: £50,000); which continues to support academic scholars as they progress through the school, is received from the Drapers’ Company Charitable Trust. The School has offered no new academic scholarships since

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BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

September 2021.Total grants from restricted funds were £209,313 (2023: £205,377) and from Free Reserves £1,470,954 (2023: £1,459,233).

Volunteers

The Parents’ Association is very active, organising fundraising and cultural events and raises significant monies for the School each year. The Old Bancroftian Educational Development Fund makes grants to both existing pupils and leavers for a variety of qualifying purposes. Alumni are involved in our work experience network to provide placements for final year pupils along with the programme of interview training for the Upper Sixth Form. It has not been possible to quantify the considerable number of voluntary hours these organisations commit to the School. The Board takes this opportunity to say how much it appreciates their continuing and valuable support.

STRATEGIC REPORT

REVIEW OF ACHIEVEMENTS AND PERFORMANCE FOR THE YEAR

Academic

The School continued to develop the provision of teaching and co-curricular activities.

The pupils had excellent results in the external assessed exams, improving on the 2023 A Level results for A/A and AB and marking the best overall GCSE results profile at Bancroft’s since 2015 (excluding COVID years)

At A Level, 34% of grades were awarded at A, with 75% A/A and 92% A*-B. Most of the year-group have gained places at their first choice of university or post-school course. 75% of leavers have gone to Russell Group universities. Three have gone to Oxford or Cambridge and 16 have gone to study Medicine. One student earned a full bursary to study voice at the Royal College of Music, while another secured a highly sought-after degree apprenticeship in civil engineering and construction with Kier Group.

At GCSE, 49% of all grades awarded were 9, 77% were 9-8 and 92% were 9-7. 17 pupils achieved straight 9s across all their subjects. 27 pupils gained nine or more Grade 9s. Four GCSE Art and Design pupils have been highly commended by the OCR exam board.

Value added residuals are statistically significantly positive in both sets of exams for the cohorts overall, measured on the independent schools’ standardisation.

Thanks to the support of the Drapers’ Company, the Francis Bancroft bequest, the Foundation, the OBA Sixth Form Scholarship Fund, the Felisiak donation and BADFAS, the School is able to provide some financial support for 11.2% of its pupils.

Charity Commission

The School made one Serious Incident Report to the Charity Commission in the year, which has been acknowledged. No further action was required.

Co-Curricular Activities

Bancroft’s pupils were able to take part in a wide range of trips and visits with every year-group having opportunities to expand their horizon on and off their academic timetable.

The pupils have had had the opportunity to choose from over forty sports clubs every week. One pupil achieved a silver medal in the England Athletics National Indoor Championships at Long jump. There was Cricket success for the U15 Boys, U15 & U13 Girls who won the Essex Cup in their age group. In Netball the U16 are Essex champions and & the U14 were runner runners up in the Essex Cup. In Football the U18 Boys were runners up in the IFSA Bowl.

Three pupils were awarded the prestigious and highly competitive Arkwright Engineering Scholarship.

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(A Company Limited by Guarantee)

BANCROFT'S SCHOOL

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

The Music department started the year with the Music Scholars’ and Award Holders’ Concert and continued with a number of concerts throughout the year with a pinnacle performance at the ‘Drapers’ Hall Concert’;

Bancroft's Prep's U11 girls’ chess team are again national champions after a tense and fiercely competitive tournament in 2024. The tournament was run by the English Chess Federation.

In 2023-24, 415 pupils went on UK residential trips and 423 pupils went on international trips. Opportunities included language trips to Spain, France and Germany, a History trip to the Battlefields of France and Belgium, Duke of Edinburgh expeditions and CCF camps, and a European ski trip. Sports tours are thriving at Bancroft's, with 2024 seeing our first two football tours (Seville and Madrid) and the first golf trip (Costa Brava). Year 11-13 pupils had the opportunity to travel to Peru to support a charity with which the School has links in addition to visiting several wonders of the world along the way, and in February 2025 Bancroft’s ran a volunteering trip (primary school English teaching) in Morocco for the first time. Support for the cost of trips for those who need it can be applied for through the OBEDF (Old Bancroftians' Educational Development Fund).

Public Benefit

The School has always been rooted in the local community and provides support in a number of ways. The Governing Body continues to have due regard to the Charity Act 2011 and to the Charity Commission’s general guidance on public benefit “Charities and Public Benefit” through the following activities:

Academic

The School provided access for state pupils to attend a range of academic lectures; held the Science fair for local primary schools; hosted Oxbridge information events and provided interview practice for local schools; and contributed to a National website resource for Chemistry.

Beyond the classroom

Once again we hosted our annual Competitive Futures Options, to which we invited pupils from eight other schools: St Paul’s Way Trust, Drapers' Academy, George Monoux Sixth Form College (all Drapers’ schools), as well as Woodford County High School, Roding Valley High School, Trinity, Heathcote and Woodbridge. We also hosted our annual University and Careers Fair. It was great to be able to welcome representatives of thirty-one Universities and also several employers (Amazon, Deloittes, The Royal Airforce, Ernst & Young, amongst others) into School. Our own pupils, were joined by almost 300 of their peers from the Drapers’ Academy, Woodbridge High School, Heathcote School, Roding Valley High School, Trinity School, St Paul’s Way Trust School, and Chingford Foundation School. St Paul’s Way Trust, the Drapers Academy and Sir George Monoux schools at the Law Experience Day at Mayor's and City of London Court. One of our teachers works closely with St Pauls Way Trust to run a full afternoon of Law applications/Personal statement workshops. A team of Year 10 Geography GCSE pupils have given a series of lessons in local primary schools. We make use of our facilities and resources by hosting sports festivals for primary and secondary schools, including in netball, cricket and tennis. In the summer, local primaries come to use our swimming pool. Local schools are invited to plays and cultural events, and we are especially proud to have begun a tradition of autism and family-friendly relaxed performances.

Community Service

Pupils coach swimming for Little Heath pupils and help run the Epping Forest PHAB club. The School provides accommodation and facilities for BADFAS, the Crofton Singers and local Neighbourhood Watch meetings. We host Cub and Scout events for the District. Pupils carry out a range of Community placements helping the disabled, elderly, primary schools and charities, including singing at the alms houses, hosting a coffee morning for the elderly and carrying out DIY and painting at ELHAP, the playground for children with significant physical and learning disabilities. Some staff serve as state school Governors. Sustainability actions include litter picking on local roads and in Epping Forest and promoting interest in sustainable energy through data shared with the community about the impact of our solar panels, for example.

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BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

In 2023–24, 147 Bronze, 30 Silver and 15 Gold Duke of Edinburgh’s Awards were completed. During this period, pupils logged 2496 hours of DofE voluntary service.

Our pupils’ fundraising activities included the TAAL festival, organised by pupils. With a number of other initiatives, the pupils raised a very impressive £33,730 (2023: £50,720) which has been distributed to local and national charities. The whole School continues to engage with Epping Forest foodbank; tinned and packet foodstuff donations were collected.

Fundraising Performance

The Bancroft’s Foundation was established to raise funds to provide for means-tested fee assistance thus enabling bright children, whose parents would not normally be able to afford the fees, to benefit from Bancroft’s “Tradition of Excellence”. Donations Received £92,144 (2023: £220,936), Donations Made and Administration Costs £175,250 (2023: £205,863).

The School did not work with any fundraising partners in 2023/24. The School is registered with the Fundraising Regulator and adheres to the standards of the Fundraising Code of Practice. We did not receive any complaints about fundraising in 2023/24.

Risk Management

The Board of Governors is responsible for the management of risks possibly facing the School. A formal review of the risk management processes is regularly undertaken by each committee, with the key risks reviewed each term by the Full Board of Governors. The major risks identified by this process include Economic/Political, Financial, Fire, Health & Safety, Child Protection, Governance and Data Protection. These risks are mitigated to an acceptable level by internal control systems, insurance cover and other measures as appropriate. A number of external risks, including socioeconomic, political and demographic risks, are beyond the control of the Board but are mitigated as far as the Board are reasonably able to.

The key controls used are:

The Governors, whilst recognising that systems can only provide reasonable but not absolute assurance, are satisfied that the major risks have been identified and mitigated where necessary.

INSPECTION

In February 2025, the Senior and Prep Schools were simultaneously inspected as a matter of routine by the Independent Schools Inspectorate. In both cases, all required standards were met securely and the inspection reports contain a wealth of positive commentary about the impact, quality and breadth of educational opportunities provided, both academic and co-curricular, the excellence of our pastoral care and safeguarding arrangements and the effectiveness of governance, leadership and management. All inspection reports must contain at least one Recommended Next Step; there is one each for the Prep and Senior Schools and both are helpful in supporting our ongoing pursuit of the highest standards of scholarship and academic stretch.

10

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

FINANCIAL REVIEW AND RESULTS FOR THE YEAR

The School’s net movement in unrestricted funds of £1,671,971 before transfers (2023: £791,069) and a movement of £54,452 before transfers (2023: £111,164) in restricted funds were in line with expectations.

Reserves

The level of reserves shown at 31 August 2024 was £22,890,479 (2023: £21,164,056), of which £1,173,055 (2023: £1,178,283) related to restricted funds; £88,751 (2023: £88,751) related to endowed funds and £21,628,673 (2023: £19,897,022) related to unrestricted funds.

The overall policy remains to build up free reserves by means of annual operating surpluses to cover the current and future needs of the School. At present, all unrestricted surpluses together with borrowings have been used to finance improvements to the School’s buildings and facilities. In light of the uncertain economic climate, the School decided to further postpone a building project (new Reception Link) originally due to have started in July 2021, although preliminary work has been undertaken to enable commencement when funds allow.

The School monitors its cashflow carefully to ensure that it holds sufficient cash resources to meet day to day operating requirements.

Investment policy and objectives

There are no restrictions on the company’s absolute powers of investment. The Board’s Investment Policy for the Restricted Funds’ Investments is to maximise the overall return through income and capital growth, relative to the School’s taxation status as a charity, whilst bearing in mind the ongoing cash requirements of awards already made. It is appropriate for a proportion of these funds to be in cash deposits and available to meet any unforeseen expenditure. The School works with its Fund Manager to avoid investment in socially unacceptable sectors.

FUTURE PLANS

The key objectives within the current strategic plan are:

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BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

In the Summer term 2025, the Head and Executive Team will review the School’s strategic plan in the new operating context of VAT on fees and agree changes with the Board. Some operational and policy changes, principally in the areas of Admissions and Budgeting, have already been introduced in order to respond to the initial effects of VAT by: protecting the number and academic suitability of pupils; controlling our costs without compromising educational quality; reducing the underlying fee so as to absorb and lessen some of the VAT burden for parents,

ACCOUNTING AND REPORTING RESPONSIBILITIES

The purpose of this statement is to distinguish the Governors’ responsibilities for the accounts from those of the auditors as stated in their report.

Company law requires the Governors to prepare accounts for each financial year, which give a true and fair view of the state of affairs of the company and of its net income or expenditure for the year.

In preparing the accounts the Governors are required to:

The Governors are responsible for keeping proper accounting records which disclose, with reasonable accuracy, the financial position of the company at any time, and to enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the company’s corporate assets and those of its trust funds and ensuring their proper application in accordance with charity law, and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities.

PROVISION OF INFORMATION TO AUDITORS

Each of the persons who are Governors at the time when this Governors' report is approved has confirmed that:

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BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

AUDITORS

HaysMac have indicated their willingness to continue in office. The Designated Governors will propose a motion reappointing them auditors at a meeting of the Company.

The Governors’ Report, incorporating the Strategic Report was approved by the Board of Governors at its meeting on 24[th] March 2025 and signed on its behalf by:

Sir Andrew Ford, GCVO, Chairman

13

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

AUDITORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Opinion

We have audited the financial statements of Bancroft’s School for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheets, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Governors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Governors with respect to going concern are described in the relevant sections of this report.

Other information

The Governors are responsible for the other information. The other information comprises the information included in the Governors’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

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BANCROFT'S SCHOOL (A Company Limited by Guarantee)

AUDITORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Governors’ Annual Report (which incorporates the strategic report and the directors’ report).

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Governors for the financial statements

As explained more fully in the Governors’ responsibilities statement set out on page 12, the Governors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Governors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Governors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Governors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition, in

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BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

AUDITORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2024

particular in relation to recording income from donations and charitable activities in the correct accounting period and management override of controls. Audit procedures performed by the engagement team included:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Adam Halsey (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor Date: 30/05/2025

10 Queen Street Place London EC4R 1AG

16

BANCROFT'S SCHOOL (A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted Restricted Endowed Total Total
funds funds funds funds funds
2024 2024 2024 2024 2023
£ £ £ £ £
Income from:
Donations and legacies 2 168,303 169,734 - 338,037 487,490
Charitable activities
- School fees receivable 5 23,379,499 - - 23,379,499 21,246,650
- Other educational income 269,785 - - 269,785 308,334
Trading income 3 60,749 - - 60,749 44,686
Investments 4 161,125 - - 161,125 68,452
─────── ─────── ─────── ─────── ───────
Total income 24,039,461 169,734 - 24,209,195 22,155,612
─────── ─────── ─────── ─────── ───────
Expenditure on:
Raising funds:
- Trading expenses and other costs 35,623 - - 35,623 35,401
- Investment manager’s fees - 9,801 - 9,801 8,084
Charitable activities 6 22,331,867 210,512 - 22,542,379 21,206,650
─────── ─────── ─────── ─────── ───────
Total expenditure 22,367,490 220,313 - 22,587,803 21,250,135
─────── ─────── ─────── ─────── ───────
Net income/ (expenditure) 1,671,971 (50,579) - 1,621,392 905,477
Gain/(Loss) on investments - 105,031 - 105,031 (3,244)
─────── ─────── ─────── ─────── ───────
Net movement in funds 1,671,971 54,452 - 1,726,423 902,233
Transfers 18 59,680 (59,680) - - -
─────── ─────── ─────── ─────── ───────
TOTAL FUNDS AT 1 September 2023 19,897,022 1,178,283 88,751 21,164,056 20,261,823
─────── ─────── ─────── ─────── ───────
─────── ─────── ─────── ─────── ───────
TOTAL FUNDS AT 31 August 2024 14 21,628,673 1,173,055 88,751 22,890,479 21,164,056
═══════ ═══════ ═══════ ═══════ ═══════

17

BANCROFT'S SCHOOL (A Company Limited by Guarantee)

BALANCE SHEET AS AT 31 AUGUST 2024

2024 2023
Note £ £
FIXED ASSETS
Tangible assets 10 19,162,726 19,114,699
Investments 11 1,134,880 1,039,630
20,297,606 20,154,329
CURRENT ASSETS
Stock 32,096 32,076
Debtors 12 557,635 607,730
Cash at bank and in hand 6,941,939 4,554,631
7,531,670 5,194,437
CREDITORS: Amounts falling due within one year 13 (4,938,797) (4,184,710)
NET CURRENT ASSETS/(LIABILITIES) 2,592,873 1,009,727
TOTAL ASSETS LESS CURRENT LIABILITIES 22,890,479 21,164,056
CREDITORS: Amounts falling due after one year - -
NET ASSETS 22,890,479 21,164,056
ACCUMULATED FUNDS
Unrestricted funds 21,628,673 19,897,022
Restricted funds 14 1,173,055 1,178,283
Endowed funds 88,751 88,751
TOTAL FUNDS 22,890,479 21,164,056

The financial statements were approved by the Governors on 24[th] of March 2025 and signed on their behalf by:

Sir Andrew Ford GCVO Chairman

The notes on pages 20 and 34 form part of these financial statements.

18

BANCROFT'S SCHOOL (A Company Limited by Guarantee)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 AUGUST 2024		 2023
£
2,610,338
68,452
(102,797)
112,477
(1,211,244)
2024
£
3,182,768
161,125
(200,014)
209,794
(966,366)
(795,460)
2,387,308
4,554,631
6,941,939
2024
£
1,726,423
(161,125)
918,339
(105,031)
(20)
50,095
754,087
3,182,768
Note
Net cash provided by/(used in) operating activities
A
Cash flows from investing activities:
Interest from investments
Purchase of listed investments
Sale of listed investments
Purchase of tangible fixed assets
(1,133,112)
1,477,226
3,077,405
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the year
4,554,631
Cash and cash equivalents
2023
£
902,233
(68,452)
848,850
3,244
3,427
217,089
703,947
A: Reconciliation of net movement in funds to net cash flow from operating
activities
Net income / (expenditure)
Interest from investments
Depreciation charges
Net losses/(gains) on investment assets
(Increase)/ decrease in stock
Decrease in debtors
Increase in creditors
Net cash used in operating activities
2,610,338

Cash and cash equivalents comprise solely cash at bank and in hand in both the current and prior year.

The notes on pages 20 to 34 form part of these financial statements.

19

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective 1 January 2019.

The functional currency of the School is considered to be GBP because that is the currency of the primary economic environment in which the School operates.

The accounts are drawn up on the historical cost basis of accounting, as modified by the revaluation of investments.

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements 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 permitted by section 408 of the Companies Act 2006.

The preparation of the financial statements highlighted classification differences compared to the prior year. This has led to certain changes to the way some comparative expenditure and creditor notes are presented to improve the comparability of information. The total income, expenditure and balance sheet remain unchanged. Where changes have been made these have been identified on the Statement of Financial Activities and the Balance Sheet.

1.2 COMPANY STATUS

The School is a Public Benefit Entity registered as a charity in England and Wales and is a company limited by guarantee. The members of the company are the Governors named on page 3. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. It was incorporated on 19 February 1998 (company number 03513962) and registered as a charity on 10 March 1998 (charity number 1068532).

1.3 GOING CONCERN

Having reviewed the funding facilities available to the School together with the expected ongoing demand for places and the School’s future projected cash flows, the Governors have a reasonable expectation that the School has adequate resources to continue its activities for the foreseeable future. Accordingly, they have no material uncertainties in relation to going concern and continue to adopt the going concern basis in preparing the financial statements as outlined in the Statement of Accounting and Reporting Responsibilities on page 12.

1.4 FEES AND SIMILAR INCOME

Fees receivable and charges for services and use of premises are accounted for in the year in which the service is provided. Fees receivable are gross fees, less scholarships and other allowances, but include contributions received from The Scholarship Fund, a Designated Fund.

The Scholarship Fund income received from The Drapers' Charitable Fund, Francis Bancroft Trust and other charities, including the Old Bancroftian Association, is used to support means tested Francis Bancroft Awards and is accounted for in the year for which the funds are provided.

20

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1.5 DONATIONS AND BEQUESTS

Donations receivable for the general purposes of the School are credited to Unrestricted Funds. Donations for purposes restricted by the wishes of the donor would be taken to Restricted Funds where these wishes are legally binding on the Governors.

1.6 EXPENDITURE

Expenditure is accounted for on an accruals basis discounted to present value for longer term liabilities. Overhead and other costs not directly attributable to particular functional activity categories are apportioned over the relevant categories on the basis of management estimates of the amount attributable to that activity in the year, either by reference to staff time or space occupied, as appropriate. The irrecoverable element of VAT is included in the item of expense to which it relates.

1.7 SCHOOL LAND AND BUILDINGS AND EQUIPMENT

Capitalisation and replacement

The School land, together with the original buildings (which are all Grade 2 listed) and separate sports ground and buildings, are held in trust, at nil value, subject to an obligation to preserve them for educational use. These assets have not been revalued since the incorporation of the School as a company limited by guarantee in 1998. The original land and buildings have not been revalued as the costs involved would be onerous compared to the additional benefit derived by the users of the accounts in assessing the Governors' stewardship of the assets. The Governors are responsible for keeping the original buildings in a fit and useful condition, the costs of doing so are written off as and when incurred.

Building improvement and extensions, furniture and equipment, additional to the assets at time of incorporation and costing more than £5,000 are capitalised and carried in the Balance Sheet at historical cost.

Depreciation

The freehold school land is not depreciated. The original school buildings have to be maintained in good working order and are therefore considered to have an indefinite useful economic life. As such they are not depreciated, but annual impairment reviews have confirmed that their service potential remains undiminished. Depreciation of other assets is provided on a straight line basis at rates calculated to write off the excess cost, over estimated residual amount, evenly over the estimated useful economic lives of each class of asset, subject to annual review.

These rates are currently:
Freehold and long leasehold buildings 50 years
Freehold Improvements 10 years
Furniture and equipment 5 years
Motor vehicles 5 years

Items costing less than £5,000 are written off as an expense as acquired.

21

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1.8 INVESTMENTS

Listed investments

Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

Subsidiary undertakings

Investment in subsidiary is valued at cost less provision for impairment.

1.9 STOCKS

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete stocks. Cost includes all direct costs.

1.10 ACCEPTANCE DEPOSITS

On occasions parents choose not to send a pupil to the School after formally accepting a place. In such circumstances the acceptance deposit is withheld according to the School’s terms and conditions.

1.11 ADVANCE FEE PAYMENTS

Parents may enter into a contract with the School to pay tuition fees in advance and by doing so they receive an agreed level of fees for the relevant year.

1.12 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Governors in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. The restricted fund monies are held in a separate designated bank account.

Endowed funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the company for particular purposes. Only the income arising from the funds can be spent.

Investment income, gains and losses are allocated to the appropriate fund.

1.13 PENSIONS

The School contributes to the Teachers' Pension Defined Benefits Scheme at rates set by the Scheme Actuary and advised to the Board by the Scheme Administrator. The scheme is a multi-employer pension scheme and it is not possible to identify the assets and liabilities of the scheme, which are attributable to the School. In accordance with FRS 102 therefore, the scheme is accounted for as a defined contribution scheme.

The School also contributes to individual personal pension schemes for support staff at 10% of salary. The scheme is administered by Standard Life.

22

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

Contributions to both schemes are charged in the Statement of Financial Activity (SOFA) as they become payable in accordance with the rules of the schemes.

1.14 OPERATING LEASES

Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

1.15 FINANCIAL INSTRUMENTS

Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost with the exception of investments which are held at fair value. Financial assets held at amortised cost comprise cash at bank and in hand, together with trade and other debtors. A specific provision is made for debts for which recoverability is in doubt. Cash at bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held at amortised cost comprise all creditors except social security and other taxes and provisions. Assets and liabilities held in foreign currency are translated to GBP at the balance sheet date at an appropriate year end exchange rate.

1.16 CRITICAL ACOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the accounting policies, Governors are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affected current and future periods.

In the view of the Governors, no assumptions concerning the future or estimation uncertainty affecting assets or liabilities at the balance sheet date are likely to result in a material adjustment to their carrying amounts in the next financial year.

23

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

2. DONATION AND GRANT INCOME

Bancroft's Foundation
Drapers' Charitable Fund
Peter Salsbury Legacy
Francis Bancroft Trust
Old Bancroftian Association (VI Form Scholarship
Trust )
Other grants
Other donations		 Unrestricted
Restricted
Total
Total
funds
funds
funds
funds
2024
2024
2024
2023
£
£
£
£
92,144
220,531
50,000
50,000
-
92,144
-
50,000
-
-
-
-
168,303
142,063
-
168,303
27,590
40,748
-
-
-
27,590
-
-
-
-
-
34,148
168,303
169,734
338,037
487,490

The School is the sole beneficiary of the Francis Bancroft Trust, which is administered by the Drapers' Company.

COMPARATIVE 2023
Bancroft's Foundation
Drapers' Charitable Fund
Peter Salsbury Legacy
Francis Bancroft Trust
Old Bancroftian Association (VI Form Scholarship
Trust )
Other grants
Other donations		 Unrestricted
Restricted
Total
funds
funds
funds
2023
2023
2023
£
£
£
-
220,531
220,531
-
50,000
50,000
-
-
-
142,063
-
142,063
-
40,748
40,748
-
-
-
-
34,148
34,148
142,063
345,427
487,490

24

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

3.
OTHER TRADING INCOME		 Total
Total
funds
funds
2024
2023
£
£
Trading income 60,749
44,686
60,749
44,686

Trading income relates to the lettings and was solely unrestricted in both the current and prior years.

4.
INVESTMENT INCOME
Investment income
Interest receivable
COMPARATIVE 2023
Investment income
Interest receivable
5.
INCOME FROM CHARITABLE ACTIVITIES
School Fees Receivable
Gross fees
Less: Total scholarships and other allowances
Add: Bursaries funded from – restricted funds
Other educational income
Entrance and registration fees
Rents and lettings
Catering
Other incoming resources		 Unrestricted
Restricted
funds
funds
2024
2024
£
£
-
-
161,125
-		 Total
Total
funds
funds
2024
2023
£
£
-
-
161,125
68,452
161,125
-		 161,125
68,452
Unrestricted
Restricted
funds
funds
2023
2023
£
£
-
-
68,047
405		 Total
funds
2023
£
-
68,452
68,452
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
24,850,453
22,705,883
(1,680,267)
(1,664,610)
209,313
205,377
68,047
405
23,379,499
21,246,650
55,440
78,590
18,750
22,922
28,831
33,027
166,764
173,795
269,785
308,334

25

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

6.
EXPENDITURE BY CHARITABLE ACTIVITY		 6.
EXPENDITURE BY CHARITABLE ACTIVITY		 Unrestricted
Restricted		 Total Total
funds funds funds funds
SUMMARY BY FUND TYPE 2024 2024 2024 2023
£ £ £ £
Teaching 13,682,838 - 13,682,838 12,486,446
Welfare 2,002,114 - 2,002,114 1,853,207
Premises 3,873,776 - 3,873,776 4,019,038
Support and administration 2,752,869 794 2,753,663 2,606,112
Grants and awards - 209,313 209,313 205,377
Bank loan interest & bank
charges 20,270 405 20,675 36,470
────── ────── ────── ──────
22,331,867 210,512 22,542,379 21,206,650
══════ ══════ ══════ ══════
SUMMARY BY EXPENDITURE
TYPE		 Staff costs Depreciation Other costs Total Total
2024 2024 2024 2024 2023
£ £ £ £ £
Teaching 12,119,274 - 1,563,564 13,682,838 12,486,446
Welfare 916,303 - 1,085,811 2,002,114 1,853,207
Premises 715,109 918,339 2,240,328 3,873,776 4,019,038
Support and administration 1,974,641 - 779,022 2,753,663 2,606,112
Grants and awards - - 209,313 209,313 205,377
Bank loan interest & bank
charges - - 20,675 20,675 36,470
────── ────── ────── ────── ──────
15,725,327 918,339 5,898,713 22,542,379 21,206,650
══════ ══════ ══════ ══════ ══════
COMPARATIVE 2023 Unrestricted Restricted Total
funds funds funds
2023 2023 2023
£ £ £
Teaching 12,486,446 - 12,486,446
Welfare 1,853,207 - 1,853,207
Premises 4,019,038 - 4,019,038
Support and administration 2,588,557 17,555 2,606,112
Grants and awards - 205,377 205,377
Bank loan interest & bank
charges 36,062 408 36,470
────── ────── ──────
20,983,310 223,340 21,206,650
══════ ══════ ══════

26

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

7. GOVERNANCE COSTS INCLUDED IN SUPPORT AND ADMINISTRATIOM
Total
Total
ADMINISTRATION
funds
funds
2024
2023
£
£
Auditors' remuneration: audit
31,200
26,760
Auditors'remuneration: non-audit fees
1,200
2,730
All governance costs were made out of unrestricted funds in both the
current and prior year.
During the year, no Governors received reimbursement of expenses (2023: £nil).
8. RELATED PARTY TRANSACTIONS

The Directors, who are also the Governors and Trustees, received no renumeration during the year (2023: £nil).

The Governors were protected against claims of negligence and error with professional indemnity insurance, which has a limit of £5,000,000. The cost of the premium is included in the combined insurance premium and cannot be identified separately.

None of the Governors had a child in the School (2023: None)

STAFF COSTS
Staff costs were as follows
Payroll costs were;
Teaching staff
Non-teaching staff
Non Charitable staff costs
Wages and salaries
Social security costs
Other pension costs
Medical & health Insurance		 2024
2023
£
£
12,119,274
10,903,182
3, 606,053
3,255,344
13,606
11,164
15, 738,933
14,169,690
11,880,051
10,731,924
1,292,794
1,171,894
2,185,737
1,893,968
380,351
371,904
15,738,933
14,169,690

9. STAFF COSTS

27

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

9.
STAFF COSTS (continued)
The average monthly number of employees during the period was as
follows:
Teaching
Teaching Support
Support
 expressed as Full Time Equivalents
2024
2023
No.
No.
129
126
49
49
69
70
247
245
The School is a certified London Living Wage employer.
The number of higher paid employees was:
In the band £60,001 to £70,000
In the band £70,001 to £80,000
In the band £80,001 to £90,000
In the band £90,001 to £100,000
In the band £100,001 to £110,000
In the band £110,001 to £120,000
In the band £120,001 to £130,000
In the band £240,001 to £250,000
In the band £260,001 to £270,000		 2024
2023
No.
No.
40
20
8
8
8
3
1
1
2
1
-
1
1
-
-
1
1
-
61
35

The number of higher paid employees belonging to pensions schemes were as follows:

Defined Benefit Scheme
Defined Contribution Scheme
Not in a Scheme		 2024
2023
No.
No.
47
28
12
5
2
2
61
35

28

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

The key management Personnel in the School are the members of the Senior Leadership Team (SLT) and the Governing Body. The Governors are unremunerated. The total amount of renumeration, benefits (excluding those listed below) and pensions paid to the SLT was £1,846,453 (2023: £1,511,405).

In addition to the above payments and those contained in the bandings above, the School provides fee remissions to teaching and other staff as is normal in the Independent Schools’ sector.

During the year there were no redundancy and termination payments made or amounts outstanding at each year-end.

10. TANGIBLE FIXED ASSETS

Freehold
property
Motor
vehicles		 Fixtures &
fittings
Total
COST
£
£		 £
£
1 September 2023
27,559,960
219,495		 2,343,823
30,123,278
Additions
736,017
11,178		 219,171
966,366
At 31 August 2024
28,295,977
230,673		 2,562,994
31,089,644
DEPRECIATION
1 September 2023
8,849,085
133,176		 2,026,318
11,008,579
Charge for the year
797,462
32,465		 88,412
918,339
At 31 August 2024
9,646,547
165,641		 2,114,730
11,926,918
NET BOOK VALUE
At 31 August 2024
18,649,430
65,032		 448,264
19,162,726
31 August 2023
18,710,875
86,319		 317,505
19,114,699
Buildings insured value estimated
105,245,000
11.
INVESTMENTS
2024
2023
£
£
1 September 2023 1,039,630
1,052,554
200,014
102,797
(209,794)
(112,477)
105,031
(3,244)
Additions
Disposals
Gain/(Loss)
At 31 August 2024 1,134,880
1 ,039,630
Historic Cost 952,816
800,489
At market value
Listed Investments 1 134 780
1 039 530
Bancroft's Enterprises Limited 100
100
Total 1,134,880
1,039,630

29

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

12.
DEBTORS
Fee debtors (less bad debt provision)
Amounts owed by subsidiary
Other debtors
13
CREDITORS: amounts falling due within one year
Payments received on account
Trade creditors
Taxation and Social Security
Other creditors
Accruals and deferred income
Deposits
2024
2023
£
£
82,919
154,459
41,059
41,059
433,657
412,212
557,635
607,730
2024
2023
£
£
2,489,225
1,817,410
402,402
584,522
329,756
305,886
565,352
455,566
164,234
290,066
987,828
731,260
4,938,797
4,184,710

30

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

14. CHARITY FUNDS

14.
CHARITY FUNDS
Brought
Forward
Income
Expenditure Investment
gains
Carried
Transfers
Forward
£
£
£
£
£
£
19,897,022
24,039,461
(22,367,490)
-
59,680 21,628,673
GENERAL FUNDS
General Fund
Total Unrestricted Funds
RESTRICTED FUNDS
Bancroft's Foundation
Clark Willmott Legacy
Barker Fund
Other Bursaries
Peter Salsbury Legacy
Total Restricted Funds
ENDOWED FUNDS
Peter Salsbury Legacy
Total Endowed Funds
Total funds
19,897,022
24,039,461
(22,367,490)
-
59,680 21,628,673
907,151
92,144
(175,250)
105,031
-
49,680
-
-
-
-
929,076
20,000
-
(27,910)
-
17,910
10,000
77,590
(77,590)
-
201,452
-
(17,153)
184,300
-
-
-
-
-
49,680
1,178,283
169,734
(220,313)
105,031
(59,680)
1,173,055
88,751
-
-
-
88,751
-
88,751
-
-
-
-
88,751
21,164,056
24,209,195
(22,587,803)
105,031
-
22,890,479
Brought
Forward
Income
Expenditure Investment
gains
Carried
Transfers
Forward
£
£
£
£
£
£
18,818,622
21,809,780
(21,018,711)
-
287,331
19,897,022
COMPARATIVE 2023
GENERAL FUNDS
General Fund
Total unrestricted funds
RESTRICTED FUNDS
Bancroft's Foundation
Clark Willmott Legacy
Barker Fund
Other Bursaries
Peter Salsbury Legacy
Total Restricted Funds
ENDOWED FUNDS
Peter Salsbury Legacy
Total Endowed Funds
Total funds
18,818,622
21,809,780
(21,018,711)
-
287,331
19,897,022
1,146,508
220,936
(205,863)
(3,244)
(251,186)
907,151
49,680
-
-
-
-
49,680
30,000
-
(10,000)
-
-
20,000
-
124,896
-
-
(124,896)
-
217,013
-
(15,561)
-
-
201,452
1,443,201
345,832
(231,424)
(3,244)
(376,082)
1,178,283
-
-
-
-
88,751
88,751
-
-
-
-
88,751
88,751
20,261,823 22,155,612 (21,250,135)
(3,244)
-
21,164,056

31

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

a) Bancroft’s Foundation

This is a restricted fund to be used for the purpose of paying school fees for those who cannot otherwise afford them. The selection of the candidates for these bursaries will be at the discretion of the Governors of the School as recommended by the Head.

b) Clark Willmott legacy

This is a restricted fund to provide financial assistance for modern foreign language exchange programmes.

c) Barker fund

This is a restricted fund to provide temporary (a maximum of two terms fees) financial assistance to existing pupils where the household are experiencing temporary financial hardship

d) Peter Salsbury legacy

This is a restricted fund intended to grow as a long-term endowment with the aim of providing sustainable means tested awards

e) Other Bursaries

This is a restricted fund used to provide fee assistance. Transfers from this fund are to update the fund for costs incurred in prior years.

15. ANALYSIS OF NET ASSETS

15.
ANALYSIS OF NET ASSETS
Unrestricted
Funds
Restricted
Funds
Endowed
Funds
Total
2024
2024
2024
2024
Fund balances at 31 August 2024
are represented by:		 £
£
£
£
19,162,726
7,404,744
-
1,046,129
126,926
-
19,162,726
88,751
1,134,880
-
7,531,670
-
Tangible fixed assets
Investments
Current assets
Creditors due within one year (4,938,797)
-
(4,938,797)
21,628,673
1,173,055
88,751
22,890,479
COMPARATIVE 2023
Unrestricted
Funds
Restricted
Funds
Endowed
Funds
Total
2023
2023
2023
2023
Fund balances at 31 August 2023
are represented by:		 £
£
£
£
Tangible fixed assets 19,114,699
-
-
19,114,699
Investments -
950,879
88 751
1,039,630
Current assets 4,967,033
227,404
-
5,194,437
Creditors due within one year (4,184,710)
-
-
(4,184,710)
19,897,022
1,178,283
88 751
21,164,056


32

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

16. PENSION COMMITMENTS

The School participates in the Teachers’ Pension Scheme (“the TPS”) for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,774,897 (2023: £1,549,274) and at the year-end £nil (2023 - £nil) was accrued in respect of contributions to this scheme.

The TPS is an unfunded multi-employer defined benefits pension scheme governed by The Teachers’ Pensions Regulations 2010 (as amended) and The Teachers’ Pension Scheme Regulations 2014 (as amended). Members contribute on a “pay as you go” basis with contributions from members and the employer being credited to the Exchequer. Retirement and other pension benefits are paid by public funds provided by Parliament.

The employer contribution rate is set by the Secretary of State following scheme valuations undertaken by the Government Actuary’s Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2020 and the Valuation Report was published in October 2023.

Following the McCloud judgement, the remedy proposed that when benefits become payable, eligible members can select to receive them from either the reformed or legacy schemes for the period 1 April 2015 to 31 March 2022. The actuaries have assumed that members are likely to choose the option that provides them with the greater benefits, and in preparing the 2020 valuation has valued the ‘greater value’ benefits for groups of relevant members.

The employer contribution rate for the TPS increased to 28.6% from 23.6% with effect from the 1st April 2024. Employers are also required to pay a scheme administration levy of 0.08% giving a total employer contribution rate of 28.68%.

The School also runs a money purchase scheme for qualifying support staff. The cost for the year represents the School's contributions to the scheme of 408,180 (2023: £333,839).

33

BANCROFT'S SCHOOL

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

17. OPERATING LEASE COMMITMENTS

At 31 August 2024 the minimum lease payments under non-cancellable operating leases as follows:

2024 2023
£ £
EXPIRY DATE:
Less than 1 year 220,324 278,207
Between 1 and 5 years 265,962 231,669

18. TRANSFERS

18.
TRANSFERS
Bursaries received as
restricted
OtherBursaries
COMPARATIVE 2023
TRANSFERS
Bancroft's Foundation
Other Bursaries		 Unrestricted
Funds
Restricted
Funds		 Endowed
Funds		 Total
2024
2024		 2024 2024
£
£
(17,910)
17,910
77,590
(77,590)		 £
-
-		 £
-
-
59,680 (59,680) - -
Unrestricted
Funds		 Restricted
Funds		 Endowed
Funds		 Total
2023 2023 2023 2023
£
162,435
124,896		 £
(251,186)
(124,896)		 £
88,751
-		 £
-
-
287,331 (376,082) 88,751 -

When funds are initially received they are categorised in the correct fund type however when they are spent that is from the unrestricted bank account. The transfer line is then used to reflect the reduction in value of the restricted funds and correct the unrestricted position.

34