**Registered number: 03513962 Charity number: 1068532** 

## **BANCROFT'S SCHOOL** 

## **GOVERNORS REPORT AND FINANCIAL** 

**STATEMENTS FOR THE YEAR ENDED 31 AUGUST** 

**2025** 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

||**CONTENTS**||
|---|---|---|
|||Page|
|**Governors**||3|
|**Advisers**||4|
|**Governors� Report**||5|
|**Strategic Report**||9|
|**Independent Auditors' Report**||18|
|**Statement of Financial Activities**||21|
|**Balance Sheet**||22|
|**Cash Flow Statement**||23|
|**Notes to the Financial Statements**||24 - 38|





## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

## **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** 

Sir Andrew Ford, GCVO Resigned Chair (25/03/25) L Savage, BEng Appointed Chair (24/03/25) R Sankey, BSc (Hons), MBA Finance, Audit R Williamson, MA (Hons) (Oxon) Finance, Estates E Wingham, MA Education, DEI R van Maanen, BSc, FRICS, ACIArb, ACIOB Estates, WH&S B S Laden, MBE, FRSA, FBII Education, DEI 

## **Co-opted Directors** 

D Abbot, LLB (Hons) ACA Finance, Audit, Estates, Foundation C Jones, LLB (Hons) Finance, Audit, Estates Dr K Satchithananda, BDS, FDCRSC, MBBS Education, DEI Prof M Fossey, FRSA Education, DEI N Dawson, BA Education, DEI (06/10/25) 

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 Head: 

Chief Operating Officer and Clerk to the Governors: 

The Master of the Drapers� Company (ex officio) 

A Frazer, MA (Cantab) S Wilson, MSc, BA 

Registered Office and Principal address: 

Bancroft�s School 611 � 627 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 2025** 

**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 2025** 

## **LEADERSHIP AND GOVERNANCE** 

The Governors present their annual report for the year ended 31[st] August 2025 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 Articles have been amended over subsequent years with the most recent 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 key staff. New Governors are also provided with an induction pack to assist them in their new role. 

## **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 also meets termly 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. All sub-committees report to the main Board. In addition, the Board has created two Steering Groups, Diversity, Equity and Inclusion Steering Group and the Audit Working Group; these have not yet been formalised as Committees. 

The day-to-day management of the School is delegated to the Head and COO, supported by the Executive Management Team and the Senior Leadership Team, who together with the Governors are considered the Key Management Personnel. The Governors determine the salary of the Head and Chief Operating Officer (COO), the Head in turn makes recommendations to determine the salary of the Executive Management Team; the Executive Management Team agrees the salaries of the other members of the Senior Leadership Team. The Governors are unremunerated.  Key Management Personnel comprises eight senior leadership staff who form a Management Executive Committee.  This comprises: Head, COO, Senior Deputy Head, Deputy Head (Academic), Deputy Head (Pastoral), Deputy Head (Operations and Co-curricular), Head of Prep and Director of ICT. 

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## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

## **Structure and Relationships** 

Bancroft�s actively supports the attainment of the highest standards in the Independent Schools sector, through membership of the Heads� 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 twenty-first 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 Management Personnel to brief on highlights from the past year and plans for the coming year. During this reporting period, the School voluntarily recognized the National Education Union (NEU) for members of the teaching staff and the Joint Negotiating Consultative Committee will meet termly through the course of each academic year to discuss pay, holidays and hours.  In parallel, a Support Staff Consultative Committee has also been created to ensure that support staff have a similar forum to raise topics to senior management.   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. The Prep School has a staff briefing and a longer staff meeting each week.  The Head and COO attend a Prep SLT meeting each half term. 

Staff mental and physical wellbeing is important and arrangements are in place to promote staff wellbeing and physical activity, including use of the fitness suite at certain times throughout the week and access to the School�s counselling service. The School also invests in a wide range of professional development opportunities for staff including whole school CPD, regular meetings to share good pedagogical practice and staff are encouraged to seek training opportunities within their own subject areas. 

## **Diversity, Equity 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 

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## **BANCROFT'S SCHOOL** 

## **(A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

and a DEI Steering Group, chaired by a Governor and with other Governor representation, has been established to promote this objective. The School regards as totally unacceptable attitudes held by a person or group towards an individual because 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. Regular inclusion training for the whole staff body is provided; for example, an external organisation called Hemisphere has led training on the experiences of Black and South Asian pupils which all staff have completed. 

## **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. 

## **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. 

The Pastoral and Safeguarding team (DSL, Deputy DSLs, House staff, School Nurse) work closely with external agencies (Children's Services, police and other local authority services) to offer appropriate support to pupils and families. The DSL also has regular contact with the Redbridge LADO and encourages a culture of openness and transparency, whereby colleagues feel able to share all safeguarding and low-level concerns. 

## **Energy Reporting under Streamlined Energy and Carbon Reporting and Energy Savings Opportunity Scheme** 

Streamlined Energy and Carbon Reporting (SECR) and the Energy Savings Opportunity Scheme (ESOS) are mandatory energy assessment schemes for large UK organisations. It requires an audit of the energy used by our buildings and transport to identify cost-effective energy saving measures. Bancroft�s continues to report against both SECR and ESOS requirements and has rolled out numerous energy saving projects since 2019 when our baseline ESOS and Streamlined Energy and Carbon Reporting (SECR) data was captured and set. 

Throughout 2024/25 the following energy saving projects were completed. Solar PV Array Installation � Producing 25.781 MWh since installation 25/05/2025.  All 3 strings have collectively now generated 328.92 MWh since first installation in 2023, this is 328,920 Kwh generation; based on current charge rates of 22.84p per kWh this is a saving in costs of c. £75k since March 2023. 

- LED lighting upgrades to numerous classrooms and common areas across the School - Around 90% of the school now have LED lighting. 

- PIR (Passive Infrared Sensors) have been installed in numerous classrooms and common areas across the school, with the focus on areas of low traffic / population to maximise energy savings. 

- Reduced plantroom running times, minimising carbon output and savings on our utility bills. 

As an ESOS participant, Bancroft's is required to provide an annual update via the MESOS portal, our annual report needs to be submitted on or before 05/12/2026. 

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## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

We intend to commission an up-to-date ESOS Phase 4 report during 2026/27 as the deadline for a revised audit and report is on 05/12/2027. Further work is being done to capture energy and carbon consumption which will be captured in next year�s financial statements. 

## **Objectives for the Academic Year 2024/25** 

The overall objectives of the School are summarised as follows: 

## **Academic Endeavour** 

To provide an academic education that promotes scholarship, a love of learning, independence of mind, lasting confidence and excellent outcomes for every pupil. 

## **Co-Curricular Enrichment** 

To engage every pupil in a wide range of co-curricular activities at school and further afield, enabling all to enjoy their time at school and develop the skills to thrive in the future. 

## **Personal Development** 

To provide first-class pastoral care and social education such that pupils understand themselves, know how to take care of their mental and physical health, embody the values of the School, and develop the interpersonal skills for kind and successful friendships and relationships. 

## **Respect for Diversity** 

To ensure that every pupil has respect for all individuals and groups and learns the importance of standing up for those in need of support. 

## **Value of Community** 

To ensure that pupils understand the moral imperative to make a positive contribution to the Bancroft�s Community and beyond. 

## **Maintaining a Vibrant Pupil Body** 

To ensure that our pupils are encouraged, through the Being Bancroft�s strategy, to engage fully with the holistic education that we provide and thereby each gain a maximum benefit from their time at school, now and in the future. 

## **Strategies to achieve the year�s objectives** 

On taking up post in September 2024, the new Head led the Executive Team in a review of priorities in response to a rapidly changing operating context for the independent school sector, informed heavily but not exclusively by the addition of VAT to fees. Principally focused in the areas of Admissions and Budgeting, changes were quickly 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. 

With the approval of the Board of Governors, areas in which impactful new practices were adopted during the 2024/25 academic year were as follows: 

**Admissions** : expanding the School�s marketing reach into East and Central London; formalising processes for 

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## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

filling occasional places; increasing �internal marketing� to promote retention at key change points; determining more clearly target admissions numbers. 

- **Estates** : directing investment towards projects designed to enhance the School�s market appeal alongside improving the pupil experience. 

- **Pastoral Care** : rationalising and clarifying the School�s pastoral care structures for the benefit of pupils and their parents. 

- **Academic** : seeking further improvements to public examination results, especially regarding top grades at A- level, and improving university destinations. 

- **Financial:** adopting new budgetary controls and bearing down on operational costs without negatively affecting education or the pupil experience, so as to minimise the fee increase for 2025/26. 

## **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, £149,337 (2024: £168,303) arising from the Francis Bancroft Trust, administered by the Drapers� Company. The Bancroft�s Foundation supported seven means-tested award holders during the year. These awards widen 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 (2024: £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 September 2021. Total grants from restricted funds were £187,211 (2024: £209,313) and from the School�s unrestricted reserves £1,475,133 (2024: £1,470,955). 

## **Volunteers** 

The Parents� Association continues to play an active part in school life, organising fundraising and cultural events and raising significant monies for the School each year, including a £10,000 donation towards the refurbishment of the Prep Playgrounds.  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. 

Pupils achieved excellent results in externally assessed examinations, with the A Level outcomes representing the strongest performance achieved by the School to date and a highly impressive GCSE profile overall. 

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## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

At A Level, 34.4% of grades were awarded at A*, with 75.6% at _A/A_ * and 91.7% at _A*/B_ , representing the strongest A Level results achieved by the School to date. 

The university application cycle was a successful one for the cohort, with 407 offers received. Many students received offers for all five of their choices, and the overwhelming majority received offers for at least four. This was the first year of the new admissions tests for the most selective universities and, judged by the volume and quality of offers received, the cohort performed well overall. Oxbridge outcomes were encouraging, although a small number of very strong candidates were unsuccessful following interview. 

There were notable successes across a range of highly competitive courses and institutions, including 11 Oxbridge offers (10 successful) and 11 Medicine offers (8 successful). Students also received 10 offers from Imperial College London, with three acceptances, the remaining candidates choosing Cambridge. All six offers from the London School of Economics were accepted, and in total the cohort secured 62 offers from UCL, KCL, Imperial and LSE, with UCL emerging as the most popular destination. 

and Manchester (6). On results day, the majority of students achieved their first-choice course or university, with a smaller number accepting an alternative course at their firm choice institution. 

At GCSE, 43.7% of all grades awarded were 9, 70.7% were 9/8, and 88.3% were 9/7, reflecting a strong and broad-based performance across the cohort. 

Value-added residuals were statistically significantly positive in both sets of examinations for the cohorts overall, measured against the independent schools� standardisation. 

Looking ahead, the School will introduce a Scholars Programme alongside a range of financial scholarships for pupils entering Thirds from the next academic year. This will be supported by changes to the identification of scholarly potential at an earlier stage, enabling the School to recognise and nurture academic strengths sooner. These developments complement the School�s strong record in SEND provision and targeted intervention, ensuring that individual needs are met and that all pupils are supported to fulfil their potential. 

The School continues to offer targeted financial support through means-tested awards. Of the 1,137 pupils currently on roll, 27 are in receipt of a means-tested bursary, representing 2.37% of the school population. 

## **Co-Curricular Activities and Sport** 

Bancroft�s prides itself in its rich and diverse co-curricular programme across a wide range of arts, music, fundraising and voluntary work and physical activity.  There are fifteen formal concerts a year, including large-scale set pieces such as the Drapers� Concert at Drapers� Hall. These comprise solo performances, chamber music, percussion concerts and orchestral pieces. Other events include House Performing Arts, the Being Bancroft�s Festival and Open Mic Night.  The numbers of pupils able to perform over the year is significant, with 160 pupils participating in the Drapers� Concert and 200 pupils in the Festival. Over the past academic year, there have been 180 entries to ABRSM exams with 20 Merits and 9 Distinctions awarded for Grades 5 and above. 

There are two major drama productions every year, plus House Performing Arts and ad-hoc smaller pieces, many of which are pupil-led.  A small Sixth Form pupil team lead Taal, a celebration of South Asian culture, which comprises dance and musical performances; over 100 pupils across all years are involved. Our Sixth Form Drama pupils also led a production of God of Carnage, involving 4 student cast members, 1 student director and 1 student sound and lighting technician. 

In sport, the Director of Sport has energised our sports programme, provision and ethos.  The introduction of Physical 

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## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

Literacy, as the guiding principle underpinning PE represents the next step in the evolution of the PE Curriculum; its key purpose is to transform our pupils experience of PE, to ensure that it is enjoyable and they leave us fit for life. The department is driving this initiative through its work with Leeds Beckett University Sports Science department. 

All pupils participate in physical activity in weekly Games sessions, with obligatory team sports in years 7 and 8.  The PE curriculum has seen a marked increase in choice and access from Year 10 and above (golf, dance, rowing, padel, tennis, climbing, boxing, squash) and in the lower years with regards to gender � for example, cricket and football for girls, who attended the inaugural Aleesia Cup in November 2025. 

There were many sporting highlights in 2024-25. In Rugby, three teams attended the Rosslyn Park Sevens tournament. The 1st VII won the Essex Plate Sevens Competition for the first time and the U13 Rugby team won the Essex Plate (15 a side). In Football, the 1st X1 won the Frances Howarth Cup. In Netball, the U14s won the Essex Cup. The U19s came 4th in the Essex Cup competition. This term the U19, U16 and U14 Netball teams are all through to the Regionals and the First Team participated in World Schools Netball Festival in Abu Dhabi in December 2025. This is the first international netball tour for many years. In Hockey, the girls U12, boys U13 & U16 were Regional Finalists (Indoor 2). The boys and girls U12 were Tier 2 Regional finalists and winners respectively, the girls U13s were Tier 2 regional finalists, and the U14 boys were Tier 2 regional finalists.  In Cricket, the U13 girls won the Essex Cup and the U15 boys and girls won the Essex Cups. 

Bancroft's Prep's U11 girls� chess team are again national champions after a tense and fiercely competitive tournament in April 2025. The tournament was run by the English Chess Federation. Our U11 Girls� cricket team represented our borough, Redbridge at the London Youth Games and were runners-up. 

In 2024/25, around 400 pupils went on UK residential trips and 450 pupils went on international trips. We offer regular language trips to Spain, France and Germany, there is a History trip to the Battlefields of France and Belgium, there are UK sports tours, there are many Duke of Edinburgh expeditions and CCF camps, and there are European ski trips. On a biennial basis, there are Classics trips to Sorrento and Rome and a Geography trip to Iceland alongside a rolling programme of cultural city breaks to European cities such as Seville, Florence, Venice and Bordeaux. 

Sports tours are thriving at Bancroft's, with hockey tours to Barcelona (Juniors) and Argentina (Seniors), cricket tours that have in recent years gone to South Africa, Barbados and The Netherlands, and rugby and netball tours that offer UK trips to the Year 7s and then overseas tours later in the School. Football tours (Seville/Madrid) and golf tours (Costa Brava) are now firmly established in our touring programme as well. 

In Years 11-13, pupils are given 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 we now offer an annual volunteering trip in Morocco for the L6 as well. 

MUN trips participation has increased and we will have attended six conferences by the end of the Spring term 2025 and hope to participate in our first overseas MUN in June 26.  We now have approximately 60 pupils actively engaged with MUN attending conferences, attending weekly sessions, both teacher and pupil led. The L6 team will be leading an internal MUN conference at the end of the summer term 2026. 

## **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: 

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## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

## **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 and, separately, University and Careers Fair to which we invite local state schools as well as schools connected to the Draper�s Company.  Over 300 pupils from other schools joined our sixth form to visit stands from over thirty Universities, major UK and international companies and the Armed Forces. 

St Paul�s Way Trust, the Drapers Academy and Sir George Monoux schools joined Bancroft�s pupils at the Law Experience Day at Mayor's and City of London Court. One of our teachers works closely with St Paul�s Way Trust to run a full afternoon of Law applications/Personal statement workshops. 

The pilot partnership with local state primary schools is being expanded beyond Geography, to include other departments such as Drama, MFL, History & RS. 

We make use of our facilities and resources by hosting sports festivals for local primary and secondary schools, including netball, cricket and tennis. In the summer, local primaries come to use our swimming pool. Local schools are invited to cultural and academic events including our Science Fair, hosted by Year 12 science pupils. 

## **Community Service** 

Pupils helped run the Epping Forest PHAB club. The school provides accommodation and facilities for BADFAS, the Crofton Singers and local Neighbourhood Watch meeting. Pool schools use our pool to run a community swim for young adults with SEND. 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, hosting a community carol concert for residents of the Drapers� alms house and local elderly friends of the community.  We host a coffee morning for the elderly with hosting and performances by our Year 7s. 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. The school supports the Grace O�Malley Kumar Foundation by hosting hockey matches between the school and alumni. 

## **Duke of Edinburgh Award** 

Bancroft�s has consistently been among one of the strongest centres for the Duke of Edinburgh�s Award Scheme in London. Typically, numbers of pupils participating annually are as follows: 

- Bronze Award (Year 9) 110 - 120 

- Silver Award (Year 10) 40 - 50 

- Gold Award (Year 12) 20 - 30 

In 2024/25, 83 Bronze, 31 Silver and 12 Gold awards were completed. During this period, pupils logged 2,002 hours of DOFE voluntary service.  Typically, 80% of each cycle complete the award, compared to a national average of 50%. 

## **The Combined Cadet Force** 

The CCF is a voluntary after school club. Pupils opt to join in Year 9 and many remain in its ranks until Year 13. There are currently 128 Army Section cadets and 39 RAF Section Cadets, approximately 2/3 boys and 1/3 girls. Activities include rifle training, rifle shooting on the School�s 25m range, first aid training, navigation, field craft, a flight simulator and drill. 

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## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

In Year 11, pupils undergo leadership and instructional training to then enable them to instruct when they become NCOs in Years 12 and 13. 

During the year there are termly field days which all cadets attend. These field days give cadets a chance to put into practice their training in a variety of settings, including Epping Forest, Essex Outdoors Harlow, Hythe Ranges Kent, military training areas and visits to Army and RAF units in the South East. The RAF also has regular flying days where cadets are taken up by experienced RAF pilots for an air experience flight in a two-seater light aircraft. 

In addition, cadets from both sections jointly visit the Lake District for Adventurous Training hosted at Brathay Trust in Ambleside. Activities include hill walking, caving, canoeing and between 20 and 40 cadets attend. The aim is to develop self-confidence, leadership, relevant technical skills and a love of the outdoors. 

## **Fundraising and Charitable Activities** 

Our pupils� fundraising activities included the TAAL festival, organised by pupils. With a number of other initiatives, the pupils raised a very impressive £31,459 (2024: £33,730) 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. During this period, the Prep School raised £2,368 for various local and national charities, 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 £145,693 (2024: £92,144). Donations made and administration costs £201,834 (2024: £175,250). 

The School did not work with any fundraising partners in 2024/25. 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 2024/25. 

## **Risk Management** 

The Board of Governors is responsible for the management of risks possibly facing the School.  Detailed considerations of risk are delegated to the senior leadership of the School and reviewed on a regular basis by the respective committee. A risk heat map provides a consolidated picture of key risks for the Full Board. 

The major risks to which the School is exposed are assessed in relation to the likely damage to the financial and reputational wellbeing of the School and/or infrastructure. 

The main areas of risk are considered to be: 

- External � sector, economic, political 

- Business interruption arising from critical incidents 

- Staffing- recruitment and retention 

- Financial � cost pressures, external and internal 

- Safeguarding 

- Regulatory compliance (HMRC, HSE, ISI, ICO) 

The key controls used are: 

- Comprehensive strategic planning, budgets and management accounts 

- Clear authorisation and approval levels 

- Clear oversight of risk areas by committees and Governors 

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## **BANCROFT'S SCHOOL** 

## **(A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

- Review and monitoring of the Regulatory Audit document 

- Regular Fire and Health & Safety audits 

- Vetting procedures as required by legislation for the protection of the vulnerable 

- Maintenance and monitoring of a risk register 

The Governors are satisfied that the major risks have been identified and mitigated where necessary. 

## **Charity Commission** 

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

## **Section 172 Statement** 

The Governors have met the requirements under Section 172 of the Companies Act through application of the policies and procedures disclosed in this report. In particular, the Governors have had regard to the specific considerations set out in Section 172 below: 

- the likely consequences of any decision in the long term; 

- the interests of the Charity's employees; 

- the need to foster the Charity's relationships with suppliers, customers and others; 

- the impact of the Charity's operations on the community and the environment; 

- the desirability of the Charity maintaining a reputation for high standards of conduct and 

- the need to act fairly between members of the Charity. 

## **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. 

## **FINANCIAL REVIEW AND RESULTS FOR THE YEAR** 

The School recorded a net movement in unrestricted funds of £3,777,952 before transfers (2024: £1,671,971), along with a net movement of £73,354 before transfers in restricted funds (2024: £54,452). These results were in line with expectations. 

The improvement in financial performance reflects the combined impact of more effective processes for filling occasional places and continued discipline in cost management. 

At the same time, the wider sector has faced considerable pressures, including the introduction of VAT, the withdrawal of business rate relief, rising Employer�s National Insurance contributions, and the ongoing effects of a declining birth rate. The Governors are acutely aware of these challenges and remain focused on ensuring that the School maintains sufficient financial resilience. This includes providing for essential investment in infrastructure and operational processes to support the strategic development plan over the period 2025/28. 

14 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

## **Reserves** 

At 31 August 2025, the School�s total reserves stood at £26,741,785 (2024: £22,890,479). This consisted of £1,165,383 in restricted funds (2024: £1,173,055), £88,751 in endowed funds (2024: £88,751), and £25,487,651 in unrestricted funds (2024: £21,628,673). 

Free reserves increased to £6,618,727 (2024: £2,465,947). While this is a substantial improvement, the balance remains below the level of one term�s expenditure. The School�s policy continues to be the prudent accumulation of free reserves through annual operating surpluses, ensuring that adequate resources are available to meet both current operational requirements, future strategic needs and unplanned requirements. 

Unrestricted surpluses generated will be reinvested into the enhancement of the School�s buildings and facilities, reinforcing the Governors� commitment to maintaining a high-quality learning environment and supporting the long-term sustainability of the School. 

The overall policy remains to build up free reserves by means of annual operating surpluses to provide for the current and future needs of the School, in particular, forward commitment to means-tested Bursary support,  building repairs and replacements. 

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

## **Investment policy** 

The School has an Investment Policy Statement which is reviewed by the Finance Committee and has resulted in minor changes to our investment approach.  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 Board of Governors approved a new strategic development plan, proposed by the Head and Executive Team, which is constructed around eight headline areas which will be followed through over the years 2025/28: 

- Maintain excellent public exam results and value added, while increasing the importance and effectiveness of scholarship, and enhancing onward destinations. 

- Ensure the admission and retention of the optimum number of the optimal pupils. 

- Be mindful of our role as stewards of our heritage estate, encompassing both maintenance and sympathetic development, to ensure Bancroft�s is an inspiring setting for pupils and staff, and attractive in our market. 

- Ensure pupils, on leaving the School, are equipped to think critically, are emotionally and physically resilient, and are skilled and confident to thrive in their future studies, careers and personal lives. 

- Make our pupils more knowledgeable about society and the wider world so they feel empowered and ready to make a positive contribution. 

- Provide an exceptional educational experience at a fee which respects our parents� finances and represents 

15 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

good value for their investment. 

   - Develop and nurture a skilled staff body which feels valued, with colleagues willing and able to work flexibly across a range of areas of school life, demonstrating a full commitment to the community of the School. 

   - To nurture the Bancroft�s Community encompassing current pupils, staff and parents, OBs, past parents and the Bancroft�s Foundation, honouring our traditions in a modern spirit and focusing on the creation of opportunities for current and future Bancroftians. 

- To complete the mergers with Woodford Green Preparatory School and St Aubyn’s Preparatory School later in 2026 to create the Bancroft’s Family of Schools. 

## **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: 

1. select suitable accounting policies and then apply them consistently; 

2. make judgments and estimates that are reasonable and prudent; 

3. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and 

4. prepare the accounts on the going concern basis unless it is inappropriate to assume that the company will continue in business. 

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: 

1. so far as that Governor is aware, there is no relevant audit information of which the company's auditors are unaware, and; 

2. each Governor has taken all the steps that ought to have been taken as a Governor in order to be aware of any information needed by the company's auditors in connection with preparing their report and to establish that the company's auditors are aware of that information. 

## **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. 

16 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **GOVERNORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

The Governors� Report, incorporating the Strategic Report was approved by the Board of Governors at its meeting on 16 March 2026 and signed on its behalf by: 

Luke Savage **Chair of Board of Governors** 

17 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **AUDITORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

## **Opinion** 

We have audited the financial statements of Bancroft�s School for the year ended 31 August 2025 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: 

- give a true and fair view of the state of the charitable company�s affairs as at 31 August 2025 and of the net movement in funds, including the income and expenditure, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

18 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **AUDITORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

## **Opinions on other matters prescribed by the Companies Act 2006** 

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

- the information given in the Governors� Annual Report (which includes the strategic report and the directors� report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the strategic report and the directors� report included within the Governors� Annual Report have been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept by the charitable company; or 

- the charitable company financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Governors� remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit. 

## **Responsibilities of Governors for the financial statements** 

As explained more fully in the Governors� responsibilities statement set out on page 13, 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. 

19 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **AUDITORS' REPORT FOR THE YEAR ENDED 31 AUGUST 2025** 

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 

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: 

- Inspecting correspondence with regulators; 

- Discussions with management including consideration of known or suspected instances of noncompliance with laws and regulation and fraud; Reviewing the controls and procedures of the charity relevant to the preparation of the financial statements to ensure these were in place throughout the year; Reviewing post balance sheet events; 

- Evaluating management�s controls designed to prevent and detect irregularities; 

- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and 

- Challenging assumptions and judgements made by management in their critical accounting estimates. 

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 

10 Queen Street Place London EC4R 1AG 

Date: 28/05/2026 

20 



## **BANCROFT'S SCHOOL** 

## **(A Company Limited by Guarantee)** 

## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2025** 

|**Unrestricted**|**Unrestricted**|**Restricted**|**Endowed**|**Total**|Total|
|---|---|---|---|---|---|
||**funds**|**funds**|**funds**|**funds**|funds|
||**2025**|**2025**|**2025**|**2025**|2024|
||£|£|£|£|£|
|||||||
|**Income from:**||||||
|||||||
|Donations and legacies<br>2|**159,337**|**211,277**|**-**|**370,614**|338,037|
|<br>Charitable activities||||||
|- School fees receivable<br>5|**25,372,296**|**-**|**-**|**25,372,296**|23,379,499|
|- Other educational income|**303,269**|**-**|**-**|**303,269**|269,785|
|Trading income<br>3|**63,858**|**-**|**-**|**63,858**|60,749|
|<br>Investments<br>4|**173,922**|**-**|**-**|**173,922**|161,125|
|||||||
|**Total income**|**26,072,682**|**211,277**|**-**|**26,283,959**|24,209,195|
|||||||
|||||||
|**Expenditure on:**||||||
|||||||
|Raising funds:||||||
|<br>- Trading expenses and other costs|**44,892**|**-**|**-**|**44,892**|35,623|
|- Investment manager�s fees|**8,211**|**-**|**-**|**8,211**|9,801|
|<br>Charitable activities<br>6|**22,241,627**|**211,834**|**-**|**22,453,461**|22,542,379|
|||||||
|**Total expenditure**|**22,294,730**|**211,834**|**-**|**22,506,564**|22,587,803|
|||||||
|||||||
|**Net income/ (expenditure)**|**3,777,952**|**(557)**|**-**|**3,777,395**|1,621,392|
|||||||
|Gain on investments|**-**|**73,911**|**-**|**73,911**|105,031|
|||||||
|**Net movement in funds**|**3,777,952**|**73,354**|**-**|**3,851,306**|1,726,423|
|Transfers<br>18|**81,027**|**(81,027)**|**-**|**-**|-|
|||||||
|**TOTAL FUNDS AT 1 September 2024**|**21,628,673**|**1,173,055**|**88,751**|**22,890,479**|21,164,056|
|||||||
|||||||
|||||||
|**TOTAL FUNDS AT 31 August 2025**<br>14|**25,487,651**|**1,165,383**|**88,751**|**26,741,785**|22,890,479|
|||||||
|||||||



All activities relate to continuing operations. 

The notes on pages 24 to 38 form part of these financial statements. 

21 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **BALANCE SHEET AS AT 31 August 2025** 

||||**2025**<br>**£**|2024|
|---|---|---|---|---|
||**Note**|||£|
||||||
|**FIXED ASSETS**|||**18,868,924**<br>**1,200,581**||
|Tangible assets|10|||19,162,726|
|Investments|11|||1,134,880|
||||||
||||**20,069,505**<br>**32,407**<br>**11,419,087**<br>**11,398,634**|20,297,606|
|**CURRENT ASSETS**|||||
|Stock||||32,096|
|Debtors|12|||557,635|
|Cash at bank and in hand||||6,941,939|
||||||
||||||
||||**22,850,128**|7,531,670|
||||||
|**CREDITORS: Amounts falling due within one year**|13||**(16,177,848)**|(4,938,797)|
||||||
||||||
|**NET CURRENT ASSETS/(LIABILITIES)**|||**6,672,280**<br>**26,741,785**<br>**-**|2,592,873|
||||||
|**TOTAL ASSETS LESS CURRENT LIABILITIES**||||22,890,479|
||||||
|**CREDITORS: Amounts falling due after one year**||||-|
||||||
|**NET ASSETS**|||**26,741,785**|22,890,479|
||||||
||||||
|**ACCUMULATED FUNDS**|||||
||||||
|**Unrestricted funds**|||**25,487,651**<br>**1,165,383**<br>**88,751**|21,628,673|
|**Restricted funds**|14|||1,173,055|
|**Endowed funds**||||88,751|
||||||
||||||
|**TOTAL FUNDS**|||**26,741,785**|22,890,479|
||||||



The financial statements were approved by the Governors on 16[th] March 2026 and signed on their behalf by: 

**Luke Savage Chair of Board of Governors** 

The notes on pages 24 to 38 form part of these financial statements. 

22 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2025** 

||||**2025**|**2024**|
|---|---|---|---|---|
||**Note**||£|£|
|**Net cash provided by/(used in) operating activities**|A||**5,163,943**|3,182,768|
|**Cash flows from investing activities:**|||||
|Interest from investments|||**173,922**|161,125|
|Purchase of listed investments|||**(44,265)**|(200,014)|
|Sale of listed investments|||**52,475**|209,794|
|Purchase of tangible fixed assets|||**(889,380)**|(966,366)|
||||||
|**Net cash provided by/(used in) investing activities**|||**(707,248)**|(795,460)|
|Change in cash and cash equivalents in the reporting period|||**4,456,695**|2,387,308|
|Cash and cash equivalents at the beginning of the year|||**6,941,939**|4,554,631|
||||||
|**Cash and cash equivalents**|||**11,398,634**|6,941,939|
|**A: Reconciliation of net movement in funds to net cash flow from operating activities**|||||
||||**2025**|**2024**|
||||**£**|£|
|Net income / (expenditure)|||**3,851,306**|1,726,423|
|Interest from investments|||**(173,922)**|(161,125)|
|Depreciation charges|||**951,560**|918,339|
|Net gains on investment assets|||**(73,911)**|(105,031)|
|Increase in stock|||**(311)**|(20)|
|(Increase) / Decrease in debtors|||**(10,861,452)**|50,095|
|Increase in creditors|||**11,239,051**|754,087|
|Reduction in Fixed Assets - Capital Goods Scheme VAT|12||**231,622**|-|
|**Net cash used in operating activities**|||**5,163,943**|3,182,768|



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

The notes on pages 24 to 38 form part of these financial statements. 

23 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 August 2025** 

## **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 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. 

## **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. 

24 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

**NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

## **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�s 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. Depreciation of other assets is provided on a straight-line basis at rates calculated to write off the excess cost, net of the 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. 

## **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. 

25 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

## **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** 

Since 1 January 2025 teachers, including teachers joining the School, have had a choice of remaining in the Teachers� Pension Scheme (TPS) or joining a defined contribution scheme with the benefit of being able to swap employee pension contributions for additional salary. For staff remaining in TPS, 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, 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. The scheme is administered by Standard Life. 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. 

26 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

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. 

## **2. DONATION AND GRANT INCOME** 

|**2.**|**DONATION AND GRANT INCOME**|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Unrestricted**|<br>**Restricted**||||**Total**|||_Total_||
|||**funds**||**funds**|||**funds**|||_funds_||
|||**2025**||**2025**|||**2025**|||_2024_||
|||£||£|||£|||£||
||Bancroft's Foundation|**-**||**145,693**|||**145,693**|||92,144||
||Drapers' Charitable Fund|**-**||**50,000**|||**50,000**|||50,000||
||Francis Bancroft Trust|**149,337**||**-**|||**149,337**|||168,303||
||Old Bancroftian Association (VI Form|||||||||||
||Scholarship Trust )|**-**||**12,217**|||**12,217**|||27,590||
||Other donations|**10,000**||**3,367**|||**13,367**|||-||
|||<br>**159,337**|<br>|<br>**211,277**|<br>||<br>**370,614**|<br>||<br>_338,037_|<br>|
|||||||||||||
|||||||||||||
||The School is the sole beneficiary of the Francis Bancroft Trust, which is administered by the Drapers'|||||||||||
||Company.|||||||||||



|**COMPARATIVE 2024**|_Unrestricted_||_Restricted_||_Total_||
|---|---|---|---|---|---|---|
||_funds_||_funds_||_funds_||
||_2024_||_2024_||_2024_||
||£||£||£||
|Bancroft's Foundation|_-_||92,144||92,144||
|Drapers' Charitable Fund|_-_||50,000||50,000||
|Francis Bancroft Trust|168,303||-||168,303||
|Old Bancroftian Association (VI Form|||||||
|Scholarship Trust)|-||27,590||27,590||
|Other donations|-||-||-||
||<br>_168,303_|<br>|<br>_169,734_|<br>|<br>_338,037_|<br>|
||||||||
||||||||



27 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

|**3.**<br>**OTHER TRADING INCOME**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**|**3.**<br>**OTHER TRADING INCOME**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**|**3.**<br>**OTHER TRADING INCOME**<br>**Unrestricted**<br>**Restricted**<br>**funds**<br>**funds**|**Total**|_Total_|
|---|---|---|---|---|
||**funds**|**funds**|**funds**|funds|
||**2025**|**2025**|**2025**|2024|
||£|£|£|£|
||||||
|Trading income|**63,858**|**-**|**63,858**|_60,749_|
||||||
||**63,858**|**-**|**63,858**|_60,749_|
||||||
|Trading income relates to lettings and was solely unrestricted in both the current and prior years.|||||
||||||
|**4.**<br>**INVESTMENT INCOME**<br>**Unrestricted**<br>**Restricted**|||**Total**|_Total_|
||**funds**|**funds**|**funds**|_funds_|
||**2025**|**2025**|**2025**|_2024_|
||£|£|£|£|
||||||
|Investment income<br>Interest receivable|**-**<br>**173,922**|**-**<br>**-**|**-**|-|
||||**173,922**|_161,125_|
||||||
||**173,922**|**-**|**173,922**|161,125|
||||||
||||||
|**COMPARATIVE 2024**<br>_Unrestricted_<br>_Restricted_<br>_funds_<br>_funds_|||_Total_<br>_funds_<br>_2024_<br>£<br>-<br>161,125<br> <br>161,125||
||_funds_|_funds_|||
||_2024_|_2024_|||
||£|£|||
||||||
|Investment income<br>Interest receivable|_-_<br>161,125|-<br>-|||
||||||
||161,125|-|||
||||||
||||||



28 



**(A Company Limited by Guarantee)** 

## **BANCROFT'S SCHOOL** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

|**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Unrestricted_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>£<br>£<br>£<br>£<br>**School Fees Receivable**<br>Gross fees<br>**26,847,429**<br>**-**<br>**26,847,429**<br>24,850,453<br>Less: Total scholarships and other allowances<br>**(1,662,344)**<br>**-**<br>**(1,662,344)**<br>(1,680,267)<br>Add: Bursaries funded from � restricted funds<br>**187,211**<br>**-**<br>**187,211**<br>209,313<br> <br> <br> <br> <br>**25,372,296**<br>**-**<br>**25,372,296**<br>23,379,499<br>**Other educational income**<br>Entrance and registration fees<br>**51,109**<br>**-**<br>**51,109**<br>55,440<br>Rents and lettings<br>**26,553**<br>**-**<br>**26,553**<br>18,750<br>Catering<br>**34,635**<br>**-**<br>**34,635**<br>28,831<br>Other incoming resources<br>**190,972**<br>**-**<br>**190,972**<br>166,764<br> <br> <br> <br> <br>**303,269**<br>**-**<br>**303,269**<br>269,785|**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Unrestricted_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>£<br>£<br>£<br>£<br>**School Fees Receivable**<br>Gross fees<br>**26,847,429**<br>**-**<br>**26,847,429**<br>24,850,453<br>Less: Total scholarships and other allowances<br>**(1,662,344)**<br>**-**<br>**(1,662,344)**<br>(1,680,267)<br>Add: Bursaries funded from � restricted funds<br>**187,211**<br>**-**<br>**187,211**<br>209,313<br> <br> <br> <br> <br>**25,372,296**<br>**-**<br>**25,372,296**<br>23,379,499<br>**Other educational income**<br>Entrance and registration fees<br>**51,109**<br>**-**<br>**51,109**<br>55,440<br>Rents and lettings<br>**26,553**<br>**-**<br>**26,553**<br>18,750<br>Catering<br>**34,635**<br>**-**<br>**34,635**<br>28,831<br>Other incoming resources<br>**190,972**<br>**-**<br>**190,972**<br>166,764<br> <br> <br> <br> <br>**303,269**<br>**-**<br>**303,269**<br>269,785|**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Unrestricted_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>£<br>£<br>£<br>£<br>**School Fees Receivable**<br>Gross fees<br>**26,847,429**<br>**-**<br>**26,847,429**<br>24,850,453<br>Less: Total scholarships and other allowances<br>**(1,662,344)**<br>**-**<br>**(1,662,344)**<br>(1,680,267)<br>Add: Bursaries funded from � restricted funds<br>**187,211**<br>**-**<br>**187,211**<br>209,313<br> <br> <br> <br> <br>**25,372,296**<br>**-**<br>**25,372,296**<br>23,379,499<br>**Other educational income**<br>Entrance and registration fees<br>**51,109**<br>**-**<br>**51,109**<br>55,440<br>Rents and lettings<br>**26,553**<br>**-**<br>**26,553**<br>18,750<br>Catering<br>**34,635**<br>**-**<br>**34,635**<br>28,831<br>Other incoming resources<br>**190,972**<br>**-**<br>**190,972**<br>166,764<br> <br> <br> <br> <br>**303,269**<br>**-**<br>**303,269**<br>269,785|**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Unrestricted_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>£<br>£<br>£<br>£<br>**School Fees Receivable**<br>Gross fees<br>**26,847,429**<br>**-**<br>**26,847,429**<br>24,850,453<br>Less: Total scholarships and other allowances<br>**(1,662,344)**<br>**-**<br>**(1,662,344)**<br>(1,680,267)<br>Add: Bursaries funded from � restricted funds<br>**187,211**<br>**-**<br>**187,211**<br>209,313<br> <br> <br> <br> <br>**25,372,296**<br>**-**<br>**25,372,296**<br>23,379,499<br>**Other educational income**<br>Entrance and registration fees<br>**51,109**<br>**-**<br>**51,109**<br>55,440<br>Rents and lettings<br>**26,553**<br>**-**<br>**26,553**<br>18,750<br>Catering<br>**34,635**<br>**-**<br>**34,635**<br>28,831<br>Other incoming resources<br>**190,972**<br>**-**<br>**190,972**<br>166,764<br> <br> <br> <br> <br>**303,269**<br>**-**<br>**303,269**<br>269,785|**5.**<br>**INCOME FROM CHARITABLE ACTIVITIES**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Unrestricted_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>£<br>£<br>£<br>£<br>**School Fees Receivable**<br>Gross fees<br>**26,847,429**<br>**-**<br>**26,847,429**<br>24,850,453<br>Less: Total scholarships and other allowances<br>**(1,662,344)**<br>**-**<br>**(1,662,344)**<br>(1,680,267)<br>Add: Bursaries funded from � restricted funds<br>**187,211**<br>**-**<br>**187,211**<br>209,313<br> <br> <br> <br> <br>**25,372,296**<br>**-**<br>**25,372,296**<br>23,379,499<br>**Other educational income**<br>Entrance and registration fees<br>**51,109**<br>**-**<br>**51,109**<br>55,440<br>Rents and lettings<br>**26,553**<br>**-**<br>**26,553**<br>18,750<br>Catering<br>**34,635**<br>**-**<br>**34,635**<br>28,831<br>Other incoming resources<br>**190,972**<br>**-**<br>**190,972**<br>166,764<br> <br> <br> <br> <br>**303,269**<br>**-**<br>**303,269**<br>269,785|
|---|---|---|---|---|
|||**funds**<br>**funds**<br>_funds_|||
|||**2025**<br>**2025**<br>_2024_|||
|||£<br>£<br>£|||
|||**-**<br>**26,847,429**<br>24,850,453<br>**-**<br>**(1,662,344)**<br>(1,680,267)<br>**-**<br>**187,211**<br>209,313|||
||||**187,211**|209,313|
||||||
|||**-**<br>**25,372,296**<br>23,379,499|||
||||||
||**51,109**<br>**26,553**<br>**34,635**<br>**190,972**|**-**<br>**-**<br>**-**<br>**-**|**51,109**<br>**26,553**<br>**34,635**<br>**190,972**||
|||||55,440|
|||||18,750|
|||||28,831|
|||||166,764|
||||||
||**303,269**|**-**|**303,269**|269,785|
||||||



29 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

|**6.**<br>**EXPENDITURE BY CHARITABLE ACTIVITY**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Total_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**SUMMARY BY FUND TYPE**<br>**2025**<br>**2025**<br>**2025**<br>2024<br>£<br>£<br>£<br>£<br>Teaching<br>**_13,784,685_**<br>**-**<br>**13,784,685**<br>13,682,838<br>Welfare<br>**_2,056,663_**<br>**-**<br>**2,056,663**<br>2,002,114<br>Premises<br>**_3,678,649_**<br>**-**<br>**3,678,649**<br>3,873,776<br>Support and administration<br>**_2,711,064_**<br>**24,159**<br>**2,735,223**<br>2,753,663<br>Grants and awards<br>**-**<br>**187,211**<br>**187,211**<br>209,313<br>Bank charges<br>**_10,566_**<br>**464**<br>**11,030**<br>20,675<br> <br> <br> <br> <br>**22,241,627**<br>**211,834**<br>**22,453,461**<br>_22,542,379_<br>**SUMMARY BY EXPENDITURE TYPE**<br>**Staff costs**<br>**Depreciation**<br>**Other costs**<br>**Total**<br>_Total_<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>**£**<br>**£**<br>**£**<br>**£**<br>£<br>Teaching<br>**12,425,116**<br>**-**<br>**1,359,569**<br>**13,784,685**<br>_13,682,838_<br>Welfare<br>**823,765**<br>**-**<br>**1,232,898**<br>**2,056,663**<br>_2,002,114_<br>Premises<br>**714,724**<br>**951,560**<br>**2,012,365**<br>**3,678,649**<br>_3,873,776_<br>Support and administration<br>**2,180,875**<br>**-**<br>**554,348**<br>**2,735,223**<br>_2,753,663_<br>Grants and awards<br>**-**<br>**-**<br>**187,211**<br>**187,211**<br>_209,313_<br>Bank charges<br>**-**<br>**-**<br>**11,030**<br>**11,030**<br>_20,675_<br> <br> <br> <br> <br> <br> <br>**16,144,480**<br>**951,560**<br>**_5,357,421_**<br>**22,453,461**<br>_22,542,379_<br>**COMPARATIVE 2024**<br>_Unrestricted_<br>_Restricted_<br>_Total_<br>_funds_<br>_funds_<br>_funds_<br>2024<br>2024<br>2024<br>£<br>£<br>£<br>Teaching<br>_13,682,838_<br>_-_<br>_13,682,838_<br>Welfare<br>_2,002,114_<br>_-_<br>_2,002,114_<br>Premises<br>_3,873,776_<br>_-_<br>_3,873,776_<br>Support and administration<br>_2,752,869_<br>_794_<br>_2,753,663_<br>Grants and awards<br>_-_<br>_209,313_<br>_209,313_<br>Bank loan interest & bank charges<br>_20,270_<br>_405_<br>_20,675_<br> <br> <br> <br>_22,331,867_<br>_210,512_<br>_22,542,379_|**6.**<br>**EXPENDITURE BY CHARITABLE ACTIVITY**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Total_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**SUMMARY BY FUND TYPE**<br>**2025**<br>**2025**<br>**2025**<br>2024<br>£<br>£<br>£<br>£<br>Teaching<br>**_13,784,685_**<br>**-**<br>**13,784,685**<br>13,682,838<br>Welfare<br>**_2,056,663_**<br>**-**<br>**2,056,663**<br>2,002,114<br>Premises<br>**_3,678,649_**<br>**-**<br>**3,678,649**<br>3,873,776<br>Support and administration<br>**_2,711,064_**<br>**24,159**<br>**2,735,223**<br>2,753,663<br>Grants and awards<br>**-**<br>**187,211**<br>**187,211**<br>209,313<br>Bank charges<br>**_10,566_**<br>**464**<br>**11,030**<br>20,675<br> <br> <br> <br> <br>**22,241,627**<br>**211,834**<br>**22,453,461**<br>_22,542,379_<br>**SUMMARY BY EXPENDITURE TYPE**<br>**Staff costs**<br>**Depreciation**<br>**Other costs**<br>**Total**<br>_Total_<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>**£**<br>**£**<br>**£**<br>**£**<br>£<br>Teaching<br>**12,425,116**<br>**-**<br>**1,359,569**<br>**13,784,685**<br>_13,682,838_<br>Welfare<br>**823,765**<br>**-**<br>**1,232,898**<br>**2,056,663**<br>_2,002,114_<br>Premises<br>**714,724**<br>**951,560**<br>**2,012,365**<br>**3,678,649**<br>_3,873,776_<br>Support and administration<br>**2,180,875**<br>**-**<br>**554,348**<br>**2,735,223**<br>_2,753,663_<br>Grants and awards<br>**-**<br>**-**<br>**187,211**<br>**187,211**<br>_209,313_<br>Bank charges<br>**-**<br>**-**<br>**11,030**<br>**11,030**<br>_20,675_<br> <br> <br> <br> <br> <br> <br>**16,144,480**<br>**951,560**<br>**_5,357,421_**<br>**22,453,461**<br>_22,542,379_<br>**COMPARATIVE 2024**<br>_Unrestricted_<br>_Restricted_<br>_Total_<br>_funds_<br>_funds_<br>_funds_<br>2024<br>2024<br>2024<br>£<br>£<br>£<br>Teaching<br>_13,682,838_<br>_-_<br>_13,682,838_<br>Welfare<br>_2,002,114_<br>_-_<br>_2,002,114_<br>Premises<br>_3,873,776_<br>_-_<br>_3,873,776_<br>Support and administration<br>_2,752,869_<br>_794_<br>_2,753,663_<br>Grants and awards<br>_-_<br>_209,313_<br>_209,313_<br>Bank loan interest & bank charges<br>_20,270_<br>_405_<br>_20,675_<br> <br> <br> <br>_22,331,867_<br>_210,512_<br>_22,542,379_|**6.**<br>**EXPENDITURE BY CHARITABLE ACTIVITY**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Total_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**SUMMARY BY FUND TYPE**<br>**2025**<br>**2025**<br>**2025**<br>2024<br>£<br>£<br>£<br>£<br>Teaching<br>**_13,784,685_**<br>**-**<br>**13,784,685**<br>13,682,838<br>Welfare<br>**_2,056,663_**<br>**-**<br>**2,056,663**<br>2,002,114<br>Premises<br>**_3,678,649_**<br>**-**<br>**3,678,649**<br>3,873,776<br>Support and administration<br>**_2,711,064_**<br>**24,159**<br>**2,735,223**<br>2,753,663<br>Grants and awards<br>**-**<br>**187,211**<br>**187,211**<br>209,313<br>Bank charges<br>**_10,566_**<br>**464**<br>**11,030**<br>20,675<br> <br> <br> <br> <br>**22,241,627**<br>**211,834**<br>**22,453,461**<br>_22,542,379_<br>**SUMMARY BY EXPENDITURE TYPE**<br>**Staff costs**<br>**Depreciation**<br>**Other costs**<br>**Total**<br>_Total_<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>**£**<br>**£**<br>**£**<br>**£**<br>£<br>Teaching<br>**12,425,116**<br>**-**<br>**1,359,569**<br>**13,784,685**<br>_13,682,838_<br>Welfare<br>**823,765**<br>**-**<br>**1,232,898**<br>**2,056,663**<br>_2,002,114_<br>Premises<br>**714,724**<br>**951,560**<br>**2,012,365**<br>**3,678,649**<br>_3,873,776_<br>Support and administration<br>**2,180,875**<br>**-**<br>**554,348**<br>**2,735,223**<br>_2,753,663_<br>Grants and awards<br>**-**<br>**-**<br>**187,211**<br>**187,211**<br>_209,313_<br>Bank charges<br>**-**<br>**-**<br>**11,030**<br>**11,030**<br>_20,675_<br> <br> <br> <br> <br> <br> <br>**16,144,480**<br>**951,560**<br>**_5,357,421_**<br>**22,453,461**<br>_22,542,379_<br>**COMPARATIVE 2024**<br>_Unrestricted_<br>_Restricted_<br>_Total_<br>_funds_<br>_funds_<br>_funds_<br>2024<br>2024<br>2024<br>£<br>£<br>£<br>Teaching<br>_13,682,838_<br>_-_<br>_13,682,838_<br>Welfare<br>_2,002,114_<br>_-_<br>_2,002,114_<br>Premises<br>_3,873,776_<br>_-_<br>_3,873,776_<br>Support and administration<br>_2,752,869_<br>_794_<br>_2,753,663_<br>Grants and awards<br>_-_<br>_209,313_<br>_209,313_<br>Bank loan interest & bank charges<br>_20,270_<br>_405_<br>_20,675_<br> <br> <br> <br>_22,331,867_<br>_210,512_<br>_22,542,379_|**6.**<br>**EXPENDITURE BY CHARITABLE ACTIVITY**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Total_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**SUMMARY BY FUND TYPE**<br>**2025**<br>**2025**<br>**2025**<br>2024<br>£<br>£<br>£<br>£<br>Teaching<br>**_13,784,685_**<br>**-**<br>**13,784,685**<br>13,682,838<br>Welfare<br>**_2,056,663_**<br>**-**<br>**2,056,663**<br>2,002,114<br>Premises<br>**_3,678,649_**<br>**-**<br>**3,678,649**<br>3,873,776<br>Support and administration<br>**_2,711,064_**<br>**24,159**<br>**2,735,223**<br>2,753,663<br>Grants and awards<br>**-**<br>**187,211**<br>**187,211**<br>209,313<br>Bank charges<br>**_10,566_**<br>**464**<br>**11,030**<br>20,675<br> <br> <br> <br> <br>**22,241,627**<br>**211,834**<br>**22,453,461**<br>_22,542,379_<br>**SUMMARY BY EXPENDITURE TYPE**<br>**Staff costs**<br>**Depreciation**<br>**Other costs**<br>**Total**<br>_Total_<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>**£**<br>**£**<br>**£**<br>**£**<br>£<br>Teaching<br>**12,425,116**<br>**-**<br>**1,359,569**<br>**13,784,685**<br>_13,682,838_<br>Welfare<br>**823,765**<br>**-**<br>**1,232,898**<br>**2,056,663**<br>_2,002,114_<br>Premises<br>**714,724**<br>**951,560**<br>**2,012,365**<br>**3,678,649**<br>_3,873,776_<br>Support and administration<br>**2,180,875**<br>**-**<br>**554,348**<br>**2,735,223**<br>_2,753,663_<br>Grants and awards<br>**-**<br>**-**<br>**187,211**<br>**187,211**<br>_209,313_<br>Bank charges<br>**-**<br>**-**<br>**11,030**<br>**11,030**<br>_20,675_<br> <br> <br> <br> <br> <br> <br>**16,144,480**<br>**951,560**<br>**_5,357,421_**<br>**22,453,461**<br>_22,542,379_<br>**COMPARATIVE 2024**<br>_Unrestricted_<br>_Restricted_<br>_Total_<br>_funds_<br>_funds_<br>_funds_<br>2024<br>2024<br>2024<br>£<br>£<br>£<br>Teaching<br>_13,682,838_<br>_-_<br>_13,682,838_<br>Welfare<br>_2,002,114_<br>_-_<br>_2,002,114_<br>Premises<br>_3,873,776_<br>_-_<br>_3,873,776_<br>Support and administration<br>_2,752,869_<br>_794_<br>_2,753,663_<br>Grants and awards<br>_-_<br>_209,313_<br>_209,313_<br>Bank loan interest & bank charges<br>_20,270_<br>_405_<br>_20,675_<br> <br> <br> <br>_22,331,867_<br>_210,512_<br>_22,542,379_|**6.**<br>**EXPENDITURE BY CHARITABLE ACTIVITY**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Total_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**SUMMARY BY FUND TYPE**<br>**2025**<br>**2025**<br>**2025**<br>2024<br>£<br>£<br>£<br>£<br>Teaching<br>**_13,784,685_**<br>**-**<br>**13,784,685**<br>13,682,838<br>Welfare<br>**_2,056,663_**<br>**-**<br>**2,056,663**<br>2,002,114<br>Premises<br>**_3,678,649_**<br>**-**<br>**3,678,649**<br>3,873,776<br>Support and administration<br>**_2,711,064_**<br>**24,159**<br>**2,735,223**<br>2,753,663<br>Grants and awards<br>**-**<br>**187,211**<br>**187,211**<br>209,313<br>Bank charges<br>**_10,566_**<br>**464**<br>**11,030**<br>20,675<br> <br> <br> <br> <br>**22,241,627**<br>**211,834**<br>**22,453,461**<br>_22,542,379_<br>**SUMMARY BY EXPENDITURE TYPE**<br>**Staff costs**<br>**Depreciation**<br>**Other costs**<br>**Total**<br>_Total_<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>**£**<br>**£**<br>**£**<br>**£**<br>£<br>Teaching<br>**12,425,116**<br>**-**<br>**1,359,569**<br>**13,784,685**<br>_13,682,838_<br>Welfare<br>**823,765**<br>**-**<br>**1,232,898**<br>**2,056,663**<br>_2,002,114_<br>Premises<br>**714,724**<br>**951,560**<br>**2,012,365**<br>**3,678,649**<br>_3,873,776_<br>Support and administration<br>**2,180,875**<br>**-**<br>**554,348**<br>**2,735,223**<br>_2,753,663_<br>Grants and awards<br>**-**<br>**-**<br>**187,211**<br>**187,211**<br>_209,313_<br>Bank charges<br>**-**<br>**-**<br>**11,030**<br>**11,030**<br>_20,675_<br> <br> <br> <br> <br> <br> <br>**16,144,480**<br>**951,560**<br>**_5,357,421_**<br>**22,453,461**<br>_22,542,379_<br>**COMPARATIVE 2024**<br>_Unrestricted_<br>_Restricted_<br>_Total_<br>_funds_<br>_funds_<br>_funds_<br>2024<br>2024<br>2024<br>£<br>£<br>£<br>Teaching<br>_13,682,838_<br>_-_<br>_13,682,838_<br>Welfare<br>_2,002,114_<br>_-_<br>_2,002,114_<br>Premises<br>_3,873,776_<br>_-_<br>_3,873,776_<br>Support and administration<br>_2,752,869_<br>_794_<br>_2,753,663_<br>Grants and awards<br>_-_<br>_209,313_<br>_209,313_<br>Bank loan interest & bank charges<br>_20,270_<br>_405_<br>_20,675_<br> <br> <br> <br>_22,331,867_<br>_210,512_<br>_22,542,379_|**6.**<br>**EXPENDITURE BY CHARITABLE ACTIVITY**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>_Total_<br>**funds**<br>**funds**<br>**funds**<br>_funds_<br>**SUMMARY BY FUND TYPE**<br>**2025**<br>**2025**<br>**2025**<br>2024<br>£<br>£<br>£<br>£<br>Teaching<br>**_13,784,685_**<br>**-**<br>**13,784,685**<br>13,682,838<br>Welfare<br>**_2,056,663_**<br>**-**<br>**2,056,663**<br>2,002,114<br>Premises<br>**_3,678,649_**<br>**-**<br>**3,678,649**<br>3,873,776<br>Support and administration<br>**_2,711,064_**<br>**24,159**<br>**2,735,223**<br>2,753,663<br>Grants and awards<br>**-**<br>**187,211**<br>**187,211**<br>209,313<br>Bank charges<br>**_10,566_**<br>**464**<br>**11,030**<br>20,675<br> <br> <br> <br> <br>**22,241,627**<br>**211,834**<br>**22,453,461**<br>_22,542,379_<br>**SUMMARY BY EXPENDITURE TYPE**<br>**Staff costs**<br>**Depreciation**<br>**Other costs**<br>**Total**<br>_Total_<br>**2025**<br>**2025**<br>**2025**<br>**2025**<br>_2024_<br>**£**<br>**£**<br>**£**<br>**£**<br>£<br>Teaching<br>**12,425,116**<br>**-**<br>**1,359,569**<br>**13,784,685**<br>_13,682,838_<br>Welfare<br>**823,765**<br>**-**<br>**1,232,898**<br>**2,056,663**<br>_2,002,114_<br>Premises<br>**714,724**<br>**951,560**<br>**2,012,365**<br>**3,678,649**<br>_3,873,776_<br>Support and administration<br>**2,180,875**<br>**-**<br>**554,348**<br>**2,735,223**<br>_2,753,663_<br>Grants and awards<br>**-**<br>**-**<br>**187,211**<br>**187,211**<br>_209,313_<br>Bank charges<br>**-**<br>**-**<br>**11,030**<br>**11,030**<br>_20,675_<br> <br> <br> <br> <br> <br> <br>**16,144,480**<br>**951,560**<br>**_5,357,421_**<br>**22,453,461**<br>_22,542,379_<br>**COMPARATIVE 2024**<br>_Unrestricted_<br>_Restricted_<br>_Total_<br>_funds_<br>_funds_<br>_funds_<br>2024<br>2024<br>2024<br>£<br>£<br>£<br>Teaching<br>_13,682,838_<br>_-_<br>_13,682,838_<br>Welfare<br>_2,002,114_<br>_-_<br>_2,002,114_<br>Premises<br>_3,873,776_<br>_-_<br>_3,873,776_<br>Support and administration<br>_2,752,869_<br>_794_<br>_2,753,663_<br>Grants and awards<br>_-_<br>_209,313_<br>_209,313_<br>Bank loan interest & bank charges<br>_20,270_<br>_405_<br>_20,675_<br> <br> <br> <br>_22,331,867_<br>_210,512_<br>_22,542,379_|
|---|---|---|---|---|---|
|||||**2,056,663**|_2,002,114_|
|||||**3,678,649**|_3,873,776_|
|||||**2,735,223**|_2,753,663_|
|||||**187,211**|_209,313_|
|||||**11,030**|_20,675_|
|||||||
|||**951,560**|**_5,357,421_**<br>**22,453,461**<br>_22,542,379_|||
|||||||
||_Unrestricted_<br>_Restricted_<br>_Total_<br>_funds_<br>_funds_<br>_funds_<br>2024<br>2024<br>2024<br>£<br>£<br>£<br>_13,682,838_<br>_-_<br>_13,682,838_<br>_2,002,114_<br>_-_<br>_2,002,114_<br>_3,873,776_<br>_-_<br>_3,873,776_<br>_2,752,869_<br>_794_<br>_2,753,663_<br>_-_<br>_209,313_<br>_209,313_<br>_20,270_<br>_405_<br>_20,675_<br> <br> <br> <br>_22,331,867_<br>_210,512_<br>_22,542,379_|||||
|||||||



30 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

|**7.**<br>**GOVERNANCE COSTS INCLUDED IN SUPPORT AND ADMINSTRATION**|**Total**|_Total_|
|---|---|---|
|Auditors' remuneration: audit<br>Auditors' remuneration: non-audit fees|**funds**|_funds_|
||**2025**|2024|
||£|£|
||||
||**27,250**<br>**-**|_31,200_|
|||_1,200_|
||||
||||
|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 (2024:<br>£nil).|||



## **8.      RELATED PARTY TRANSACTIONS** 

The Directors, who are also the Governors and Trustees, received no renumeration during the year (2024: £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 (2024: None). Two Governors made donations of £1,440 in the year. 

|year.|||||
|---|---|---|---|---|
|**STAFF COSTS**|**2025**||_2024_||
||£||£||
|Staff costs were as follows|||||
|Payroll costs were;|||||
|Teaching staff|**12,425,116**||_12,119,274_||
|Non-teaching staff|**3,719,364**||_3,606,053_||
|Non Charitable staff costs|**15,629**||_13,606_||
||<br>**16,160,109**||<br>_15,738,933_|<br>|
||||||
|Wages and salaries|**12,161,458**||_11,880,051_||
|Social security costs|**1,364,922**||_1,292,794_||
|Other pension costs|**2,238,069**||_2,185,737_||
|Medical & health Insurance|**395,660**||_380,351_||
||<br>**16,160,109**||<br>_15,738,933_|<br>|



## **9. STAFF COSTS** 

31 



## **BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

|**9.**<br>**STAFF COSTS (continued)**<br>The average monthly number of employees* during the period<br>was as follows:<br>Teaching<br>Teaching Support<br>Support<br>* expressed as Full Time Equivalents|**2025**|_2024_|
|---|---|---|
||**No.**<br>**126**<br>**48**<br>**69**<br> <br>**243**|_No._<br>_129_<br>_49_<br>_69_<br> <br>_247_|
||||
|The School is a certified London Living Wage employer.|||
||||
|The number of higher paid employees was:|**2025**|_2024_|
|In the band £60,001 to £70,000<br>In the band £70,001 to £80,000<br>In the band £80,001 to £90,000<br>In the band £90,001 to £100,000<br>In the band £100,001 to £110,000<br>In the band £120,001 to £130,000<br>In the band £160,001 to £170,000<br>In the band £260,001 to £270,000<br>The number of higher paid employees belonging<br>to pension schemes were as follows:<br>Defined Benefit Scheme<br>Defined Contribution Scheme<br>Not in a Scheme|**No.**<br>**42**<br>**21**<br>**3**<br>**3**<br>**2**<br>**1**<br>**1**<br>_-_<br> <br>**73**|_No._<br>_40_<br>_8_<br>_8_<br>_1_<br>_2_<br>_1_<br>_-_<br>_1_<br> <br>_61_|
||**2025**|_2024_|
||**No.**<br>**24**<br>**48**<br>**1**<br> <br>**73**|_No._<br>_47_<br>_12_<br>_2_<br> <br>_61_|



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 £2,069,380 (2024: £1,846,453). 

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. 

There were redundancy or termination payments made which amounted to £22,000 (2024: £nil). There were no amounts outstanding at the year-end. 

32 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

## **10. TANGIBLE FIXED ASSETS** 


**----- Start of picture text -----**<br>
Freehold  Motor  Fixtures &<br>Total<br>property  vehicles  fittings<br>  COST  £  £  £  £<br>  1 September 2025  28,295,977  230,673  2,562,994  31,089,644<br>  Capital Goods Scheme Adjustment  (224,299)  -   (7,323)  (231,622)<br>  Additions  777,093  17,399  94,888  889,380<br>  At 31 August 2025  28,848,771  248,072  2,650,559  31,747,402<br> DEPRECIATION<br> 1 September 2025  9,646,547  165,641  2,114,730  11,926,918<br> Capital Goods Scheme Adjustment                  -    -                  -<br>-<br> Charge for the year  835,621  26,832  89,107  951,560<br> At 31 August 2025  10,482,168  192,473  2,203,837  12,878,478<br> NET BOOK VALUE<br> At 31 August 2025  18,366,603  55,599  446,722  18,868,924<br> At 31 August 2025  18,649,430  65,032  448,264  19,162,726<br> Buildings insured value estimated  120,906,500<br>11.  INVESTMENTS<br>2025  2024<br>£  £<br>1 September 2024  1,134,880   1,039,630<br>Additions  44,265   200,014<br>Disposals  (52,475)  (209,794)<br>Gain  73,911   105,031<br>At 31 August 2025  1,200,581   1,134,880<br>Historic Cost  1,029,448   952,816<br>At market value<br>Listed Investments  1,200,481   1,134,780<br>Bancroft's Enterprises Limited  100   100<br>1,200,581   1,134,880<br>**----- End of picture text -----**<br>


33 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

|**12.**<br>**DEBTORS**|**12.**<br>**DEBTORS**||
|---|---|---|
|**2025**<br>£<br>Fee debtors (less bad debt provision)<br>**10,650,121**<br>Amounts owed by subsidiary<br>**41,059**<br>Taxation and Social Security<br>**-**<br>Capital Goods Scheme VAT *<br>**231,622**<br>Other debtors<br>**496,285**<br> <br>**11,419,087**<br>* £231,622 includes £219,449 (2024: £nil) which relates to accrued<br>VAT recoverable via the Capital Goods Scheme in future years.||_2024_|
|||£|
|||_82,919_|
|||_41,059_|
|||_-_|
|||_-_|
|||_433,657_|
||||
|||_557,635_|



|**13.**<br>**CREDITORS: amounts falling due within one year**<br>**2025**<br>£<br>Deferred Fee Income - Autumn Term 2025<br>**8,802,127**<br>Payments received on account<br>**2,839,928**<br> <br>Trade creditors<br>**903,115**<br>Taxation and Social Security<br>**1,683,504**<br>Other creditors<br>**311,646**<br>Accruals and deferred income<br>**305,678**<br>Deposits<br>**1,331,850**<br> <br>**16,177,848**<br>|||
|---|---|---|
||**2025**|_2024_|
||£|£|
|||_-_|
|||_2,489,225_|
|||_402,402_|
|||_329,756_|
|||_565,352_|
|||_164,234_|
|||_987,828_|
|||<br>_4,938,797_|
||||



In prior periods, fee invoices raised for the following Autumn were not due until the first day of term and were therefore netted off against the associated fees in advance income. For 2025/26, as VAT invoices have been issued before the year end, this creates a tax point meaning amounts are owed at the time of sending. Therefore, there has been a change in treatment to reflect this change and both the fee debtors and associated fees in advance are recognised. 

34 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

|**14.**|**CHARITY FUNDS**|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||**Brought**||**Income**||**Expenditure**|||**Investment**|**Transfers**|||**Carried**|
|||**Forward**|||||||**gains**||||**Forward**|
||**GENERAL FUNDS**<br>**2025**|**£**||**£**||**£**|||**£**|**£**|||**£**|
||General Fund|21,628,673||26,072,682||(22,294,730)|||-|81,027|||25,487,651|
||Total Unrestricted|||||||||||||
||Funds|21,628,673||26,072,682||(22,294,730)|||-|81,027|||25,487,651|
||**RESTRICTED**|||||||||||||
||**FUNDS**|||||||||||||
||Bancroft's Foundation|929,076||145,694||(183,509)|||73,911|70,841|||1,036,013|
||Clark Willmott Legacy|49,680||-|||-||-||-||49,680|
||Barker Fund|10,000||-||(10,000)|||-||-||-|
||Other Restricted|||||||||||||
||Funds|||2,467|||-||-||-||2,467|
||Other Bursaries|-||63,117|||-||-|(63,117)|||-|
||Peter Salsbury Legacy|184,300||-||(18,325)|||-|(88,751)|||77,224|
||Total Restricted Funds|1,173,055|<br>|211,277|<br>|(211,834)||<br>|<br>73,911|<br>(81,027)||<br>|<br>1,165,383|
||**ENDOWED FUNDS**|||||||||||||
||Peter Salsbury Legacy|88,751||-|||-||-||-||88,751|
||Total Endowed Funds|<br>88,751||<br>-|||-|<br>|<br>-||<br>-|<br>|<br>88,751|
||Total funds|22,890,479|<br>|26,283,959|<br>|(22,506,564)||<br>|<br>73,911||<br>-|<br>|<br>26,741,785|
|||||||||||||||
||**COMPARATIVE 2024**|**Brought**||**Income**||**Expenditure**|||**Investment**||||**Carried**|
|||**Forward**|||||||**gains**|**Transfers**|||**Forward**|
||**GENERAL FUNDS**|**£**||**£**||**£**|||**£**|**£**|||**£**|
||General Fund|19,897,022||24,039,461||(22,367,490)|||-|59,680|||21,628,673|
||Total unrestricted|||||||||||||
||funds|19,897,022||24,039,461||(22,367,490)|||-|59,680|||21,628,673|
||**RESTRICTED**|||||||||||||
||**FUNDS**|||||||||||||
||Bancroft's Foundation|907,151||92,144||(175,250)|||105,031||-||929,076|
||Clark Willmott Legacy|49,680||-|||-||-||-||49,680|
||Barker Fund|20,000||-||(27,910)|||-|17,910|||10,000|
||Other Bursaries|-||77,590|||-||-|(77,590)|||-|
||Peter Salsbury Legacy|201,452||-||(17,153)|||-||-||184,300|
||Total Restricted Funds|1,178,283|<br>|169,734|<br>|(220,313)||<br>|<br>105,031|<br>(59,680)||<br>|<br>1,173,055|
||**ENDOWED FUNDS**|||||||||||||
||Peter Salsbury Legacy|88,751||-|||-||-||-||88,751|
||Total Endowed Funds|<br>88,751||<br>-|||-|<br>|<br>-||<br>-|<br>|<br>88,751|
||**Total funds**|21,164,056|<br>|24,209,195|<br>|(22,587,803)||<br>|<br>105,031||<br>-|<br>|<br>22,890,479|
|||||||||||||||
|||||||||||||||



35 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 


## **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** 

|||||||**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**|**Endowed**<br>**Funds**||**Total**|**Total**|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|||||||**2025**||**2025**|**2025**||**2025**||
||||Fund balances at 31 August 2025 are represented<br>by:|||**£**||**£**|**£**||**£**||
||||Tangible fixed assets|||18,868,924||-|-||18,868,924||
||||<br>Investments|||-||1,111,830|88,751||1,200,581||
||||Current assets|||22,796,575||53,553|-||22,850,128||
||||Creditors due within one<br>year|||(16,177,848)||-|-||(16,177,848)||
||||||||||||||
|||||||25,487,651||1,165,383|88,751||26,741,785||
||||||||||||||
||||||||||||||
||||||||||||||
||||**COMPARATIVE 2024**|||_Unrestricted_<br>_Funds_<br>_Restricted_<br>_Funds_|||_Endowed_<br>_Funds_|||_Total_|
||||||||||||||
|||||||_2024_||_2024_|_2024_|||_2024_|
||||Fund balances at 31 August 2024 are represented<br>by:|||**£**||**£**|**£**|||**£**|
||||||||||||||
||||Tangible fixed assets|||_19,162,726_||_-_|_-_||_19,162,726_||
||||Investments|||_-_||_1,046,129_|_88,751_||_1,134,880_||
||||Current assets|||_7,404,744_||_126,926_|_-_||_7,531,670_||
||||Creditors due within one<br>year|||_(4,938,797)_||_-_|_-_||_(4,938,797)_||
||||||||||||||
|||||||_21,628,673_||_1,173,055_|_88,751_||_22,890,479_||
||||||||||||||



36 



**BANCROFT'S SCHOOL** 

**(A Company Limited by Guarantee)** 


## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

## **16. PENSION COMMITMENTS** 

The School participates in the Teachers� Pension Scheme for its teaching staff. The pension charge for the year includes contributions payable to the TPS of £1,073,267 (2024: £1,777,851) and at the year-end £349,337 (2024 - £nil) was outstanding 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 for the TPS is 28.6% and 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 teaching and support staff. The cost for the year represents the School's contributions to the scheme of £1,164,802 (2024: £407,886) 

## **17. OPERATING LEASE COMMITMENTS** 

At 31 August 2025 the minimum lease payments under non-cancellable operating leases as follows: 

||**2025**|<br>_2024_|
|---|---|---|
||**£**|<br>£|
|**EXPIRY DATE:**|||
|Less than 1 year|**234,824**|<br>_220,324_|
|Between 1 and 5 years|**108,708**|<br>_265,962_|



37 



**BANCROFT'S SCHOOL (A Company Limited by Guarantee)** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025** 

## **18. TRANSFERS** 

|**TRANSFERS**|**TRANSFERS**|**TRANSFERS**|||
|---|---|---|---|---|
|**Unrestricted**<br>**Funds**<br>**Restricted**<br>**Funds**<br>**2025**<br>**2025**<br>**£**<br>**£**<br>Other Bursaries<br>63,117<br>(63,117)<br>Peter Salsbury Legacy<br>-<br>(88,751)<br>Bancroft's Foundation<br>17,910<br>70,841<br> <br> <br>**81,027**<br>**(81,027)**|||**Endowed**<br>**Funds**|**Total**|
||**2025**|**2025**|**2025**|**2025**|
||**£**<br>63,117<br>-<br>17,910<br> <br>**81,027**|**£**<br>(63,117)<br>(88,751)<br>70,841<br> <br>**(81,027)**|**£**<br>-<br>-<br>-<br>-<br> <br>**-**|**£**<br>-<br>-<br>(88,751)<br>88,751<br> <br>**-**|
||||||



## **COMPARATIVE 2024** 

|**TRANSFERS**<br>_Unrestricted_<br>_Funds_<br>_Restricted_<br>_Funds_<br>_2024_<br>_2024_<br>**£**<br>**£**<br>Bancroft�s Foundation<br>77,590<br>(77,590)<br>Other Bursaries<br>(17,910)<br>17,910<br> <br> <br>**59,680**<br>**(59,680)**|**TRANSFERS**<br>_Unrestricted_<br>_Funds_<br>_Restricted_<br>_Funds_<br>_2024_<br>_2024_<br>**£**<br>**£**<br>Bancroft�s Foundation<br>77,590<br>(77,590)<br>Other Bursaries<br>(17,910)<br>17,910<br> <br> <br>**59,680**<br>**(59,680)**|**TRANSFERS**<br>_Unrestricted_<br>_Funds_<br>_Restricted_<br>_Funds_<br>_2024_<br>_2024_<br>**£**<br>**£**<br>Bancroft�s Foundation<br>77,590<br>(77,590)<br>Other Bursaries<br>(17,910)<br>17,910<br> <br> <br>**59,680**<br>**(59,680)**|_Endowed_<br>_Funds_|_Total_|
|---|---|---|---|---|
||_2024_|_2024_|_2024_|_2024_|
||**£**<br>77,590<br>(17,910)<br> <br>**59,680**|**£**<br>(77,590)<br>17,910<br> <br>**(59,680)**|**£**<br>-<br>-<br> <br>**-**|**£**<br>-<br>-<br> <br>**-**|
||||||
||||||



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. 

38