OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-12-31-accounts

REGISTERED CHARITY NUMBER: 309235

THE BURFORD SCHOOL FOUNDATION

REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

THE BURFORD SCHOOL FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 22
Detailed Statement of Financial Activities 23 to 24

THE BURFORD SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

The governors (known as and referred to herein as the "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 2025. 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 2015).

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 (and revised in October 2023).

  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 educational institution attended by children resident in the area of benefit (the civil parish of Burford) as may be from time to time agreed by the Trustees of the Foundation and of the 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.

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, study 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 documents, its policies, and with reference to the annual budget and quarterly management accounts.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

As per the charity's governing document, the Burford School Foundation aims to "promote the education (including social and physical training) of persons under the age of 25 years who are resident in and around the Burford area (including the parishes of Burford, Fulbrook, Taynton, Swinbrook with Widford, and Asthall). In addition, it will also support those under 25 who have resided in the Burford area for at least two years and who are in need of financial assistance to continue their education and interests in a further education establishment.

The Foundation therefore delivers their aims through the distribution of grants and bursaries. The following activities were delivered during 2025:

Grants awarded

One example of a grant to the school related to the purchase of two additional LEGO® Education SPIKE™ sets for the Computer Science and ICT Departments.

1

THE BURFORD SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE Grants awarded – continued

“These innovative kits are transforming the way we can deliver robotics and coding to Key Stage 3 students. The true impact lies in the powerful connection students make between lines of code and real-world outcomes. They quickly discover that robots do exactly what they are programmed to do — no more, no less — and that precise, defensive programming is essential to ensure accurate, controlled movement. Watching their code come to life in a physical machine is both motivating and empowering.

The enthusiasm has been exceptional, and many students are already keen to take their robotics designs even further in Term 4. We look forward to building on this momentum and continuing to expand our robotics provision across the school.”

The Computer Science and ICT Department

"The grant funding of 30 iPads has had a substantial impact on teaching and learning, enabling pupils to access a wide range of digital resources, develop key IT skills, and engage more effectively across the curriculum.

In addition, funding to support the development of the pond area in the school grounds has enhanced the outdoor learning opportunities, allowing children to take part in meaningful, hands-on experiences that support their understanding of the natural environment and local wildlife.

These improvements have enriched both classroom and outdoor provision, supporting pupils' academic progress, curiosity and wellbeing."

Headteacher - Burford Primary School

"We are extremely grateful for all the financial support we receive from the Foundation, without which we would struggle to support our children and their families. The funding we received has enabled us to maintain the building from refurbishing washrooms and toilets to new entrance doors and the most important being the phase one of the new boundary fence around the outdoor area which has been increased to 1500 mm high to provide increased security for our children, thank you".

Vice Chair - Burford Pre-School

“1st Burford Scout Group were pleased to receive grant funding from the Burford School Foundation towards the continued delivery of Scouting activities for local young people. Funding of this kind is of vital importance in keeping groups such as ours running, helping us maintain our premises and equipment. It also enables us to run a high-quality programme of adventurous activities, trips away, or local engagements. It’s hugely worthwhile that the Burford School Foundation is able to support local youth groups, demonstrating a strong link with the community helping local young people both inside and outside the classroom”.

Alex Gill, Scout Leader, 1st Burford Scouts

2

THE BURFORD SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

ACHIEVEMENTS AND PERFORMANCE Grants awarded – continued

Bursaries and grants in support of higher education

Grants and bursaries to individuals in Higher and Further Education in 2025 amounted to £19,000 (2024: £4,700). This included support to 14 individual students (2024: 4) who needed financial support as they moved forward into higher education. The Foundation is seeing increased demand for financial support due to the economic climate and as such the Trustees have agreed to commit additional funds to support the growing need.

Students found this support invaluable and below are some examples of the impact of this financial support:

“The grant has enabled me to buy my own French horn. This means that I have been able to continue playing music in my university’s Symphony Orchestra and Music Society alongside my studies! “

Burford student now attending York University

"The funding awarded has closed the economic distance between me and my peers and has so far allowed for me to experience university in a way I wouldn't have been able to otherwise. I have gained access to wonderful books, managed travel costs and connect more with university events thanks to your support, enhancing my time here and ensuring I can make the most of my degree with smaller barriers to equality regarding my financial situation."

Burford student reading History at Oxford University

"Having my own laptop has transformed the way I study and given much more flexibility and independence around managing my workload"

Year 13 Student at Burford School

"The bursary has been very useful supporting my first year at university. I have used the funds for a laptop which has been really useful for my studying and the funding also supported the costs of my bus pass as I live off campus, so this enables me to attend all educational opportunities at the university".

Burford student now studying at Leeds University

Fundraising activities

The Foundation's two main income sources are delivered through:

  1. On ownership of both domestic and commercial properties, which are an open market resource to generate funds. The vagaries of the housing and commercial market affect the Foundation's income. During 2025, total rent receipts amounted to £124,606 (2024: £121,274).

  2. Investments which are held with Cazenove and CCLA and a full commentary on their performance are contained in the financial review section of the accounts. The Foundation works with Yoke & Company to manage the investments and liaise regularly with them throughout the year. Yoke & Company also present at a Trustee meeting once a year for the annual review on performance against objectives.

The Foundation does not engage in any other fundraising activities.

3

THE BURFORD SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW

Financial position

The total income for the Foundation in 2025 was £430,171 (2024: £433,277). Total expenditure in 2025 was £333,154 (2024: £283,215).

Net gains on investments in 2025 was £295,175 (2024: £260,000).

Reserves policy

The Foundation operates a Reserves 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 of the Reserves 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 Standard 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 to these assets remain in the Permanent Endowment.

The asset operated under the Total 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 totalled £9,746,829. This forms part of the Permanent Fund. The invested funds generate both income dividends and market growth. These increases are classified as Unapplied Total Returns (UTR). Funds held as UTR can firstly be applied to increase the value of the protected amount by changes in the Consumer Price Index (CPI). Once allocated to the protected amount, these 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 funds in the UTR remain there until such time as the Trustees decide otherwise.

In July 2024, the policy was changed to allow dividends received in the Cazenove Fund to be classified as Income Funds on a quarterly basis rather than an annual basis. In line with this revised policy, during 2025 £350,000 of dividend income was classified as Income Funds and was removed from the UTR to meet Foundation objectives.

Also, in July 2024, the policy was modified to standardise the existing annual CPI adjustment. Under this, a CPI adjustment is made in January of each year by reference to the CPI for the previous year. To allow a catch-up adjustment for 2023, in January 2025 an adjustment of £263,554 was made in respect of CPI in 2024. This amount was transferred from the UTR to the protected amount.

Under the revised policy, an adjustment for the impact of 2025 CPI was made at the February 2026 Trustees' Meeting. This amounted to £353,608. This adjustment will be reflected in the 2026 Financial Statements.

A Grant Reserve Policy was adopted in October 2025. Under this a Grant Reserve was established to protect the payment of grants from significant financial market fluctuations similar to that experienced in April 2025. Under the policy up to £100,000 annually can be removed from the UTR if the value of the UTR at the time exceeds £500,000.

The maximum amount of the Grant Reserve is set at £300,000. In the event that the Grant Reserve is required to be used, the Grant Reserve can be restored to its maximum level in subsequent years.

4

THE BURFORD SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

FINANCIAL REVIEW Reserves policy – continued

The Grant Reserve is required to be invested in UK Gilts.

At the end of 2025 £17,110,000 (2024: £17,141,231) was held as Permanent Endowment and £1,237,848 was held as UTR.

Permanent Endowment amounts, together with the UTR which have not been classified as Income Funds, are shown as restricted assets. Income Funds which are still held in the UTR are classified as unrestricted assets.

Cash and short-term investment balances were higher than usual at the end of 2025. This was done to ensure the Foundation could meet both its grant budget and commitments as well as its planned expenditure on upgrading certain aspects of the residential properties.

PRINCIPLE RISKS AND UNCERTAINTIES

Whilst the principal risks relate to the performance of the Foundation's investment portfolio, the Foundation has a broader and comprehensive risk register that is reviewed at each Trustee meeting. 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 the ongoing actions.

STRUCTURE, GOVERNANCE AND MANAGEMENT

History

The early iterations of the Foundation date back over a hundred years ago when in 1922, there was a desire to support the education of girls at the then Burford Grammar School. Through the donation of land and property the Burford School Foundation was then formed to enable this. Since those early years the remit of the Foundation has expanded to support the broader education activity and resources for young people under 25 in and around the area of Burford. The Foundation now operates under an amended scheme dated October 2023, retaining its original focus of promoting and supporting educational attainment and advancement of young people, through the provision of grants and bursaries to local organisations and individuals in and from the Burford area.

Governing document

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.

Governance and management

Day-to-day management is delegated by the Trustees to specific responsible roles. Overall, the Chair manages meetings and the interface with beneficiaries.

A Grants Committee considers applications from institutions and individuals and proposes payments in accordance with policies agreed by the Trustees, for approval by the Trustees.

Property maintenance and tenancies 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.

5

THE BURFORD SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT Governance and management – continued

A further Trustee acts as Treasurer in accordance with rules for financial expenditure limits and co-signatory requirements.

All the above Trustees are responsible to 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 is paid. Clerking support is received from The Trust Partnership, finance management and accounting services are provided by Mercer Lewin and Investment Advice by Yoke & Company. Other advisory services are engaged as and when required.

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 an induction pack which includes a Trustees Handbook, the Foundation’s constitution, the most recent Trustees’ Annual Report and Financial Statements, Minutes of Board meetings for the preceding year, charitable programme information and Charity Commission guidance.

Public benefit

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.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Charity number

309235

Principal address

Fysshers Croft Church Green Burford Oxfordshire OX18 4RY

Trustees

M Albrighton E Allen (appointed 19.12.2025) H Ashton A Beaney M Ebelis L Evans N Gay A Jackson (Chair) T Putt J Rushton (appointed 13.01.2025 / resigned 01.08.2025) R Veeder C Walton White K Williamson (appointed 19.12.2025)

6

THE BURFORD SCHOOL FOUNDATION

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025

Clerking/Admin Support

The Trust Partnership 6 Trull Farm Buildings Tetbury Gloucestershire GL8 8SQ

Accounting Support

Mercer Lewin 6-7 Citibase New Barclay House 234 Botley Road Oxford OX2 3LE

REFERENCE AND ADMINISTRATIVE DETAILS

Independent auditors

Wenn Townsend 30 St. Giles Oxford OX1 3LE

Bankers TSB Bank plc

Investment Manager

Yoke & Company 6 Normanhurst Road London SW2 3TA

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to

7

THE BURFORD SCHOOL FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 STATEMENT OF TRUSTEES RESPONSBILMES The lrnjstees a￿ responyble for keeFrfrJ propgr w￿nI]r￿J r￿￿5 disckjse with r￿)na￿e ar£uracy at any lime the financial position of the charity and to ena￿e them to ensure that the finanu81 slatements comrAy with the Charities ALI XJ11 and The Charty {kn3)unts and RepcKts) Regulat￿n5 2008. They are also resFX)nsible for safeguarding the assets of the charity and her￿ takityj reasonable steps for the prevention aThJ detectton of fraud and other irregulariti.es. Approved by ¢xder of the bcrd of trustees M 11 May 2026 and sur*d C￿ ils behalf by: A C Beaney- 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') for the year ended 31 December 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (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 Auditors' 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 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 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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors 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.

In connection with our audit of the financial statements, 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 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.

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:

9

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BURFORD SCHOOL FOUNDATION

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Our 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 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 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, 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF THE BURFORD SCHOOL FOUNDATION

Our 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 procedures which included, but were not limited to:

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 for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors

Use of our report

This report is made solely to the charity'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 trustees those matters we are required to state to them in an auditors' 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 charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Wenn Townsend (Statutory Auditor)

30 St. Giles, Oxford, OX1 3LE Date: 11 May 2026

Wenn Townsend is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

11

THE BURFORD SCHOOL FOUNDATION THE BURFORD SCHOOL FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
Unrestricted
Endowment
Total		 Total
fund funds funds funds
Notes £ £ £ £
INCOME AND ENDOWMENTS FROM
Investment income 2 232,525 196,265 428,790 417,005
Other income 1,381 - 1,381 16,272
Total 233,906 196,265 430,171 433,277
EXPENDITURE ON
Investment management costs 3 115,358 - 115,358 81,127
Charitable activities 4
Charitable activities 217,796 - 217,796 202,088
Total 333,154 - 333,154 283,215
Net gains on investments - 295,175 295,175 260,000
NET INCOME/(EXPENDITURE) (99,248) 491,440 392,192 410,062
Transfers between funds 13 389,725 (389,725) - -
Net movement in funds 290,477 101,715 392,192 410,062
RECONCILIATION OF FUNDS
Total funds brought forward 175,475 18,246,133 18,421,608 18,011,546
TOTAL FUNDS CARRIED FORWARD 465,952 18,347,848 18,813,800 18,421,608
The notes form part of these financial statements
12

THE BURFORD SCHOOL FOUNDATK)N BALANCE SHEET 31 DECEMBER 2025 )25 2024 Total funds nds Js Notes FIXED ASSErs Inv•stm8nts Investments Investment propety 14.811,848 14.811.848 14.587.633 3.536.lJ)O 3.536.IxJO 10 18.347.848 18.347.848 18.246.133 CURRENT ASSErs Debtors Cash at bank 28,363 596,478 52.583 202,073 .476 624.841 624.841 254.656 CREDITORS Amounts falling due within one y 12 (15B.889) {158.889} 179.1811 NET CURRENT ASSETS 175.475 TOTAL ASSEfs LESS CURRENT LIABILITIES 465.￿ 18.347.848 18.813.8CKI 18.421,608 NET ASSErs 465.952 18,347.848 18.813.81XI 18.421.608 FUNDS Unrestricted fvnds Endowment lunds 13 465.952 175.475 18.347 848 18 246,133 TOTAL FUNDS 18.813.800 18.421.608 The financial statemnts were apprtr4￿I ty the Boa￿ d TnAees arKI aJI￿)riSed for wue on 11 May 2026 and were signed on its behalf by.. Pr Sea A C Beaney- Trus 13

THE BURFORD SCHOOL FOUNDATION THE BURFORD SCHOOL FOUNDATION
CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 32,095 (209,503)
Net cash provided by/(used in) operating activities 32,095 (209,503)
Cash flows from investing activities
Purchase of fixed asset investments (1,138,741) (4,541,472)
Sale of fixed asset investments 1,294,640 4,639,943
Sale of investment property - 18,015
Interest received 10,146 1,325
Net cash provided by investing activities 166,045 117,811
Cash flows from financing activities
Income attributable to endowment 196,265 201,879
Net cash provided by financing activities 196,265 201,879
Change in cash and cash equivalents
in the reporting period 394,405 110,187
Cash and cash equivalents at the
beginning of the reporting period 202,073 91,886
Cash and cash equivalents at the end
of the reporting period 596,478 202,073
The notes form part of these financial statements
14

THE BURFORD SCHOOL FOUNDATION

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
2025 2024
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 392,192 410,062
Adjustments for:
Gain on investments (257,614) (442,312)
Interest received (10,146) (1,325)
Income attributable to endowment (196,265) (201,879)
Decrease/(increase) in debtors 24,220 (23,626)
Increase in creditors 79,708 49,577
Net cash provided by/(used in) operations 32,095 (209,503)
2. ANALYSIS OF CHANGES IN NET FUNDS
At 1/1/25 Cash flow At 31/12/25
£ £ £
Net cash
Cash at bank 202,073 394,405 596,478
202,073 394,405 596,478
Total 202,073 394,405 596,478

3. CASH AND CASH EQUIVALENTS AT YEAR END

Within the cash balance of £596,478 are two amounts totalling £142,425 which are made up of a deposit of £5,480 for the rental of a property and £136,945 which is designated to fund projects for Burford School.

The notes form part of these financial statements

15

THE BURFORD SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 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 under 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 to 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 as 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 the 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.

Restricted 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 total return funds that can be made available towards unrestricted funds. The balances in those funds are shown in Note 13.

16

continued...

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

THE BURFORD SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

1. ACCOUNTING POLICIES - continued

FUND ACCOUNTING

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2.
INVESTMENT INCOME
Rents received
Investment income
Interest received
3.
INVESTMENT MANAGEMENT COSTS
OTHER TRADING ACTIVITIES
Bad and doubtful debts
INVESTMENT MANAGEMENT COSTS
Investment management fees
Professional fees
Property repairs
Aggregate amounts
4.
CHARITABLE ACTIVITIES COSTS
Charitable activities		 Direct
Costs
£
64		 Grant
funding of
activities
(see note
5)
£
189,500		 2025
£
124,606
294,038
10,146
428,790
2025
£
2,500
2025
£
39,725
58,814
14,319
112,858
115,358
Support
costs (see
note 6)
£
28,232		 2024
£
121,274
294,406
1,325
417,005
2024
£
-
2024
£
38,246
15,134
27,747
81,127
81,127
Totals
£
217,796

17

continued...

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

THE BURFORD SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

5. GRANTS PAYABLE

2025
£
Charitable activities
189,500
The total grants paid to institutions during the year was as follows:
2025
£
Burford Primary School
11,500
Burford School
150,000
Burford Pre-school
7,500
Burford Scout Group
1,500
170,500
6.
SUPPORT COSTS
Governance
Management
costs
£
£
Charitable activities
8,240
19,992		 2024
£
168,389
2024
£
45,300
109,369
8,020
-
162,689
Totals
£
28,232

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2025 nor for the year ended 31 December 2024.

TRUSTEES' EXPENSES

No trustees were reimbursed expenses paid for the year ended 31 December 2025 and two trustees were reimbursed £248 for the year ended 31 December 2024.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Investment income
Other income
Total
EXPENDITURE ON
Investment management costs
Charitable activities
Charitable activities
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
Transfers between funds		 Unrestricted
Endowment
Total
fund
funds
funds
£
£
£
215,126
201,879
417,005
16,272
-
16,272
231,398
201,879
433,277
81,127
-
81,127
202,088
-
202,088
283,215
-
283,215
-
260,000
260,000
(51,817)
461,879
410,062
136,053
(136,053)
-

18

continued...

THE BURFORD SCHOOL FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2025
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Endowment
Total
fund funds funds
£ £ £
Net movement in funds 84,236 325,826 410,062
RECONCILIATION OF FUNDS
Total funds brought forward 91,239 17,920,307 18,011,546
TOTAL FUNDS CARRIED FORWARD 175,475 18,246,133 18,421,608
9. FIXED ASSET INVESTMENTS
Listed
investments
£
MARKET VALUE
At 1 January 2025 14,587,633
Additions 1,138,741
Disposals (1,294,640)
Revaluations 380,114
At 31 December 2025 14,811,848
NET BOOK VALUE
At 31 December 2025 14,811,848
At 31 December 2024 14,587,633
There were no investment assets outside the UK.
Cost or valuation at 31 December 2025 is represented by:
Listed
investments
£
Valuation in 2025 14,811,848
10. INVESTMENT PROPERTY
£
FAIR VALUE
At 1 January 2025 3,658,500
Revaluation (122,500)
At 31 December 2025 3,536,000
NET BOOK VALUE
At 31 December 2025 3,536,000
At 31 December 2024 3,658,500

An FRS 102 valuation was carried out by the trustees in November 2025. The valuation was made in consultation with an external RICS regulated independent property adviser.

19

continued...

THE BURFORD SCHOOL FOUNDATION

URFORD SCHOOL FOUNDATION
S TO THE FINANCIAL STATEMENTS - continued
HE YEAR ENDED 31 DECEMBER 2025
INVESTMENT PROPERTY - continued
Fair value at 31 December 2025 is represented by:
£
Valuation in 2025 3,536,000
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Trade debtors 330 2,830
Accrued income 25,092 47,166
Prepayments 2,941 2,587
28,363 52,583
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Trade creditors 114 476
Other creditors 158,775 78,705
158,889 79,181
MOVEMENT IN FUNDS
Net Transfers
movement between
At
At 1/1/25
in funds		 funds 31/12/25
£ £ £ £
Unrestricted funds
General fund 175,475 (99,248) 389,725 465,952
Endowment funds
Trust for investment 17,141,231 (294,785) 263,554 17,110,000
Unapplied Total Return 1,104,902 786,225 (653,279) 1,237,848
18,246,133 491,440 (389,725) 18,347,848
TOTAL FUNDS 18,421,608 392,192 - 18,813,800

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

10. INVESTMENT PROPERTY - continued

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

13. MOVEMENT IN FUNDS

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Trust for investment
Unapplied Total Return
TOTAL FUNDS		 Incoming
resources
£
233,906
-
196,265
196,265
430,171		 Resources
expended
£
(333,154)
-
-
-
(333,154)		 Gains and
Movement
losses
in funds
£
£
-
(99,248)
(294,785)
(294,785)
589,960
786,225
295,175
491,440
295,175
392,192

20

continued...

THE BURFORD SCHOOL FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

13. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Endowment funds
Trust for investment
Unapplied Total Return
TOTAL FUNDS		 At 1/1/24
£
91,239
17,192,657
727,650
17,920,307
18,011,546		 Net
movement

in funds
£
(51,817)
(441,300)
903,179
461,879
410,062		 Transfers

between

funds
£
136,053
389,874
(525,927)
(136,053)
-
At
31/12/24
£
175,475
17,141,231
1,104,902
18,246,133
18,421,608

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Endowment funds
Trust for investment
Unapplied Total Return
TOTAL FUNDS		 Incoming
resources
£
231,398
-
201,879
201,879
433,277		 Resources
expended
£
(283,215)
-
-
-
(283,215)		 Gains and
Movement
losses
in funds
£
£
-
(51,817)
(441,300)
(441,300)
701,300
903,179
260,000
461,879
260,000
410,062

21

continued...

THE BURFORD SCHOOL FOUNDATION

URFORD SCHOOL FOUNDATION
S TO THE FINANCIAL STATEMENTS - continued
HE YEAR ENDED 31 DECEMBER 2025
MOVEMENT IN FUNDS - continued
Trust for Unapplied Total
Endowment funds Investment Total Return Endowment
£ £ £
At the beginning of the accounting period 17,141,231 1,104,902 18,246,133
Movements in the accounting period
Investment return: Dividends and interest - 196,265 196,265
Investment return: Realised and unrealised gains and
(losses) (172,285)
589,959		 417,674
Investment property: Revaluation and (devaluation) (122,500)
-		 (122,500)
Less: Management fees - (39,724)
(39,724)
(294,785)
746,500		 451,715
Unapplied total return allocated to the income fund in
the reporting period - (350,000) (350,000)
Unapplied total return allocated to endowment for
Indexation in the reporting period 263,554 (263,554) -
Net movement in the reporting period (31,231) 132,946 101,715
At the end of the accounting period
Permanent endowment 17,110,000 - 17,110,000
Unapplied total return - 1,237,848 1,237,848
Total 17,110,000 1,237,848 18,347,848
CONTINGENT LIABILITIES

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025

13. MOVEMENT IN FUNDS - continued

14. CONTINGENT LIABILITIES

Legal claim

In late 2025, the Foundation was notified that a previous tenant of one of the rented properties had filed a claim for damages against the Foundation in the amount of £20,205 under the Money Claim on Line procedure. The tenant left the property in June 2023.

The Trustees do not believe the Claim has merit and have filed a defence document within the required time limits. In view of this, no provision has been made in the Financial Statements.

15. RELATED PARTY DISCLOSURES

There were the following related party transactions for the year ended 31 December 2025:

There were the following related party transactions for the year ended 31 December 2024:

22

THE BURFORD SCHOOL FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
£ £
INCOME AND ENDOWMENTS
Investment income
Rents received 124,606 121,274
Investment income 294,038 294,406
Interest received 10,146 1,325
428,790 417,005
Other income
Other income 1,381 16,272
Total incoming resources 430,171 433,277
EXPENDITURE
Other trading activities
Bad and doubtful debts 2,500 -
Investment management costs
Investment management fees 39,725 38,246
Professional fees 58,814 15,134
Property repairs 14,319 27,747
112,858 81,127
Charitable activities
Sundries 64 541
Grants to institutions 170,500 162,689
Grants to individuals 19,000 5,700
189,564 168,930
Support costs
Management
Rates (250) 228
Insurance 8,490 5,455
Light and heat - 928
8,240 6,611
Governance costs
Auditors' remuneration 7,560 7,200
Accountancy and bookkeeping fees 12,432 19,347
19,992 26,547
Total resources expended 333,154 283,215
Net income before gains and losses 97,017 150,062
This page does not form part of the statutory financial statements
23
THE BURFORD SCHOOL FOUNDATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 DECEMBER 2025
2025 2024
£ £
Realised recognised gains and losses
Realised and unrealised gains/losses on
investments
295,175		 260,000
Net income
392,192		 410,062
This page does not form part of the statutory financial statements
24