REGISTERED CHARITY NUMBER: 309235 THE BURFORD SCHOOL FOUNDATION REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE BURFORD SCHOOL FOUNDATION CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Report of the Trustees Report of the Independent Auditors Statement of Financlal Activities Balance Sheet Cash Flow Statement 10 Notes to the Cash Flow Statement 11 Notes to the Financial Statements 12 to 18
THE BURFORD SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The governors (known as and referred to herein as Ihe "Trustees") of Burford School Foundation (the Foundation} have the pleasure in presenting their report and the financial statement of the Foundation for the year ended 31 December 2023. The Trustees have adopted the provisions of Accounting and Reporting by Charities- Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) {effective 1 January 20151. OBJECTIVES AND ACTIVITIES Objects as set out in the Scheme The application of funds shall be as stated in the Scheme dated 23 July 1990.. 1. For defraying the cost of maintaining the property owned by the Foundation and all other charges and expenses incurred in the management of the Foundation. 2. For providing such special benefits of any kind for any educalional institution attended by children resident in the area of benefit (the civil parish of Burford) as may be from time lo time agreed by the Trustees of the Foundation and ofthe school concerned. 3. For promoting the education of persons under 25 years who either reside in the area of benefit or have attended as a pupil of a school in the area of benefit for at least 2 years and are in need of financial assistance. Actlvities The Trustees confirm that they have referred to the Charity Commission's general guidance on public benefit in setting policies and in carrying out and planning future activities in accordance with those policies. The Trustees consider that the activities are for the public benefit because they are all educational and contribute to the educational institutions of Burford and also individuals in need of financial support towards their education. The Trustees set an annual grant expenditure budget which takes into account the projected income of the Foundation and known calls anticipated for the maintenance of its property and the funding of management costs. At Primary and Secondary School level, services, equipment and general items are purchased according to the needs identified by the staff and Head Teacher of the school. At Higher and Further Educational level periodic grant and bursary payments are made to students in established financial need. to finance equipment, travel, sbJdy courses or any other identified financial requirement, as judged worthy by the Trustees. All grant and bursary decisions are made in accordance with the Foundation's governing doGuments, its policies. and with reference to the annual budget and quarterly management accounts. ACHIEVEMENT AND PERFORMANCE Charitable activities In 2023, the Foundation provided £158.920 for additional teaching, equipment. subscriptions an general items proposed by Burford School's stsff and Head teacher The Burford Primary School received £1.000 for additional teaching. equipment and general items proposed by the School's stsff and Head teacher. The Burford Pre School received £6.200 for additional leaching. equipment and general items proposed by the Chair of the Trustees and Pre-school Marbager. Grants and bursaries to individuals in Higher and Further Education in 2023 amounted to £4.000.
THE BURFORD SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 ACHIEVEMENT AND PERFORMANCE Fund raising activltles The Foundation owns both domestic and commercial properties which are an open market resource lo generate funds. The vagaries of the housing and commercial market affect the Foundation's income. During 2023, total rent receipts amounted to £95,20012022.' £89,046). The Foundation does not engage in other fundraising activities. FINANCIAL REVIEW Financial position The total income for the Foundation in 2023 was £340.523 (2022.. £310,000). Total expenditure in 2023 was £424,446 (2022.. £572,991). Net gains on inveslmenls in 2023 was £884,346 {2022 £462,566 loss) During 2023 the Foundation received the payments related to the sale of land connected with the Shilton Road development. These payments amounted to £1.152,028. Of this money £1.050,000 was invested in the CCLA Fund, £25.000 was invested in the Cazenove Fund and £40.000 was held in reserve for potential grant to the Primary School in 2024. The £1,152,028 was shown as a Debtor in the 2022 Financial Statements. Reserves policy The Foundation operates a Reserve Policy in respect of its major assets. which are made up of residential and commercial buildings (the Properties), investments in CCLA (the CCLA Funds) and investments held by Cazenove (the Cazenove Funds). The current form ofthe Reserve Policy was adopted in May 2024 and modified in July 2024. Within the Reserves Policy. the Foundation has created a concept of a 'Permanent Endowment 'which is made up of assets which cannot be spent. These assets fall into two categories, those operated under standard rules and those operated under a Total Returns basis. The assets operated under Stsndard Rules are the Properties and the CCLA Fund. Standard Rule assets produce income {that is rental payments and dividends) which are used to support the operations of the Foundation. All market gains related lo these assets remain in the Permanent Endowment. The asset operated under the Tolal Returns Policy is the Cazenove Fund. The original policy was adopted in December 2022. Under this policy a protected amount of funds was established. At creation, this lotaled £9.746.829. This forms part ofthe Permanent Fund. The invested funds generate both income dividends and market growth. These increases are Classified as Unapplied Total Returns IUTR). Funds held as UTR can firstly be applied to increase the value of the protecled amount by changes in the Consumer Price Index (CPI). Once allocated to the protected amount, Ihese become part of the Permanent Fund. Dividend income received into the UTR can be classified as Income Funds and become available to be used by the Foundation to meet its charitable objectives. Once classified as Income Funds. these monies can be removed from the Cazenove Fund. All other fund5 in the UTR remain there until such a time as the Trustees decide otherwise. In 2023 no adjuslmenls were made for CPI and £135,000 of dividend income was classified as Income Funds and was removed to meet Foundation objectives. At the end of 2023 £17,192,658 was held as Permanent Endowment and £727,649 was held as UTR. In July 2024, the policy was modified to standardise the existing annual CPI adjustment. Under this. a CPI adjustmenl is made in January of each year by reference to the CPI for the previous year. An adjustment for 2023 CPI will therefore be made in 2024. This is expected to amount to a transfer of £389,873 from the UTR to the Permanent Endowment.
THE BURFORD SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW Reserves policy - continued Also in July 2024, the policy was changed lo allow dividends received in the Cazenove Fund to be classified as Income Funds on a quarterly basis rather Ihan an annual basis. Permanent Endowment amounts, together with the UTR which has not be classified as Income Funds are shown as restricted assets. Income Funds which are still held in the UTR are classified as unrestricted assets. PRINCIPLE RISKS AND UNCERTAINTIES Principal risks relate to the performance of the Foundation's investment portfolio. The Foundation regularly reviews its risk appetite and asset allocation, taking independent advice as appropriate. FUTURE PLANS The Foundation is long established and conservative in its operations. These attitudes will probably govern Ihe ongoing actions. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing do¢ument The Foundation is controlled by its governing document, a deed of trust and constitutes an unincorporated charity. The Foundation is governed by a Scheme which was approved and sealed by the Charity Commission on 29th February 2024 which replaced the Scheme daled 23 July 1990. Governance and management Day-to-day management is delegated by Ihe Trustees to specific responsible roles. Overall, the chair manages meetings and the interface with beneficiaries A Grants Committee considers application5 from institutions and individuals and proposes payments in accordance with policies agreed by the Trustees. for approval by Trustees. Property maintenance and lenancies are the responsibility of Trustees who instruct contractors and tradesmen as required. Purchasing guidelines have been agreed by the Trustees. Managing agents have been appointed for project management of building work. Tenancies are managed in conjunction with a local estate agent. A further Trustee acts as treasurer in accordance with rule5 for financial expenditure limits and co-signatory requirements. All the above Trustees are responsible lo the plenary Trustee meetings and all actions are subject to report, resolution and recording in the Foundation's meeting minutes. No staff are employed, and no honoraria are paid. Expert advice is sought on a payment for services basis only. Recruitment and appointment of new trustees The recruitment of Trustees is undertaken in accordance with the governing document, Charity Commission guidance. and through the use of local media for open recruitment. New Trustees are given a full induction into their role as Trustees.
THE BURFORD SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADIIiINISTRATIVE DEfAILS Règlstered Charlty number 309235 Prlnclpal address Fysshers Croft Church Green Burford OX18 4RY Trustees A C Beaney R Reaviey D A Cotterill C Walton L Evans M Ebelis H Ashtr)n M Alxighton FRSA (H8admast8r Burford School) TPutt A Jackson (appointed 2211r2024) N H Gay (appointed 2415r2024) R M Veeder (appointed 2211r2024) (EXtive Headtethr Burford Primary SthoL4) STATEMENT OF TRUSTEES. RESPONSIBILMES The Trustees are resportsible for preparing the Report of the Trustees a1 the financial statements in acC(danCe with applicable arKI unrt Kird ACCntIr0 Standards (United Kirodorn Gen8ral Accepted Accounting Practice). The law applicable to chartties in Erh3land arKI Wales. the Charib8s A¢t 2011. Charity (Accounts and ReFrf)rts) RU?tiOnS 2008 and the provisions of the trust deed requires the trustees to Ppare 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 resrS and applicaticm of resrceS. ir•cluding Ihe income and exp8fKJIre. of the charity for that period. In preparing those finaal sLments. the trustees are required to select suitable accounting wlicies and then apply them consistenty. observe the methods and principles in the Chanty SORP; make judgements and estimates that are reasonable and wLthnL" state whether applicable accounting standards have been folkhved. subject to any material departures disclosed and explained in the financial statements: prepare the financial statements on the going basis unless il is inapwopriate to presume that the charity will continue in business. The trustees are resw>nsible for keepiThJ proper accwnling re(x)rds whith disclose wilh reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial ststements cOmY with the Charities Act 2011. the Charity (ACc(rIts and Rewts) Regulalions 2008 and th8 provi8ions of the trust deed. They are also reswnsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention arMJ detection of fraud and other irregularitses. Approved by (der of the board of trustees 14 October 2024 arbd signed on its behalf br. A Jackson - Trustee
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BURFORD SCHOOL FOUNDATION Opinion We have audited the financial statements of The Burford School Foundation (the 'charity'l for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Slalement of Cash flows and notes lo 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.. give a true and fair view of the state of the charity's affairs as at 31 December 2023, and of its incoming resources and application of resources, including its 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 Charities Act 2011. Basis for opinion We conducted our audit in accordancé with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance wilh 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 Ihe trustees, 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 idenlified 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 trustees with respect to going concern are described in the relevanl sections of this report. Other information The other infomiation comprises the information included in the trustees. annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not Cover the other information and 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 lo 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 lo report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. Ihe information given in the trustees, report is inconsistent irb any material respect with the financial statements- or sufficient accounting records have not been kept; or the financial stslements are not in agreement with the accounting records. or we have not received all the information and explanations we require for our audit.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BURFORD SCHOOL FOUNDATION Responsibllities of trustees As explained more fully in the trustees, responsibilities statement, the trustees 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 trustees 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 trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic allernalive but to do so. Auditor responsibilities for the audit of the financial statements We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue a Report of the Independent Auditors 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, Ihey 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, oudined 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.. The engagemenl partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations.. We identified the laws and regulations applicable to the company through discussions with trustees and other management, and from our knowledge and experience.. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company., we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where applicable. and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo instances of non-compliance throughoul the audit. We assessed the susceptibility of the company's financial statements to material misstatement. including obtaining an understanding of how fraud might occur. by.. making enquiries of management and their outsourced finance providers as to where they considered there was susceptibility to fraud. their knowledge of actual. suspected and alleged fraud., and considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of conlrols. we: performed analytical procedures to identify any unusual or unexpected relationships and transactions: tested journal entries to identify unusual Iransactions., assessed whetherjudgements and assumptions made in determining the accounting eslimates were indicative of polential bias especially in respect of property valuations and application of total return- and investigated the rationale behind significant or unusual transactions.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BURFORD SCHOOL FOUNDATION Auditor responsibilities for the audit of the financial statements continued In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedure5 which included. but. were not limited to.. agreeing financial statement disclosures lo underlying supporting documentation. reading the minutes of meetings ofthose charged with governance- enquiring of management as to actual and potential litigation and claims Reviewing relevant correspondence and legal contracts. 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 is available on the FRC'S webslte at.. htt s'.Ilwww.frc.or .uklaudilors/audit-assurancelaudilor-s-res onsibilities-for-the-audit-of-the-fildescri tion-of-the -auditor /oE2 /080 /o99s-res onsibilities-for. This description forms part of our auditor's report.] Use of our report This report is made solely to the charily's trustees, as a body. 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 charity's Irustees 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 lo anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Wenn Townsend (Statutory Auditor) Oxford, OX13LE Date: 1fj/10/24 Wenn Townsend is eligible for appointment as auditor of Ihe charily by virtue of its eligibility for appointment as auditor of a company under seclion 7272 of the Companies Act 2006.
THE BURFORD SCHOOL FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted Endowment fund funds Notes INCOME AND ENDOWMENTS FROM Investment income Other income 179,600 1,395 159,528 339,128 1,395 309,458 852 Total 180,995 159,528 340,523 310,310 EXPENDITURE ON Investment management costs 227,205 227.205 127,450 Charitable activities Charitable activilies 197.241 197,241 445,541 Total 424.446 424,446 572,991 Net gainsl{losses) on investments 34.140 884.345 918,485 462,566) NET INCOMEI{EXPENDITURE) Transfers between funds (209.3111 297.773 1,043,873 297,773) 834.562 {725,247) 13 Net movement in funds 88,462 746.100 834,562 (725,247} RECONCILIATION OF FUNDS Total funds brought forward 2.777 17,174.207 17,176,984 17.902.231 TOTAL FUNDS CARRIED FORWARD 91.239 17.920,307 18.011.546 17.176.984 The notes form part of these financial statements
THE BURFORD SCHOOL FOUNDATION BALANCE SHEEr 31 DECEMBER 2023 2023 2022 Total nds fvnd funds funds Notes FIXED ASSErs InvMtments Investments Investment propety 13.754.307 13.754.307 11.770,432 4.166.000 4 166.fX)O 10 17.920.307 17.920.307 15.936.432 CURRENT ASSErs Debtors Cash at bank 28,957 91.886 28.957 91.886 1.170.751 94.123 120.843 120,843 1,264,874 CREDrroRS Amounts falling due within one year 12 {29.604) {29.604) (24.322) NEf CURREKf ASSETS 91.239 TOTAL ASSEfs LESS CURREKr LIABILrriES 91.239 17.920.307 18.011.546 17.176.984 NEf ASSErs 91.239 17.920.307 18.011546 17.176 984 FUNDS Unrestricted funds Endowmerrt funds 13 91.239 2.777 17.920.307 17.174.207 TOTAL FUNDS 18.011.546 17.176.984 The finanaal statements were approved by the Board of Trustees and aulhorised for issue on 14 October 2024 and were signed its behalf by: A Jackscm . Trustee The rteS form part rrf these financial statements
THE BURFORD SCHOOL FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations 1,605.993 3.646,4991 Nel cash provided byl(used in) operating activities 1.605,993 3,646,499) Cash flows from investing actlvities Purchase of fixed asset investments Sale offixed asset investments Sale of investment property Interest received 12.606,6561 836,866 (1,635,217) 1,922,183 1,970,890 662 2.032 Net cash (used in)Iprovided by investing activities 1,767,758) 2,258,518 Cash flows from financing activities Income attributable to endowment 159.528 Net cash provided by financing activities 159,528 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period {2,237} 11,387,981) 94,123 1,482,104 Cash and cash equivalents at the end of the reporting period 91.886 94,123 The noles form part of these financial statements 10
THE BURFORD SCHOOL FOUNDATION
NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: Gain on investments Interest received Income attributable to endowment Decrease/(increase) in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operations |
2023 £ 834,562 (214,083) (2,032) (159,528) 1,141,794 5,280 1,605,993 |
2022 £ (725,247) (1,161,392) (662) - (1,157,167) (602,031) (3,646,499) |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET FUNDS
| At 1/1/23 Cash flow At £ £ Net cash Cash at bank 94,123 (2,237) 94,123 (2,237) Total 94,123 (2,237) |
31/12/23 £ 91,886 91,886 91,886 |
|---|---|
3. CASH AND CASH EQUIVALENTS AT YEAR END
Within the cash balance of £91,886 is an amount of £45,840 which is made up of a deposit for the rental of a property of £5,840 and an amount of £40,000 which has been designated to fund a Burford Primary School project. The Burford Primary School Project donation was made subject to the granting of planning consent from the Local Authority.
Planning consent was granted subsequent to year end and the funds were distributed in August 2024.
The notes form part of these financial statements
11
THE BURFORD SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANCIAL STATEMENTS The financial ststements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with Ihe Charities SORP (FRS 1021 'Accounling 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 (FRS 1021 {effeclive 1 January 2019),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared Lsnder the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. INCOME All income is recognised in the Statement of Financial Activities once the charity has entitlement lo the funds. it is probable that the income will be received and the amount can be measured reliably. The primary income of the charity is that from rental of property as well as dividends from investment. Other income represents the profit on the sale of land or rental of land. There are overage agreements in place which have not been accounted for in these accounts as the trustees have no way of quantifying the potential outcome or whether it would even materialise.such income will be accounted for when received. EXPENDITURE Liabilities are recognised a5 expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and Ihe amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure. INVESTMENT PROPERTY Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities. TAXATION The charity is exempt from tax on its charitable activities. FUND ACCOUNTING Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Reslricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. A total return policy was adopted 12 December 2022. The trustees are able to decide on those unapplied totsl return funds that can be made available towards unrestricted funds. The balances in those funds are shown in Note 13. 12 continued...
THE BURFORD SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continued FUND ACCOUNTING Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. INVESTMENT INCOME 2023 2022 Rents received Investment income Interest received 95.200 241,896 2,032 89,046 219.750 662 339,128 309,458 INVESTMENT MANAGEMENT COSTS 2023 2022 Investment management fees Professional fees Property repairs 35,789 32,084 159,332 38,714 18,345 70,391 227,205 127,450 CHARITABLE ACTIVITIES COSTS Grant funding of activities (see note 5) Support costs {see note 6) Totals Charitable activities 170.120 27,121 197,241 GRANTS PAYABLE 2023 2022 Charitable activities 170,120 428.461 The total grants paid to institution5 during the year was as follows.. 2023 2022 Burford Primary School Burford School Burford Pre-school 1,000 158,920 6.200 40.920 376.491 7,800 166.120 425,211 13 continued.
THE BURFORD SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS Governance costs Management Totals Charitable activities 6.413 20,708 27,121 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. TRUSTEES. EXPENSES There were no trustees, expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Endowment fund funds Total funds INCOME AND ENDOWMENTS FROM Investment income Other income 309,458 852 309,458 852 Total 310.310 310.310 EXPENDITURE ON Investment management costs 127.450 127,450 Charitable activities Charitable activities 445,541 445,541 Total 572,991 572.991 Net gainslllosses) on investments 462.566) 462,566) NET INCOMEI(EXPENDITURE> Transfers between funds (262,681) 818.862 (462.566} 818,8621 {725,247} Net movement In funds 556,181 {1,281.428) 1725,247) RECONCILIATION OF FUNDS Tolal funds brought fomard (553,404) 18,455,635 17,902,231 TOTAL FUNDS CARRIED FORWARD 2,777 17,174.207 17.176,984 14 continued...
THE BURFORD SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED ASSET INVESTMENTS Listed inveslmenls MARKET VALUE At 1 January 2023 Additions Disposals Revaluations 11,770.433 2,606,656 (836,866) 214.084 At 31 December 2023 13,754.307 NET BOOK VALUE At 31 December 2023 13.754,307 At 31 December 2022 11.770.433 There were no investment assets outside the UK. Cost or valuation at 31 December 2023 is represented by.. Listed investments Valuation in 2023 13,754,307 10. INVESTMENT PROPERTY FAIR VALUE At 1 January 2023 and 31 December 2023 4,166,000 NET BOOK VALUE At 31 December 2023 4.166.000 At 31 December 2022 4.166,000 The fair values of the investment properties have been arrived at on the basis of a valuation carried out by the trustees in October 2021. The valuation was made in consultation with an extemal surveyor by reference lo market for similar properties. The Burford School Foundation also owns the majority interest in the Burford School Boarding House complex that is primarily located in Church Lane, Burtord. The Boarding House complex 15 let to Burford School under a full repairing lease that expires on 30 June 2137 at nominal rent. The value of the Boarding House complex is not included within the values shown for Investment Property due lo the remaining life of the lease. Fair value at 31 December 2023 is represented by= Valuation in 2023 4.166,000 15 continued...
THE BURFORD SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2023 11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade debtors Other debtors Accrued incorne Prepayments 3,748 1,398 1,152.028 14.932 2,393 22,681 2,528 28.957 1,170,751 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Other creditors 8,984 20,620 7.432 16,890 29.604 24,322 13. MOVEMENT IN FUNDS Net movement in funds Transfers belween funds At 31112123 At 111123 Unrestricted funds General fund 2.777 {209,311) 297,773 91,239 Endowment funds Trust for investment Unapplied Total Return 13,906,222 3,267,985 251,782 792.091 3,081.917 17,239.921 3,379,690) 680.386 17,174,207 1,043.873 297.7731 17,920,307 TOTAL FUNDS 17.176,984 834.562 18,011.546 Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Gains and lossés Movement in funds Unrestricted funds General fund 180.995 (424.446) 34.140 (209,311) Endowment funds Trust for investment Unapplied Total Return 251.782 632,563 251,782 792,091 159.528 159,528 884.345 1,043,873 TOTAL FUNDS 340.523 424.446) 918,485 834,562 16 continued...
THE BURFORD SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEMENT IN FUNDS - continuod Comparatives for movement in funds Nel movement in funds Transfers bebmeen funds At 31112122 At 111122 Unrestricted funds General fund (553,404) 1262,681) 818,862 2,777 Endowment funds Trust for investment 18,455,635 (462,5661 (818,862) 17,174,207 TOTAL FUNDS 17,902.231 725,247) 17,176,984 Comparative net movement in funds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds General fund 310.310 {572,991) (262,681 > Endowment funds Trust for investment 1462,5661 1462.566) TOTAL FUNDS 310.310 572.991) 462,566) 725,247) 17 continued...
THE BURFORD SCHOOL FOUNDATION NOTES TO THE FINANCIAL STATEMENTS - contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 13. MOVEMENT IN FUNDS - continued Trust for Unapplied Total Investment Total Return Endowment Endowment funds At the beginning of the accountlng period 13,906,221 3,267,986 17,174.207 Movements in the accounting period Investment return.. Dividends and interest Investment return.. Realised and unrealised gains and {losses) Less= Investment management costs 159.528 159,528 251,782 632.563 884,345 251,782 792,091 1,043,873 Unapplied total return allocated to Ihe income fund in the reporting period Reassessment of opening unapplied total return Unapplied total return allocated to endowment for Indexation in the reporting period (102.028) 3,136,683 (195.7451 (3.136,683) 1297,7731 Net movement In the reporting period 3,286.437 (2,540,337) 746,100 At the end of the accounting period Permanent endowment Unapplied total return 17,192.658 17,192.658 727.649 727.649 Total 17,192,658 727,649 17,920.307 14. RELATED PARTY DISCLOSURES There were the following related party transactions for the year ended 31 December 2023.. -1 Irustee paid £522 to the Trust relating to parking- and -1 trustee's partner paid £330 to the Trust for the fire escape easement over the Trust's land. There were the following related party transactions for the year ended 31 December 2022: -1 Irustee paid £522 to the Trust relating to parking- and -1 Irustee's partner paid £330 to the Trust for the fire escape easement over the Trusl's land. 18