Objects: The support of Bancroft’s School, through the provision of money and resources.
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 18th March 1727, an almshouse and school were established, originally at Mile End, East London, known as Bancroft’s Hospital. Under a Scheme of 1884 the almshouse was abolished and the school transferred to newly built premises at Woodford, Essex. The residue of Francis Bancroft’s estate, which was to be used to endow the almshouse and school on a permanent basis, formed the basis of the Trust.
The 1884 Scheme was replaced by a Scheme of the Board of Education in 1915 and again by a fully regulating Scheme of the Charity Commission, dated 23rd December 1976. Throughout this period the Court of Assistants of The Drapers’ Company were the Trustees and Governors of the Foundation known as Bancroft’s School.
The 1976 Scheme created a body of Governors, a majority of whom were to be appointed by The Drapers’ Company, as Trustees of the Foundation, and The Company itself was appointed manager of the investments in securities and property.
In response to an approach by the Governors and The Drapers’ Company, the Charity Commission made a new Scheme on 26th May 1998, under which the Foundation was formally separated into its two constituent parts. For Accounting purposes this Scheme took effect from 1st April 1998, on which date the undertaking of the school, together with its functional land and buildings, playing fields and adjacent footpath and the assets of the Extraordinary Repair Fund, were transferred to a newly formed Charitable Company Limited by Guarantee known as “Bancroft’s School” (Registered charity number 1068632) [link to Bancroft’s School]. The remaining assets of the Foundation were vested in the continuing charity (Registered number 310929) which was renamed “Francis Bancroft’s Trust”, with The Drapers’ Company as its Trustee.
On 21st March 2002, the Trustee passed a resolution under Section 74 (2)(a) of the Charities Act 1993 to receive the property of three small charities to be held as restricted funds within Francis Bancroft’s Trust. The small charities (Bancroft’s School Prize Fund Trust, Kevin Wing Scholarship Fund and Thomas Henry Littlewood’s Trust) all have close links with Bancroft’s School. The Charity Commission concurred with the proposals and the transfers were completed on 31st July 2002.
Policy: In accordance with the Scheme, all the income arising from the Endowment Fund and the General Fund (net of expenses) is paid to Bancroft’s School.
The income of the three restricted funds is distributed in accordance with the terms of each fund.
