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) (EX￿tive Headtethr Burford Primary SthoL4)
STATEMENT OF TRUSTEES. RESPONSIBILMES
The Trustees are resportsible for preparing the Report of the Trustees a￿1 the financial statements in
acC(￿danCe with applicable arKI unrt￿ Kir￿d￿ ACC￿ntIr0 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) R￿U￿?tiOnS 2008 and the provisions of the trust deed requires the trustees to P￿pare 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 res￿r￿S and applicaticm of res￿rceS. ir•cluding Ihe income and exp8fKJI￿re. of the charity for
that period. In preparing those fina￿￿al sL*ments. 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
cOm￿Y 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 r￿teS 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**<br>**Statement of Financial Activities)**<br>**Adjustments for:**<br>Gain on investments<br>Interest received<br>Income attributable to endowment<br>Decrease/(increase) in debtors<br>Increase/(decrease) in creditors<br>**Net cash provided by/(used in) operations**|2023<br>£<br>834,562<br>(214,083)<br>(2,032)<br>(159,528)<br>1,141,794<br>5,280<br>1,605,993|2022<br>£<br>(725,247)<br>(1,161,392)<br>(662)<br>-<br>(1,157,167)<br>(602,031)<br>(3,646,499)|
|---|---|---|



## **2.** 

## **ANALYSIS OF CHANGES IN NET FUNDS** 

|At 1/1/23<br>Cash flow<br>At<br>£<br>£<br>**Net cash**<br>Cash at bank<br>94,123<br>(2,237)<br>94,123<br>(2,237)<br>**Total**<br>94,123<br>(2,237)|31/12/23<br>£<br>91,886<br>91,886<br>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