[SalesForce] Report Folder visible to all users even when not shared

I have created one testing report folder and have not shared it no role or user. But users are still able to see that folder and reports inside it. We have enabled analytics folder sharing in ORG. Below screenshot shows the users with folder is shared. I have shared it with myself as manager.

Users who are able to see this folder have following permissions enabled on their profile.

1. Create and Customize Reports Checked
2. Manage Reports in Public Folders Not Checked
3. Edit My Reports Not Checked
4. Schedule Reports Checked
5. Manage All Private Reports and Dashboards Not Checked
6. Subscribe to Reports Checked
7. View Reports in Public Folders Checked

Any thoughts on this. I am not sure if above given permissions are playing any role. Reporting always confuses me in Salesforce 🙁

Any help would be appreciated.