Founded by the Will and Codicil of Thomas Bourne dated 14 August 1727 to award scholarships, bursaries or maintenance allowances to assist the further education or entry into a profession, trade or calling of those who have not attained the age of 25 years and who are resident in the Ecclesiastical Parish of Great Berkhamsted or have attended Victoria Church of England School. The area covered by the Foundation is the Parish of St Peter's Berkhamsted. The Foundation meets twice a year.