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2024-07-31-accounts

Charity No: 310929

FRANCIS BANCROFT’S TRUST

REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 JULY 2024

FRANCIS BANCROFT’S TRUST

CONTENTS Page
Report ofthe Trustee 1-5
Independent auditors’ report 6-9
Statement offinancial activities 10
Balance sheet 11
Notestothefinancialstatements 12-18

Appendix A

Reference & Administrative information

Appendix B

Members of The Drapers’ Company Court of Assistants and Standing Committees

Appendix C

Charities Administered by The Drapers’ Company

FRANCIS BANCROFT’S TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

Seeee The Trustee presents its Report together with the Financial Statements of Francis Bancroft's Trust (‘the Charity”) for the year ended 31 July 2024. The Financial Statements have been prepared in accordance with the accounting policies set out in Note | to the Financial Statements and comply with the Charities Act 2011, Accounting and Reporting by Charities: 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, and the documents governing the constitution of the Charity.

Reference and administrative information

The legal and administrative details set out in Appendices A to C form part of this Report.

Structure, governance and management

Origin

Francis Bancroft, Citizen and Draper of London, bequeathed all his personal estate on trust to The Drapers' Company. Under the terms of his Will, dated 18 March 1727, an almshouse and school were established, originally at Mile End, East London, known as Bancroft's Hospital. The residue of the estate was used to endow the almshouse and school on a permanent basis and formed the basis of the Charity.

The Court of Assistants of The Drapers' Company were the Trustees and Governors of the Trust or Foundation, known as Bancroft's School, until 1976 when a Scheme created a separate body of Governors as Trustees and appointed the Company as manager of the Charity's investments.

A new Scheme, dated 26 May 1998, formally separated the two constituent parts of the Foundation. With effect from 1 April 1998, the School undertaking, and associated assets, were transferred to a new Charitable Company Limited by Guarantee, known as “Bancroft's School” (Registered charity number 1068532). The investment assets of the Foundation remained in the original charity which was renamed “Francis Bancroft's Trust”, with The Drapers' Company remaining as Trustee.

On 31 July 2002, three small charities (Bancroft's School Prize Fund Trust, Thomas Henry Littlewood's Trust and Kevin Wing Scholarship Fund), all with close links to the School, were transferred to the Charity to be held as restricted funds.

The Charity is governed by the following documents:

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||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---| |Francis|Bancroft's|Trust|a)|Charity|Commission|Scheme|dated 23|December|1976| |b)|—|Charity|Commission|Supplemental|Order dated| |30|April|1982| |c)|Charity|Commission|Scheme|dated|26|May|1998| |Bancroft’s|School|Prize Fund|Trust|d)|Trust Deed|dated|16|September|1993| |Thomas|Henry|Littlewood’s|Trust|e)|Will|of|Thomas|Henry|Littlewood|dated|20|January|1948| |f)|Order of the|Secretary|of State|for Education|and|Science| |dated|24 May|1979| |Kevin|Wing|Scholarship Fund|g)|Will|of Kevin|Wing|dated|11|March|1992|

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Page 1

FRANCIS BANCROFT’S TRUST REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

Governance and management

The Charity uses The Drapers' Company for the provision of administration services, which are provided on a shared basis with other charities under common trusteeship of the Company. The Charity is a participant in The Drapers' Charities Pooling Scheme.

The Drapers' Company is the Charity's Trustee and acts through its Court of Assistants (“the Court”), which meets at least six times a year, agrees overall strategy and takes all policy decisions. These policies are developed and refined by three Standing Committees which oversee grant allocation, finance and investments respectively, and once decisions have been taken and ratified they are implemented by the Company's Officers.

The operation of the Committees is reviewed annually by the Court for effectiveness against the overall aims and objectives of the Company and its Charities.

The Court takes decisions on the award of grants above £50,000. The Trustee delegates authority for the award of grants up to £50,000 and the implementation of the agreed grant-making policy to the Charities Committee. The Committee membership is drawn from the Court and other members of the Company. Composition of the Committee is reviewed and confirmed each year. The Committee, which meets five times a year, has clearly defined terms of reference.

Each year the Court normally elects at least one new member from the Company membership who is given specific training on trustee duties and obligations by the Company's Officers and external providers before taking up their position. In addition, all members of the Court receive regular and ongoing trustee training in relevant areas.

Key management personnel remuneration

The Trustee considers the members of the Court as trustee and together with the members of the Charities Committee, who have limited and clearly defined terms of reference, comprise the key management personnel of the Charity in charge of directing and controlling the Charity and overseeing the running and operating of the Charity on a day-to-day basis. The members of the Court, in their capacity as Trustee, give their time freely and no trustee remuneration was paid in the year.

Trustees are required to disclose all relevant interests and register them with the Director of Philanthropy & Governance and, in accordance with the Charity’s policy, withdraw from decisions where a conflict of interest arises. Neither the Charity nor any of the members of the Court, as Trustee, have interests with beneficiary charities, but any such interests would be disclosed.

Risk management

The principal risk faced by the Trust concerns the performance of its investments. The operational risks are minor given the grant-making policy of Francis Bancroft's Trust is narrowly defined, being the payment of the net income from the Charity to Bancroft's School.

The Trustee mitigates the investment risk through the regular review of investment strategy and portfolio performance by the Investment Committee and professional advisors. The Common Investment Fund (The Drapers’ Charities Pooling Scheme) in which the Charity’s assets are invested also assists in spreading the risk.

Statement of trustee responsibilities

The Trustee is responsible for preparing the Trustee’s Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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FRANCIS BANCROFT’S TRUST

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REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

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Statement of trustee responsibilities (continued)

The law applicable to charities in England & Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that period. In preparing these financial statements, the Trustee is required to:

The Trustee is responsible for keeping accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the Financial Statements comply with the Charities Act 2011, and the provisions of the trust deed. The Trustee is also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In the opinion of the Trustee, the Charity is adequately resourced to continue successfully to assist Bancroft's School, in accordance with its objects. The financial statements have been prepared on a going concern basis.

Objectives and activities for the public benefit

The 1998 Scheme defines the object of the Francis Bancroft's Trust as the support of Bancroft's School through the provision of money and resources. Consequently the net income, after deduction of management and administration costs, is paid to Bancroft's School.

Bancroft's School Prize Fund Trust has as its principal object, the encouragement of scholastic, sporting or other achievements by the pupils of Bancroft's School through the provision of prizes. Subject to the foregoing, the objects include such other charitable purposes as the Trustee thinks fit.

The Kevin Wing Scholarship Fund was established by a bequest received in 1993 from Kevin Wing, an Old Bancroftian, to provide one or more annual scholarships for full-time students at the University of Oxford who had previously attended Bancroft's School.

Thomas Henry Littlewood's Trust was established by a bequest from Thomas Henry Littlewood, one time Science Master at Bancroft's School, who died in 1948. Following the death of the original life tenants, the legacy was paid to the Company, as Trustee, in 1964 with the capital held as permanent endowment, and the income funding the objects of the Trust, namely the advancement of education by the provision of higher education science scholarships to former pupils of Bancroft's School.

The Trustee has complied with the Charities Act 2011, having due regard for the Charity Commission's guidance on public benefit when reviewing the Charity's aims and objectives, setting the grant-making policy and in awarding grants.

Grant-making policy

The policy of Francis Bancroft's Trust is narrowly defined, being the payment of the net income from the Charity to Bancroft’s School.

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FRANCIS BANCROFT?’S TRUST

REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

Grant-making policy (continued)

Bancroft's School Prize Fund Trust awards thirty-two annual prizes or bursaries for specific subjects or achievements in accordance with the wishes of the original donor. Selection of prize winners is delegated to the Head teacher.

Applications to the Kevin Wing Scholarship Fund from former pupils of Bancroft's School studying at the University of Oxford are made to the Head teacher. Nomination of award recipients is delegated to the Head teacher.

Scholarships awarded from Thomas Henry Littlewood's Trust are selected on the recommendation of the Governors of Bancroft's School.

Achievements and performance

Income of £162,100 was distributed during the year to Bancroft's School (2022/23: £161,507).

Thirty two prizes and bursaries from Bancroft's School Prize Fund Trust, totalling £5,052 (2022/23:£5,052), were awarded during the year to pupils at the School.

No awards were made during the year from the Kevin Wing Scholarship Fund

No awards were made from Thomas Henry Littlewood's Trust.

Financial Review

Total incoming resources were £176,378 (2022/23: £174,977). Governance costs were £2,874 (2022/23: £2,448). Expenditure on charitable activities decreased from £175,705 to £173,508.

Investment Policy and Performance

There are no restrictions on the Charity's power to invest. The investment objective of the Trustee is to combine income and capital growth in a conservative manner. In keeping with this aim, the Trustee regularly reviews the allocation of investment assets of those charities for which it has responsibility. The Charity's investments consist of holdings in The Drapers' Charities Pooling Scheme (Registered Charity Number 1061675). The Trustee does not take any specific social, environmental or ethical considerations when carrying out the investment objective.

Reserves

No reserves are held in general unrestricted funds by the Charity as all available income is passed to Bancroft's School, in accordance with the Scheme. Small surpluses totalling £23,760 are held within the three restricted prize funds which the Charity administers. The balance of funds of £6,426,053 are held within the permanent endowment fund.

Plans for future periods

The grant-making policies of the Charity and Prize Funds are narrowly defined with no changes anticipated in the foreseeable future.

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FRANCIS BANCROFT’S TRUST

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REPORT OF THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024 ——————— SS Ess ee EE

Signed for and on behalf of The Drapers’ Company as Trustee

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Weran Hack WCAC./} va
Master j Chairman, Finance and
General Purposes Committee
Clerk
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12 December 2024
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Page 5

FRANCIS BANCROFT’S TRUST INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

Opinion

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

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustee’s 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 charity’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 trustee with respect to going concern are described in the relevant sections of this report.

Other information

The trustee is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

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FRANCIS BANCROFT’S TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

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Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

° the information given in the Report of the Trustee is inconsistent in any material respect with the financial statements; or

Responsibilities of trustees

As explained more fully in the Trustee’s Responsibilities Statement set out on pages 2-3, the trustee is 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 trustee determines 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 trustee is responsible for assessing the charity’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 trustee either intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditors under the Charities Act 2011 and report in accordance with regulations made under that Act. 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 auditors’ 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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the charity’s financial statements to material misstatement and how fraud might occur, including through discussions with representatives of the trustee, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the charity by discussions with representatives of the trustee and updating our understanding of the sector in which the charity operates.

Laws and regulations of direct significance in the context of the charity include the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and guidance issued by the Charity Commission for England and Wales.

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FRANCIS BANCROFT’S TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the charity’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the charity’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.fre.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charity’s trustee in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the trustee 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 charity and the trustees as a body, for our audit work, for this report, or for the opinions we have formed.

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FRANCIS BANCROFT?’S TRUST

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEE FOR THE YEAR ENDED 31 JULY 2024

Saffery LLP

Statutory Auditors

71 Queen Victoria Street London EC4V 4BE

Pate: (0 omuerg202 Saffery LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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FRANCIS BANCROFT’S TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024

Unrestricted Restricted Endowment Total Total
Fund Fund Fund 2023/24 2022/23
Note £ £ £ £ £
Incoming and endowments from:
Donations and legacies 2 4,200 - - 4,200 4,000
Investments 3 164,256 7,922 - 172,178 170,977
Total incoming resources 168,456 7,922 - 176,378 174,977
Expenditure on:
Charitable activities 4,5 168,456 5,052 - 173,508 175,705
Total 168,456 5,052 - 173,508 175,705
Netinvestment gains/(losses) 6 - - 386,219 386,219 (144,729)
Net income(/expenditure) - 2,870 386,219 389,089 (145,457)
Transfers between funds 9 - - - - -
Netmovement in Funds - 2,870 386,219 389,089 (145,457)
Balances at 1 August - 20,890 6,039,834 6,060,724 6,206,181
Balancesat31July - 23,760 6,426,053 6,449,813 6,060,724

All of the above results derive from continuing activities

There are no other gains and losses other than those noted above.

The notes on pages 12 to 18 form part of these financial statements.

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FRANCIS BANCROFT’S TRUST

BALANCE SHEET

AS AT 31 JULY 2024

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31.07.24 31.07.23
Note £ £ £ £
Fixed assets
Investments 6 6,426,053 6,039,834
Current assets
Cash at bank 77,694 71,985
77,694 71,985
Liabilities
Creditors: amounts falling
due within one year 7 (53,934) (51,095)
Net current assets 23,760 20,890
Total net assets 9 6,449,813 6,060,724
Represented by:
Capital funds
Endowment Fund 9 6,426,053 6,039,834
Restricted funds
Restricted Funds’ Surplus 9 23,760 20,890
Income fund
Unrestricted Fund 9 - -
6,449,813 6,060, 724
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Approved by the Trustee on 12 December 2024

Signed for and on behalf of The Drapers’ Company as Trustee.

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Master / Chairman, Finance and
VY . General Purposes Committee
Clerk
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The notes on pages 12 to 18 form part of these financial statements.

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Page 1]

FRANCIS BANCROFT’S TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

Accounting Policies

Ll Basis of preparation

The accounts have been prepared under the historical cost convention, as modified by the revaluation of certain fixed asset investments, and applicable accounting standards in the United Kingdom. The financial statements have been prepared in accordance with the second edition of Statement of Recommended Practice: Accounting and Reporting by Charities applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity constitutes a public benefit entity as defined by FRS 102.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view. This departure has involved following Accounting and Reporting by 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 rather than the Accounting and Reporting by Charities Statement of Recommended Practise effective from 1 April 2005 which has since been withdrawn.

1.2 Going concern

The Trustee considers that there are no material uncertainties about the Charity’s ability to continue as a going concern. The most significant areas of adjustment and key assumptions that affect items in the accounts are to do with estimating the final quarter’s dividend income from the Charity’s equity holdings in The Drapers’ Charities Pooling Scheme. With respect to the next reporting period, 2024-25, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the Trustee’s annual report for more information).

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Voluntary income

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised, until either those conditions are fully met or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.

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FRANCIS BANCROFT’S TRUST

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

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1.4 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of obligation can be measured reliably.

All expenditure is accounted for an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings.

1.5 Investments Investments are a form of basic financial instrument representing shares in The Drapers’ Charities Pooling Scheme and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the proportionate amount of the net asset value of the Scheme pool as at 31 July 2024. The statement of financial activities includes the net gains and losses arising on the revaluation and disposals throughout the year.

The Charity does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub-sectors.

The Charity maintains three types of fund:

Permanent Endowment Fund - where the capital is held in perpetuity to generate income for furtherance of the Charity's objects. This income and its application are accounted for in the Charity's unrestricted fund as there are no restrictions on its use.

Restricted Funds - where the purpose for which the capital and income of the funds may be used has been restricted by the Charity Commission or by specific trusts declared by the donors (Note 10 provides further details).

Unrestricted Fund - where the fund is not restricted as to use, within the Charity's objects.

1.7 Critical accounting judgements and key sources of estimation uncertainty

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant actual results may differ from these estimates.

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

Key sources of estimation uncertainty Listed and Unlisted investments — based on the share of the net assets of the Drapers’ Charities Pooling Scheme.

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FRANCIS BANCROFT’S TRUST

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

2 Donations
2023/24 2022/23
£ £
Donation fromThe Drapers’ Company 4,200 4,000
3 Investment income
Unrestricted Restricted Total Total
Funds Funds 2023/24 2022/23
£ £ £ £
Dividends receivable from:
Drapers’ Charities Pooling Scheme 163,053 7,922 170,975 170,977
Bank interest receivable 1,203 - 1,203 -
164,256 7,922 172,178 170,977
Unrestricted Restricted Total Total
Funds Funds 2022/23 2021/22
£ £ £ £
Dividends receivable from:
Drapers’ Charities Pooling Scheme 163,053 7,924 170,977 170,977
Bank interest receivable - . - -
163,053 7,924 170,977 170,977
4 Charitable activities: Cost ofgrants awarded
2023/24 2022/23
£ £
Grants awarded from Restricted Funds
Kevin Wing Scholarship Fund
Nil grants awarded (2022/23 - 2) - 3,600
Bancroft’s School Prize Fund
32 prizes awarded (2022/23 —32 prizes) 5,052 3,052
Total grants awarded from Restricted Funds 5,052 8,652
Grants awarded from Unrestricted Funds:
Net income passed to Bancroft’s School 162,100 161,507
Support Costs
Management Costs
: Administration		 1,113 1,020
Office 628 529
Finance Costs: Administration 1,113 1,020
Office 628 529
Governance costs (see note 5) 2,874 2,448
TotalunrestrictedFunds 168,456 167,053

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FRANCIS BANCROFT’S TRUST

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

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5 Charitable activities: Governance and staff costs

Charitable activities: Governance and staff costs
2023/24 2022/23
£ £
Administration staffcosts 560 513
Office costs 312 262
Audit fees 2,002 1,673
2,874 2,448

The average number of employees during the year was 2 (2023: 2) with all employee time involved in providing either support to the governance of the charity or support services to charitable activities.

The Charity considers its key management personnel comprise the members of the Court of Assistants together with the members of the Charities Committee, who have limited and clearly defined term of reference. The total employment benefits including employer pension contributions of the key management personnel were £nil (2023: £0). No employees had employee benefits in excess of £60,000 (2023: none).

6 Investments

2023/24 2022/23
£ £
Market value at 1 August 6,039,834 6,184,563
Acquisitions
Netinvestment		 gains/(losses) =
386,219		 -
(144,729)
Marketvalue at31 July 6,426,053 6,039,834
Historical cost at31 July 3,389,509 3,389,509
All investment assets are held within the UnitedKingdom
7 Creditors: Amounts falling due within one year
31.07.24 31.07.23
£ £
Sundry Creditors 53,934 51,095
53,934 51,095

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FRANCIS BANCROFT?’S TRUST

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

8 Analysis of total net assets

Restricted Expendable Total
Funds endowment 31.07.24
£ £ £
The Drapers’ Charities Pooling Scheme - 6,426,053 6,426,053
Net current assets 23,760 - 23,760
23,760 6,426,053 6,449,813
Restricted Expendable Total
Funds endowment 31.07.23
£ £ £
The Drapers’ Charities Pooling Scheme - 6,039,834 6,039,834
Net current assets 20,890 - 20,890
20,890 6,039,834 6,060,724

9 Funds

Funds
Movements ofFunds
Balance
01.08.23		 Incoming
resources		 Resources
expended		 Transfers Gains/
(Losses)		 Balance
31.07.24
£ £ £ £ £
Endowment
Fund
Permanent 5,759,982 - - - 368,325 6,128,307
Endowment Fund
Restricted Funds
Bancroft’s School 178,455 - - - 11,412 189,867
Prize Fund
KevinWing 95,387 - - - 6,098 101,485
Scholarship Fund
ThomasHenry 6,010 - - - 384 6,394
Littlewood’s
Total 6,039,834 - - - 386,219 6,426,053
Endowment
Funds
Restricted
Funds’ Surplus
Bancroft’s School 1,621 5,052 (5,052) - - 1,621
Prize Fund
KevinWing 16,803 2,700 - - - 19,503
Scholarship Fund
Thomas Henry
Thomas Henry 2,466 170 - - - 2,636
Littlewood’s Trust
Total Restricted 20,890 7,922 (5,052) - - 23,760
Funds
Unrestricted
Fund
General Fund - 168,456 (168,456) - - -
TotalFunds 6,060,724 176,378 (173,508) - 386,219 6,449,813

Page 16

FRANCIS BANCROFT’S TRUST

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

eee

Funds (continued)

Funds (continued)
Movements ofFunds
Balance Incoming Resources (Losses)/ Balance
01.08.22 resources expended Transfers Gains 31.07.23
£ £ £ £ £
Endowment
Fund
Permanent 5,898,005 - - - (138,023) 5,759,982
Endowment Fund
Restricted Funds
Bancroft’s School 182,732 - - - (4,277) 178,455
Prize Fund
KevinWing 97,672 - - - (2,285) 95,387
Scholarship Fund
Thomas Henry		 6,154 - - - (144) 6,010
Littlewood’s
Total 6,184,563 2 . . (144,729) 6,039,834
Endowment
Funds
Restricted
Funds’ Surplus
Bancroft’s School		 1,621 5,052 (5,052) - - 1,621
Prize Fund
KevinWing 17,701 2,702 (3,600) - - 16,803
Scholarship Fund
ThomasHenry		 2,296 170 - - - 2,466
Littlewood’s Trust
Total Restricted 21,618 7,924 (8,652) - - 20,890
Funds
Unrestricted
Fund
General Fund - 167,053 (167,053) - - -
TotalFunds 6,206,181 174,977 (175,705) - (144,729) 6,060,724

The Permanent Endowment Fund is the capital of the Charity to be held in perpetuity to generate income for the Charity’s objects.

The income of the Bancroft’s School Prize Fund, and such part of the capital as the Trustee think fit, is used to provide annual prizes to pupils of the School to encourage scholastic, sporting or other achievements.

The capital of the Kevin Wing Scholarship Fund is to be held in perpetuity to provide an income to fund scholarships for former pupils of Bancroft’s School studying at the University of Oxford.

The capital of Thomas Henry Littlewood’s Trust is to be held in perpetuity to provide an income to fund higher education science scholarships to former pupils of Bancroft’s School.

DnSee

Page 17

FRANCIS BANCROFT?’S TRUST

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

10 Transactions with related parties

During the year, the Trustee of the Charity, The Drapers' Company, acted as Trustee for six other charities, details of which are provided in Appendix C to the Trustee's Report. Details of the dividend income received from The Drapers' Charities Pooling Scheme is shown in Note 3. The charity also received a donation from the Drapers’ Company details are shown in Note 2.

11. =‘Trustee Remuneration

The members of the Drapers’ Company Court of Assistants, as Trustee, give freely their time and expertise without any form of remuneration or other benefit in cash or kind, or the reimbursement of any expenses by the charity (2023: £nil).

12 Prior year SOFA

Unrestricted Restricted Endowment Total
Fund Fund Fund 2022/23
£ £ £ £
Donations and legacies
Investments		 4,000
163,053		 -
7,924		 -
-		 4,000
170,977
Total incoming resources 167,053 7,924 - 174,977
Expenditure on:
Charitable activities 167,053 8,652 - 175,705
Total 167,053 8,652 . 175,705
Net investment losses - - (144,729) (144,729)
Netincome/expenditure - (728) (144,729) (145,457)
Transfers between funds - - - -
Netmovement in Funds - (728) (144,729) (145,457)
Balances at August - 21,618 6,184,563
Balancesat31July - 20,890 6,039,834 6,060,724

Page 18

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION

ee

----- Start of picture text -----
||||| |---|---|---|---| |Trustee|The Drapers’|Company| |Principal|office|Drapers’|Hall| |Throgmorton|Avenue| |London| |EC2N 2DQ| |Court|of Assistants|Nicholas|Bence-Trower| |David|Chalk| |William|Charnley| |Jane|Mather| |Philp|Ogden| |Timothy|Orchard| |Thomas|Harris| |Stuart|Shilson| |Patrick|Beddows| |Philip|Lawford| |Morag|Shiach| |Timothy|Page| |Richard|Horner| |Luke|Savage| |Andrew|Ford| |Neil|Redcliffe| |Benedict|Dunhill| |Officers|Richard|Winstanley|(Clerk)| |David|Sumner|(Director|of Finance)| |Andrew Mellows|(Director|of Philanthropy)|

----- End of picture text -----

Neen

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

Almshouse Managers The Trust Partnership Ltd
6 Trull Farm Buildings
Tetbury
Gloucestershire
GL8 8SQ
Auditors SafferyLLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers LloydsTSB Plc
70-71 Cheapside
London
EC2V 6EN
Investment Advisors Redington
Floor 6
I Angel Court
London
EC2R 7HJ
Property Valuers Knight Frank
20 Hanover Square
London
W1ROAH
Securities Custodian RBC Investor& Treasury Services
71 Queen Victoria Street
London
EC4V4DE
Solicitors BDB PitmansLLP
50 Broadway
Westminster
London
SW1H OBL
Surveyors Epic PropertyAssetManagementLtd
3 Burlington Gardens
London
W1S3EP

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

a

GOVERNANCE

———————

EEE EE ESS SE

SS

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

APPLICABLE COMMITTEE AND COURT TERMS OF REFERENCE

Court of Wardens

Investments Committee

Finance and General Purposes Committee

APPENDIX A

REFERENCE AND ADMINISTRATIVE INFORMATION (continued)

aeee eee APPLICABLE COMMITTEE AND COURT TERMS OF REFERENCE (continued)

Charities Committee

DNeee.

APPENDIX B

MEMBERSHIP OF STANDING COMITTEES YEAR ENDED 31 JULY 2024

|TT
|NicholasBence-Trower
CC
C™C~C~dYSC“(‘iM _=dCdi
|DavidChalk
|William Chamley
|JaneMather
|PhilipOgdenOM
Timothy Orchard
CE
CdCC| |---| ||StuartShilson
|PatrickBeddows
TC
|PhilipLawford
CM
|MoragShiach
CCCs
|TimothyPage
|RichardHorer
Cd CUM
|LukeSavageCE
Cd CUMUd
pAndrewFord
[NeilRedcliffe0
|BenedictDunhill
CM
a
| Additional Committee Members (Liverymen & Freemen) |
|
Ti
JanBickers0M
RefBhumbra
|KatherineBurns
dT CUM
|PatriciaGallan
Cd
CUMUC
|MichaelHughes
CT
Cd CUM
|QuentinMarshall
CCU
CUMOU
|VictoriaShapiro,
CE
CU CMM*
|Graham Turnock
|C
|AndrewYounger
CE
Cd
CCidrECeMi|

Legend: C = Chairman M = Member

APPENDIX C

CHARITIES ADMINISTERED BY THE DRAPERS’ COMPANY YEAR ENDED 31 JULY 2024

ee

General Charities

The Drapers’ Charitable Fund The Drapers’ Charities Pooling Scheme

Almshouse Charity

The Drapers’ Almshouse Charity

Education Charities

Francis Bancroft’s Trust Thomas Howell’s Trust

The Thomas Howell’s Education Fund for North Wales Sir William Boreman’s Foundation

i