Old Burghclere subsoil chalk and greensand. Burghclere remained in the possession of the see of Winchester until 1551. The most notable Bishops of Winchester being William of Wykeham (1320 or 1324–1404), who founded New College, Oxford, and New College School in 1379, and Winchester College in 1382, but also owned, in his own right, Earlstone manor in the parish of Burghclere. William Waynflete, Lord Chancellor of England (1456–1460) and founder of Magdalen School and College in Oxford was also particularly renowned. In 1551 Edward VI received it from John Ponet, Bishop of Winchester, in exchange for lands elsewhere. King Edward VI granted
Winchester College the Office of Fair Trading ("OFT"). All of the schools involved agreed to make penalty payments totalling three million pounds into a trust designed to benefit pupils who attended the schools during the period in which fee information was shared. The OFT offered both Winchester College and Eton a fifty percent reduction in their penalties in return for their full cooperation with the investigation. However, Jean Scott, the head of the Independent Schools Council, said that independent schools had always been exempt from anti-cartel rules applied to business, were following a long-established procedure in sharing the information with each other,