2025-09-30-accounts

St Chad's College Report of the Governors and Financial Statements For the year ended 30 September 2025 18 North Balley Durham DHI 3R Compapy number 00109442 Reglstered charlty number.. 01142958

St Chad's College RepDrt of the Governors and Flnancial Statements Forthe year ended 30 Septernber 2025 Contents Report of the Governors siatement of the Governgrs, re5ponslbllitle5 in rÈspètt of the Annual Report and Flnancjal Statements 17 Consolidated statement of financial actlvitles Ilncorporating income 8nd expenditure account) 22 Consolldated balance sheet 23 Charlty balance sheet 24 Consolidated Statement of cash flow5 25 Cash flows from operatlng activitles 25 Notes to the financlal statements 26

Sl Chad's College Report Df the G¢)vernor5 and FlnarKlèl Statements For the year ended 30 September 2025 Report of the Governors Legal and Admlnlstratlve St Chad's College Is an independent constltuent College of the University of Durharn, founded in 1904 and governed by a Memorandum and Artltles of Assoc(ation dated 19 july 2014. The Members of the Association ¢onstitule the College and are the Governors for the time bein& who are also the Trustèes of the Registered Charlty and Directors of the Llmlted Companv. Governors Mrs A Allen, Nomlnatlon of the College Tutors ex olflclo Ms C Baumann Ifrom 15 October 2024 untll 31 July 20251 ex officio Ms L Bradshaw (until 18 September 20251 Mr J &ridges, JCR Student Governor luntll 20 March 20251 The Revd Canon R Brown, Presldent of the Senlor Common Room Mr A Buckle Mr l Bundy, President of the Junior Common Room (from 20 March 20251 ex offlclo Mr P Chandler, Nomlnatl¢Jn of the B15hop of Durham luntll 30 June 20251 Revd O Dempsey (from 20, Maich 20251 Mlss R Dobbln, President of the Junior Common Room (until 20 March 20251 exofflcio Dr Y Gale Prof S Ha¢kett, Nominatlon of Durham Unlverslty Prof R Hannaford, Nomination of the Bishop of Carlisle luntll 20 March 20251 Mr A Keyj Nominatlon of the Archblshop of York luntll 26, June 20251 Mr M LÈÈ, PrÈsldÉnt of the Middle Cr)mmon Room luntll 15 October 20241 exofficio Prof J Macnaughton, Nominatlon of Durham Universlty Mr l Marshall, Nomination of the Bishop of Newcastle, Chalr (from 20 March 20251 Dr M J Masson, Principal & Head of House ex officffo M5 E McKay, President of the Mlddle Common Room Ifrom l August 20251 ex offlcio Mr D Ross The Revd R Sprlnger Ms M Vaughan M5 C W415h, Junioi Common Room Student Governor (from 20 March 20251 The Revd Fr M Woodruff (until 31 March 20251 College Offlcers Prlnclpal- Dr M J Masson Flnance & Operatlons Dlrector- Mr A J lenklns VIGe-Prlnclpal- Dr V Brown (Dr M J Mas50n, Mr A Jenkins and Dr V Brown are also Directors of St Chad's College ITradlngl LSmltedl. Company number 00109442 Reglstered Charlty Number 01142958

St Chad's College fleport of the fjovernors and FlnarKlal Stètements Forthe year ended 30 September 2025 Report of the Governors (continuedj Re815tered offlce 18 North Bailey Durham OH13RH Secretary to the Governors and Company Se¢ret8ry Mr A I lenklns Bankers Natlonal Westmlnster Sank 12 Market street Durham DH13MG Sollcltors SwSnburne Maddison Sollcltor5 Venture House Aykley Head5 Buslness Ceritre Aykley Heèds Durham DH15TS Surveyor Avlson Young Central Square Forth Street Newcastlè upon Tyne NEI 3PJ Investment ManaBers CCLA Investment ManaEem8nt Ltd One Angel Lane London EC4R 3AB Rathbones Investment Management Ltd George House Glasgow G2 IEH Audltors S&W Audlt Ltd 17 Queens Lane Newcastle NEI IRN

st Chad's College Report of the Governors and f Inanclal Ststements For the year ended 30 September 2025 Report of the Governors (contlnuedj The Governors, who are also d1￿CtorS of the Co¥npany or College for the purposes of the Companies Act, submit their annual report and the audlted financlal statements of St Chad's College Ithe "Company. or "College'l for the year ended 30 September 2025. The Governors conflrm that the annual report and flnancial statements of the Company or College comply with current statutory requlrements, the rèquiremènts of the Company Dr Colle8e's governing document and the provlslons gf the Charitie5 Statement of Recommended Practice ISORPI FRS 102 leffectlve l January 20191. Foreword from the thalr of Governors Thi$15 my first review written as Chair and I was honoured to be elected and to take office on l April 2025. 1 am committed to ensure we follow on wlth the good work of my predecessor, Revd Fr Mark Woodruff. HIS diligent seven years, servlce saw thè Collège through unprecedented challenge in COVID and Snto a perlod of greater stability, financial sustainability and also improved governance. Wè are gratÈftsl to hlm for many things, but From a personal perspectlve I would Ilke to thank hlm for his leadership and wisdom, as well 35 for donating a verv speclal College Chalrfs gown whlch l and my Suc￿sS0rS will wear on special occasions Wlth great pride. St Chad'5 College contlnues to Ilourlsh desplte the extÈrnal challenge5 and headwinds facing the sector and the country. The College remaln5 one of the rnost popular colleges for applicants, and the results of our annual student experience suivey continue to indicate a generally very satisfSed student body. At the end of the academic yèar, we once agaln enjoyed celebratSng our student's exceptlonal examinatlon perform3nres. The nurlyrlng and supportlve envlronment created In the Collège demonstrably enables our students to give of their very best. Notwlthstandln8 that the anr¢ual St Chad's v5 St John's sportlng competltions fell the day after the ICR Summer Ball. l am pleased to report the College teams djd u5 proud ?nd we came out as overall winners too. The sumrller was a busy one for the College desplte the absence of students. Over recent years. we have bullt strong commercial income model through use of the College bulldlngs for weddings, bed and breakfast and conferences ovèr the vacatlons. This unrestrlcted IntomÈ is a si8nlficant contrlbutor to our 3blllty to invest In our buildings for future generations. Alongside the many weddings and events. further down North Bailey it was the turn of Lightfool House to see the ftrst phase of its refurblshment. As those who know the College estate will be aware, thls Is In fact thiee houses, and the complete prolect Is too muth for u5 to flt Into a summer vacatlon. Thls year we completed all the roofing work and Internal refurbishment In the first of the houses, wlth more internal and external works planned for next summer. It was a pleasure to seè thÈ dlflerencè that has been made, and we are now firmly focu5sed on phase two for neKI summer. Our other focus, generously supported by alumnl and other frlends and donors, Is our aC￿sSIbIlItY project. Although we arè stlll busily fundralsing, we arè plannlng le start over the Chrlstmas vacatlon wlth the installatlon of an accessibility ramp into the Cassidy Quad. We will continue through the Spring term to build out the proposed nèw entrance area. Thls ls all with a vlew to ensurlng that the College Is accesslble to all wlth step free access where posslble. We have worked around this challenge for too long and l am delighted we ale able to significantly mitigate this issue. We recognise it has been a difficult year for Durham University alongside all others In the Higher Educatlon settor due to the uncertaln fundlng landscape. We continue to benefit from a strong relationship with them and are always grateful for their support. Recognlslng the Universlty's need to Sncrease the number of undergraduate places, this year's intake of fre5hers reached 170, 3 level only exceeded during the unprecedented COVID recrultment bubble. We believe this to be a ceiling for u5 In order lo be able to retain the mixing of year5 In College for Ilvers-ln and to deliver the experience learly valued by our students. This has meant for the firsl time we have used Trinity Hall, usually the base for many of our postgraduate students, to a150 be a base for B Small number of our first years who wish to 5elf-cater. We will watch carefully to ensure the first years there get fully inte8ratÈd into CollÈgÈ lifè as well as Ilfe within that Hall, but so far, thls appèars to be worklng well.

St Chad's College Report ol the Governors and Flnancial siatements For the year onded 30 September 2025 Recognlslng that 2027 marks the end of the currènt College Strategy, a major plece of work for the Governors thls coming year will be looking again at our Vision and Values as well as settlng a course for the next phase of the College's life. We wlll very much also have Sn mind our 125 anniversary In 2029. There is a sense that this will be an evolution rather than a revolution, but we are anxlous to engage wldely to ensure what we arrive upon meets wlth the support of our many communities. Thls year ha5 seen changes to the face of our Governlng Body. As well ès Fr Mark Woodruff, we have seen the expiry of term for Patsl Chandler, an exceptional Vice ChaSr and Chalr of Finance Commlttee. Thankfully we will still See Paul and hls wife Sarah as College Tutors. We have seen Prof Robert Hannaford rellre and thank hlm for hls service. We also know we will be losing Lauren Bradshaw, one of the foundeis of and a key supporter of our Development Committee. We w55h her every success In her excitlng new role whlch has seen her permanentlv relocate to Edinbu¥gh. We are pleased to welcome Joie Bundy and CaltlSn Wa15h as our JCR and Ellie McKay as our MCR representatives on Governing Body, and thank their predecessors Rachel Dobbin, James Brldge5 and Malt Lee. Amongst the College staff, we have also seen our Chaplaln Revd David Rushton move north to take up a role as Rector of Holy Trlnity Dunoon and St Paul's Roihesay. We will greatly miss Davld's contrlbutlon throughout the Ilfe of the College, whÈther in the Chapel, staff meetings or in the gardens which he 50 lovlngly tended. He wlll be a hard att to follow, but we are confident h55 successor, Revd Kate Eaton-wells, wlll bring her own special talents to the role and we are dell8hted to welcome her to St Chad's. In closln& a few words of thanks. Firstly, to all of our College Tutors who help ensure our students settle well and enloy thelr tlme wlth us. We are proud of the stiength of our MCR and SCR bodies, and the important contribution they bring to the intelledval life of the College. l also want to acknowledge the work of our Policy & Practlce team undèr Professor Tony Chapman. Our outstandlng College Officer5 deserve our huBe thanks for the leadership and stability they provlde as well as compasslon and a real commltment to the College. Thanks to Dr Vlctoria Brown as Vlce Prlncipal, Ali5tair JÈnklns as Finance & Operation5 Director and our outstanding Prlncipal Dr Margaret Masson. It Is a pleasure to work with them. We look forward to 202516 wlth a sense of optirnism, qvlet confidence and a determination lo succeed. John Marshall Chalr Ctf Governors St Chad's College, Llnlversity of Durham

St Chad'5 College Report of the Govemors and Flnancial Ststement5 Forthe year ended 30 September 2025 Structure, Governance and Management Constltutlon The Company or College Ss a charltable company Ilmited by guarantee and establlshed by a Memorandum of Association on 4 May 1910. St Chad's College became a registered charity, of which the Governor5 are the trustees, registratlon number 1142958, on 19 July 2014. Prior to that it wa5 an exempt charity. The Membèrs of the Assoclatitsn are the GovÈrnors. who constltute the College and form Its Govèrnlng Body. St Chad's College ITradlngl Llmited Is a 100% owned subsidiary company which Is included in these consolidated accounts. The company registration number of St Chad'5 College (Trading) Limited is 05844646. By appolntment of the Governors, the Prlncipal, Flnance & Operations Oirector, and Vice-Princlpal are lis current Dlrectors. bl Mèthod of Ele¢tloh of G¢wèm¢rs The management of Ihe College is the responslblllty of the Governors who are elected or appointed under the terms of the Article5 of Association. The Governors who hèld offlce durlng the year and to the date of approval of the financial statements were as stated on page 2. College Governors, Ilablllty The Governors guarantee to contribute an amount not exGeedlng £1 to the assets of the charity in the eveni of wlndinB UP. dl Poll¢les adopted for the Inductlon and tralnSng of Governors New Governors are Inducted by the Secretary to the Governors and by the Prlnclpal of the College and benefll fiom tralnlng avallable through the Unlversity and other providers. They are also given a copy of the College's Memorandum and Articles of As50cialion, Its current Statutes, the Memorandum of Association with Durham Vnlverslty, the College's annual review of Its Ilfe and work The Chadsion, thè Governors, annual report and the annual audited financial report. They are requlred to subscribe to the College's charitablè alms and objectlves, to be conversant with the College's policies and governance processes, especially where these require regulatorv compllance and Safeguardlng, and to disclose pos5Ible conlllct5 Of Interest. The ChaSr of Governors conducts 8 rolling skills audit to Inform the appolntment of Indivldual Governors to particular areas of the work of governance, and to recruit new Governors with the experlen¢e and skllls needed. Governors are invÉtèd tts partlclpate In the Ilfe of the College on a regular basls. Organlsatlonal structure and dec151on maklng The day to day running of the College Is delegated to the Princlpal, the Flnance & Operallons Director, and thè Vlce-Prlncipal. R15k management The Governors have assessed the major rlsks to whlch the Company 01 College 1% exposed, in particular those related to the operatlons and finances of the Company or College, and they regularly review the systems that are in place to mitigate exposure to major rlsks. Risks are categorlsed Into the following broad headlngs.. Focuslstrategic Direction, Infrastructure Support, Human Resources, Conduct of BusSness, Academic/Research Activities, Student Support, Flnancial SustainabllÉfy, Health & Safety Estate Maintenance and Commerclal Actlvlty. The major risks relate to fluctuatlons in student residence

51 Chad'5 College Report of the Governor5 and Financkl Staternents For the year ended 30 September 2025 and the assoclaied levels of income. EnsurfnB stakeholder satlsfactlon by dellverlng value for money, a good quality service and investment in Infrastructure is essential. The Governors have Identified the following current Principal Risks to the College. IJ Meetlng Intoke torgets The student Intake rlsks are managed by detalled monltorlng of student admlsslons throu8h close liaison wllh Durham Unlverslty, regular conversatlon amotig College officers, and routlne reportln& scrutlny and dlscusslon at mèetlngs of thè GovÈrnor5. 2) St Chod's vulneroblllty us an Independent College The College receives a substantlal annual College Fee from Durham Universlty in consideration of the services it supplies as a statutory constituent College. This came into effect in August 2021 under the terms of a new Memorandum of Understanding and Financial Agreement which wlll be revlewed by both the College and Unlverslty In 2026. The College currently enjoys a vèry strong and posltlve relaii(Inship with the Uriiversity, but given the scale of this fee within the context of the College's overall income, It would be prudent to Identlfy thls as a flnancial risk In the futu￿. 31 Fundlng of Investments in Inlrostrn¢ture The rlsk as to Snvestment In infrastructure would be a major problem If the Collese had buildln8s whlch were not flt for puip05e. A new Estates Strategy was adopted in 2019, which incorporated the Governors, 2018-2027 10- year strategic framework in relation to building rnaintenance and renewals, and was also supplemented by WOTk identlfied within OLsr regular bulldln8 condltlon surveys. Regular reportlng thr()ugh an intemal committee structure, wlth a seven-year buildlng5 upgrade plan approved by Governors and commenced In 2019 wlll contlnue to provide an achievable programme and enable slgnificant progr￿S. Addltlonally, the Increased èxposure lo rising energy costs has placed pressure on the College's budBets and schedules for carrying out thls work, and it would st111 be prudent to keep the effe¢tS Dn energy, material and labour costs on the estates programmes under close watch. Oblectlves The objectives of the College are.. To advan￿ education, learning, religion and research In accordance with the piinciple5 of the Church of England,. and to prov4de a College for persons who shall be members of the University of Durham In whlch they mav work for degree5 and other qualifications of the Unlversity with partlcular regard to advanclng their education, and their spiritual and personal wellbeSng, Our prlnclpal means of meetlng those objecrlves Is our provision of academic and pastoral support lo undergraduates and p05tgraduate students reading for degrees in the Unlverslty of DL4rham. st Chad's also provldes It5 own Èducatlon, study support, and research programmes withln the Colleee. The Governors are obliged to provlde the Rector of the College wlth assurante on the advancement of Its objectlves as a Church of Eneland foundatlon. To thls end, the Principal offer5 a re8ular report to the Rector, and thè Chalr of GovÈmors consults the Rector 81 needed. The Ggvernor5 employ an Angllcan prSest as Chaplaln to celebrate regular worship In the Chapel and, among Other duties, to offer spirltual and pastoral care available to all within the College communlty. The College also provides scholarshlps and bursarles for students in support of the Chapel's choral servlces. By maintaining a multidisciplinary community of learnlng, the College Is fulfllling Ils charlrable obletts as a place of rellglon, educatlon, learnlng and research withln the Unlverslty of Durham.

st Ch2d's College Report of the Goveinors and Flnanclal Statements For the yeaF ended 30 September 2025 Vlslon. Mlsslon and Values During thè yèar, the College contlnued to Implement Sts v￿lon, Values and Strategic Framewoik lor 2017 to 2027. At the heart of this lie the following definitions. Our Vlslon.. To be a hospitable, supportive, challenging community of lèarmlng whlch Insplres and educates our members to contrlbute wlth ImagSnation and Integrity towards a sustainable present and future for our world. Our Mlsslon.. Worklng together as a warm, reflectlve communlty which sustalns an outstandlng colleBlate experience, we promote acadèmic Èxcellence and whole person development. In a context of unprecedented global challenges, we aim to encourage Intellectual curi051ty and thoughtful hope as we explore how to Ilve more su51alnably and equlp our members to make a posltlve social impact. Our Values: As an Independent college withln Durham Unlvérslty, we are deflned by our founding ¢ommltment to lusti¢e, In¢lusion and servlce, shaped and Inspired by our Anglican roots and our home in the North East rè8ion. Wè seek to Ilve wlth Integrity as a community which includes people of all falths, beliefs and bad(grounds. The Goveinors took the opportunlty to revlew the Strategic Framework In the Ilght of the College's Ilved and operational experience in Seplernber 2023. Thls conflrmed the long-term v15ion remains on course, with further reflnement to take account of concerns to ensure diverslty and incluslon, as well as to brlng environmental and energy Sustalnability to thè fore. ststemènt of Publk Beneflt In shaplng the College's objectives for the year aftd plannlng Its adivltles, the Governors have con51derÈd the Charlty Commlsslon's regulatory guidance on public benefit. They are satlsfled that the activities a5 d@scrlbed In these reports and accounts in pursuit of the College'5 objective5 meet the public beneflt iequlrements of a reglstered charity. Report on Actlvltles al Communlty of learnlng The Collège provlde5 a learning community and infrastructure support for about 470 undergraduate and 170 postgraduate students. Thls communlty benefits students intellectually and personally, develops their leadership and Snterpersonal skills, and thereby prepares them to play full and effective roles the seTvice and advan￿ment of society. In partScular, the College provides.. opportunltles lincluding bursaries and scholarshlpsl for extracurricular learnlng In a college context indudlng multl-dls¢lpllnary lectures, discussions, conversatlons and semlnars, thereby enabllng students to develop Intellectually beyond the scope of their academic degrees,. a resldential communbty for aPPfoxim6tely 260 students, with social, culturè, muslcal, recreatlonal and sportlng facllltSes and opportunities that enable 5t Chad's Students to realise their personal and academlc potential a5 much as possSble whlle studyin8 at the College,. Ilbraries, prlmarily for the use of Its students, but also availablè, on request, to members of the wlder communlty,. good quallty accommodation, and convlvial caterlng and dlnlng at reasonable rales. The College also adVan￿S learning through Its 5peclali5t Pollcy and Practice Research Gyoup, led by Prof Tony Chapman. The CollégÈ's major charitable actlvltv 15 furtheriE)g the education of these students who are enrolled within thè Unlversity of Durham. This is Garrled out by providing a resldèntlal experience wlthin a highly engaged learning ¢ommunlty, Integral to which 15 academ1¢ and personal support from College Offlcers, our College Tutors and mentors, and the 5k5115 and experlences offered through a varled programme of extra-currltular actlvStles.

St Chad's College Report Of the Govemors and Flnanclal Statements For the year ended 30 September 2025 We endeavour to provide aczdemit and pastoral support to all students, not only to enable them to do well In thelr departmental-based studies, but also to stretch their academic and social potentlal by exposlng them to 15sue5 and challenges beyond the curriculum. In additlon to pioviding student accommodatlon, the College becomes a CDnferèntè, hospltality and wedding venue durlng va¢3tion perlods, The financial beneflts from thls trading activity are utilised to support the College'5 main activities in pur5UIt of our oblectlves. Ensurlng stakeholder satlsfartion by deliverlng value for money, a good quality 5ervlce and Investment in Infrastructure Is essentlal. bl Bènefidarles The undergraduate and postgraduate member5 of the College are the prlmary beneficiaries of the College. BenefitlarSes also Include.. members of our Senlor Common Room - which brings tO8èther academics, members of the Unlversity staff and leading figures In thè communlty In the North East,. alumnl of the College,. studènt% and stsff from other college5 in Durham,. visiling academlc5 from tsther hlgher education institutlons,. Our beneficiaries have an opportunity to attend educational events at the College Or use Its academlc facllltles and loln us for meals. Furthermore, othei benefitlarles demonstrate the College's provislon of wider publlc benefit.. Schoo15 Wlth whom we partner Sn our Schools Widening Participatlon Outrèach Programme, who attend School Vlsit Days. Local and natlonal charities with whom our student5 volunteer and for whom they raise funds,. member5 of the public who aTe often Invited to attend events In College, including servlce5 in the Chapel, concerts and arts attlvities, publlc lectures, community outreach and charily fundraising events. Student Scholarshlps and Bursarles IA order to SUPPOrt students from less flnancially re50ur¢ed backgrounds, the College offers a range of scholarshlps and bursaries to undergraduate and postgraduate students. Achlevem¢nts durlng the Year The College's achlevements during the yea¥ arè largèly measurèd In terms of student matters- admissions, results, and events that support the breadth ènd depth of the education and wlder student experlerice offered by the College communlty. Admlsslons The College admits as students those who have the hlghest potentlal for benefttlng from the education provided by the College and the Unlverslty, regardless of thelr finantial, soclal, ¥eligious or ethni¢ background. Our admlsslons Intake this year is 168 under8iaduates and 142 postgraduate students.

5t Chad's College Report ol the Goveinor5 and Fin4nclal Statements For the year ended 30 September 2025 Academlc results 5ummei Summer 2024 Undergraduate Results 2025 Class I Class 2.,1 Cla55 2..2 Class 3 Ordlnary CHE 78 87 P05tgr4duate Results Year ol completlon 2025 Year ol cornpletion 2024 Doctorates IPhDI Masters io 39 li PCERT PfjCE These resulis are broadly in Ilne with expectations. In respect of undergraduates, the number of graduating students In 2024 was consSderably larger than usual due to the large Intake durlng Covld on account of the higher than usu81 A level results, and thelr degree results were also affected by mitigations put in place due to Covid mitlgatlons. Since then, there has been an attempt across universltles lin¢lu(J4n8 Durham) to rebalance assessment outcomes. Awards Made to St Chad'5 Colle8e Students 2025 Number 2025 2024 Number 2024 Academic Scholarshlps Undergraduate CommuTrlty Bursarfes Chapel Cholr & Muslc Scholarshlps SCR Ac3deml¢ Development awards student Support Fund awards Opportunlty Fund awards Meal Bursarles Art5 awards 25 44,578 8,000 6.304 2,550 4,308 4.720 2,430 1,350 23 44,985 6,250 5,952 3,000 4,714 5,233 3.311 13 14 22 30 64 54 Total Awards 207 74,240 213 73,445 Communlty Llfe and Student Satlsla¢tlon The results of our annual student eXperIen￿ survey 5uggest5 that therè Is hSgh satisfaction generally with the qualily of the student experlence at st Chad's College. We saw high rates of engagement with our wlder student experlence offerlng. 98Yo are satisfied with the College's encouragement to be intellectually curiou5, and lates of engagèment in muslc, sport, volunteering remain very hlgh. 92% respondents reported that they felt a sense of belonging to and TesponsSblllty within the communlty and 97% said that given the choicé, they would choose St Chad's College agaSn. Culture and Value5 The College has contlnued to focus on encouraging all members to Ilve according to our colle8e values, In particular those around equality, dlverslfy, Incluslon and environmental and energy sustainablllty. We have done thi5 via communic3tlons across our platforms, and via Inductlon and ongoing leadership trainlng. Feedback from the student experience survey suggests a strong sense of trust In our commitment to our core college values justice- 90%; dlverslty 93%,. respect for personal beliefs- 97%,. envSronment- 93%. 10

st Chad's Colle8e Report of the Governors and Flnancial Statements For the year ended 30 September 2025 Our sense of community is stronger than ever, and across the College, there Is an Increaslngly shared commltment to our ￿nse of our purpose, values arid goals. Fundralslng The College continues to raise funds for a varlety of purposes, Inclydlng the greater provi5ioN of scholar5hlps to be paid to students who may otherwise have Struggled to afford funding of their unlversity degree. Thanks to the generosity of alumni and supporters has significantly intreasèd our capacity to support our students flnanclallyl In recent years- something much needed amidst current the cost gf living challenges. Envlronmental and Soclal Governance The College Contlnues to monitor its Ènvlronmèntal Impact In a variety of ways across day-to-day operatlons and as part of Its programme of estates refurbishment. In Ilne wlth the UN Sustainable DÈvelopmènt Goals, the Governors, sustained focus on this area of concern over many yÈars wlll lead to a new Greer¢ Manifestg, formulated in consultatlon with the wlder St Chad's community, to Stand at the forefront of all College operations. Thè College is also conscious of its role as a falr and generous employèr and Governors take close account of the Real Llvin8 Wage Foundation's suggesiÈd rates of pay, in older to ensure that staff withln the College are approprlately and adequately rewarded. Flnan¢lal Revlew The financlal review refers to the consolidated 8roup actlvitles of St Chads ColleBe Limlted {the parentl and St Chad's College (Tradlngl Llmited Ithe subsidlaryl. The subsldlary Is fully owned and controlled by the College. Summary Net Income in the year was £444,39212024.' £760,482) which Is 58% lower than the prevSous year. Net income is stated after accountlng for the investments 8ainslllossesl and In the year the decrease In the market value of the short-term investments was £113,928 compared with an increase of £202,437 in the prlor year. Underlylng net income in the year, èxcludlng the galnsllos5es on short-term investments was £558,32012024.' £558.0451. Total Income was 10.4% higher than the prlor year at £4,164,63912024.' £3,771,316) Student residence in 2025 has remalned close to full capacity and residence bi115 were increased by an average of 6.4% 12024.. 8.3%) In line with the rates charged by Durham University for accommodatiot) and caterlng. Maintènance fee Income was £2,425,62212024.. E2,258,3831 showlng a 7.4%. increase year on yÈ3r. Commèrclal buslne55 income was 30% higher than the prior year at £474,428 12024.. £365,151) wlth substantlal growth in bed & breakfast sales and wedding events incomè. st Chad's College Junior Common Room IICRI inctsme was £333,728 12024.. £130,367 part yeorl. Much of the income relate5 lo the student term-time bar sales at £2(K),825 and events income from ticket sales at £56,972. Historically, the entity was a separate unlncorporated association before the JCR accounts were consolidated Into group accounts from I" Apfil 2024. The openSng balance sheet funds of the JCR on I, April 2024 were £121,267 and these funds were Incl¢&ded In the group accounts as a re5trlcted donation in the prior year. Total expenditure was 12.2% hlgher than the prlor year at £3,606,319 (2024., £3,213,271J. The current year expendlture includes a full year of junior Common Room expendlture of £322,699 12024.. £117,272 port year). The prioi year expendlture related to the 5ix-monlh perlod only from the I" Aprll to 30 September 2024. The remaining underlying group expendlture Increased by 6.1% year on year.

st Ch8d's Colle8e Reportaf the Gtsvernors and Flnanclal StatemeTrts For the year efided 30 September 2025 bl Balance sheet Capltal investment has continued during the year to maintaln the value of the asset portfollo. Additions ill the year were £1,098,41612024.' £874,020) and included £112,90812024.. £494,410) for new flre doors across the estate, £824,300 In resped of the iefurblshment Llghifoot House119 North Bailey). The vast malorSty of trade debtor balances have been collected In advance of the flnanclal yea¥ end leavlng a group bal3ncè of £56,09012024.. £16,083). The prompt settlement of the student ¥e5idence actounts during the Easter term has rnaintalned the low trade debtor balance, comblned wlth the advanced billlng and Settlement of the summer Conferences and weddlng InvoSces. The increase In trade debtors relates to ¢ommerclal business invol￿5 for wedding contracts in 2026 and these balances are also disclosed within creditors as deferred income. Accrued Income at the year-end was £88,967 12024.. £55,142). The current year balance relate5 to expected donations in the form of gift ald claims or indivldual donatlons pledged but not feceived at the year-end, legacies and Investment Income. Trade creditor balances are reconciled monthly lo external supplier statements. Payments are made to suppllers in Ilne with payment terms and after ensurlng the approprlate authorisations have been obtained. The year end trade creditor balances were £465,68112024.' E367,8911. The year end balance inclvded £330,371 amounts due to contractor5 for the refurbishment work at Lightfoot House. Accruals and deferred Income at the year-end were £590,76012024.' £245,3101. Current year accruals In relatlon to capital work completed but not yet involced at Lightfoot House amounted to £182,404. Bank loan repayrllents in the year amount to £29,951 (2024.. £29,951J bringlng the year Ènd loan balance lo £92,351 (2024.. £122,303). The cash balance has increased by £68,157 In the year to £621,103, compared wlth £553,773 In the previous year. The hlgher level of trade credltors and accrtsals In respect of the refurbishment at Li8htfoot H¢use has contributed to the higher cash balances at the year ettd. The balancè held as short-term Investments at the year.end was E3,139,286 (2024.. £3,228 2141. Whilst the investment5 are classifled as short-term due to the acces51ble nature of the a55ets. the Intentlon Is to hold the Investments on a long-term basis to provlde a regular income stream for funding scholarshlps, buisarles and other restricted and designated fund expendlture. Unreallsed losses on the revaluatlon of investments for the year were £113,928 12024., £202,437 guinsl. As at thè yè3Y end, £2,845,909 was held in the CBF Church of England Investment fund, £241,717 was held in the COIF Charitles Ethlcal Investment Ftsnd and a balan￿ of £51,659 was held within the Ellzabeth Griffiths Bursary Trust. Over311 net asseis Sncreased to £15,626,94812024'. £15,182,556J. Income Total income increased by 10.4% to £4,164,639 tomparèd wlth £3,771,316 in the prevlous year. Our core income generating artlvlty of resldèntlal accommodation showed an Increase of 7.4Y. on the prevlous year, Increasing to £2,425,62212024.' £2,258,383). The last four years have shown a high demand for resldentlal at¢oMmodatlon wlthln the College and very few empty bed spaces. The Increase in residential income year on year is mainly due to the price increase5 whlch broadly follow the rates charged by Durham Unlversity. The room rate increases accounted for approximately 6.4% of the 7.4% upllft In incorne In this area, wlth addltional bedspaces in 2024 contrlbuting to the remainlng increase. The College Fee. received from Durham Univer51tVi was £573,600 In the year12024.' £525,168). The Collège Fee rate Is adjusted each year by Durham University, and thls rate change is ImplémÈnted from the I, August each vear, In Ilme with the new financial year for Durham Unlverslty. The fee In place from the I" August 2024 was £564,158 and thi5 was Increased to £616,509 from I, August 2025. The uplift in the fee level from l August 2025 Is predomlnantly being driven hy IncrÈasÈd fundlng towards ener8V C05ts l+E35,0861 whlch have more than doubled over the last few years. This Fee reflects a new approach and methodology that provSdes a clear and transparent way of recognlslng the costs of independent colleges within the University structure. It prlmarlly focuses on the costs of provldin8 wlder Student experlence. 12

st Chad's College Report ol the Governor5 and Financlal Statements For the year ended 30 September 2025 Thi5 year St Chad's College ITradingl Llmited made a net proflt of £100,618 12024.. £64,551). Sales turnover generated over the Easter and Sumrner vacation was £474,42812024.' £365,151). Thè bed & breakfast Income increased by 55% to £140,45212024.' £90,788). Addltlonal buslness has been 8ener8ted by advertlSill8 available room5 on Booklng.com. The progresslon of thè capltal rèfurbishmenl programme across the estate has Increased the capaclty of the college to generate additional revenue in this area. The College hosted 25 weddings durlng the financlal year ended SeptembÈr 2025 compared with 24 in 2024. Income fiom weddlng5 In the year Increased by 35% to £170,968 12024.. £125,562). Weddlng package prices were updated at the start of the financlal year to reflect rislng costs and prèsèrve margins. The mlnlmum charging structure also *Jpdated for weekend celebration5. Consequently, the average revenue per weddlng has Increased by 30%. Bar income, predomlnantly linked wlth the wedding celebratlons increased 10 £44,74712024.' £31,923). Income from commerclal conferen¢e aThd group residential bookings was £116,21612024.' £113,039). A substantlal amount of this trade was generated frorn DL¢rham Unlverslty bookings In 2025 at £52,455. Income from educational conferences was £10,307, 12024.. £64,046). St Chad's College continues to host educational conferences for Durham UnSversltVi and thls income was £3,796 12024.. £26,858). Addltlonal new business was generated In 2024 from a rellgSous soclety holdlng a conference at St Chad's College. Investment income in the year was £98,94412024.' £101,801). Investment dividend income earned in the year on short term Investm￿1$ was £86,97012024.. 74,6091. Bank interest re￿[Vable for cash held on deposit was £11,974 12024. £27,193). Income from donatlons and legacies In the year was £137,77212024.' E248,737}. Donatlons for Scholarships arnounted to E62,069 in the year12024.' £66,219). Unrestrleled donaiSons and legacie5 amounted to £31,13712024 £15,736) and these fund5 have been allocated towards fundlng the on the ongoSng bulldlng refurbSshment programme across the college estate and the accesslbiliry ftjnd. Réstrittèd donations for college buildings in the year were £13,19812024.' £8 9381. Restricted donations for the acces5ibillty fund were £18,915. The Sl Chad's College junior Common Room accounts were consolldated Into thè group accounts from I" April 2024. Historically the entity was a separate unlncorporated associatlon. The opening balan￿ sheet funds of the Junior Common Room were £121,267 and these funds have been Included In the group accounts a5 a restrlcted donation in the year. Income from research actlvity was £53,600 in the current year12024.' £2,338). The research Intome relates to the work of the Policy and Practice Research Group. During the year, St Chad's College has received grants of £15,000 from the Community Foundatlon North East, £15,tK)O from the Lloyds Bank Foundation and £3,000 from Millfield House Fottsndation. These restrlctèd funds afe shown within academlc projects In 2025. No new grants were re¢eived in 2024. The College recognlses the value of the work belng undertaken by our researchers and is keen to maintain the strong relatlonshlp It enjoys wlth it5 Research Fellows. The College see5 this as an Integral part of delivering Its social values and developlng Its relatlonshlp wlth key partners acloss the region. dl Expendlture The group expended total resources of £3,606,319 In 2024125, compared to É3,213.271 in the previou5 year. Thls represents an increase of 12.2% The areas of expendlture where slgnlficant dlfferÈntÈs can be seen are as follows.. The St Chad's Colle8e Junior Common Room IICRI expendlture Included in the group expenditure In the Current vear Is £261,452 12024.. £117,2721- The JCR accovnts were incorporated Into the group accounts from I" Aprll 2024 and therefore the prior year expenditure comparatlves reflect only the JCR expènditure in the Easter term. 13

St Chad's College Report of the Governor5 artrd Flnancizl Statements For the year ended 30 September 2025 Staff costs were 9% hlgher than the prlor year at £1,626,68012024.- £1,492,443). The inclusion of a full year of ICR Bar payroll costs In the group expendlture at £74,97112024,' £18,505 port yet7rl accounts for around 3.8Yo of the year-on-year Intrease In group payroll costs. Higher employer national Insurance contributions rates and lower thresholds above which employers pay national insurance, eflectlve from Aprll 2025, have Increased payroll costs. Overall employer nation41 Snsurance costs rose to £128,566 in 202512024.. £97,223) The annual employer penslons costs dètreasèd by £26,217 as the èmployer contributlon rate for the Durham Universlty Pension Scheme IDUPSI moved from 24% to 15.3% in August 2024. The employer contribution rate for the Unlversitie5 Superannuatlon Scheme IUSSI moved from 21.6% to 14.5% In january 2024. The wage increases March 2025 for our casual staff ernployed at the current real Ilvlng wage was 5Ya 12024.. 10.IYI. Permanent staff employed at grade 3 and below recelved pay increases of between 2% and 5% in March 2025. The Inflationary wage increase for remalnder of staff was 1.4% from August 2025 12024.. 2.45%). Indivldual pay progre55ion amount5, awarded towards the end of 2024, amounted to an addltlonal £15,626 wage Cost In 2025. Premlses costs Increased In the year by 2.9% to £887,39612024.' £862,036)., Depreciation has Increased In the year to £287,81512024.' £225,395>. The College had 8 2-yèar flxed prlce energy contratt In place until the ènd of Septèmber 2025. Energy costs have therefore been similar to the prlor year at £234,19212024.' £256,356). The 2025 costs were £14,602 lower than they would have been due to the release of an historlc efjergy accrual whlch is no longer requlred and the resolution of a rneter issue with the previous supplier. The College has entered into a further fixed rate contract for the 2-year perlod ended September 2027, where energy cost is expected to lall to £206,000 per annum based on the ratès agreed and current consumptlon levels. Repairs and malntenance costs In the year were £150,20212024.' £182,165). Prior year costs were hlgher due to the Gompletion of electrical assessment SU￿eY5 a550ciated malntenanre work. Student costs Increased Sn the year by 3.0% to £460,92812024.' £447,597) Expenditure on scholarships and bursarles increased to £67,88212024.' £57,1871. Other expenditure to 5515t studen15 funded by donation5 IncrEased to £22,38912024.' £21,931) and included school vSsits, student support payments, meal bursarie5 and opportunlty fund payment5 In the year. Support costs increased in the year by 53.4% to £174,01312024.' £113,170). Currènt yèar costs Included a hlstoric tax118blllty to HMRC for houslng accommod3tlon beneflts provlded over the previous 4 years at £70,965. Commer¢lal tradlng operatSons incurred costs thls year of E373,810 12024.. £300,600) represènting a 24.2% Increase in costs. The management ¥echar8È from St Chad's Ctsllègè to St Chad's College (Trading) Limited forms the bulk of the expenditure and in 2024 this was £319,51112024.- £238,324. The College contlnues to work hard to ensure the delbvery of an excellent resldentlal and pastoral experlence that exceeds the expectatlons of our students and commercial customers. 14

5t Chad's College Report of the Governors and Flnancial Statements For the year ended 30 September 2025 Reserves Pollcv Re￿rIcted Funds 2025 Deslgnated Unrestrl¢ted Funds Fund5 202S 2025 Total 2025 Totsl reserves 1,278,945 6,704,958 7,643,045 15,626.948 Flxed assets Cash and Investments Othew current assets 4,516,729 2,153,187 35,042 8,329,246 12.845,975 372,107 3,761.216 134,100 212,165 11,130,1XI81 IL130,CQBI 162,4001 162,4001 1,235.922 43,023 Long teirn liabllities Net AssÈts l.Z78,945 6,704,958 7.643,045 15.626,948 I.OOD.D)O 1,000,000 Unutlli5ed bank overdraft Thè Colleee contlnues to fund it5 capltal refurblshment project from available free reserves. Planned capltal expenditure on our buildings over the nèxt 5 years Is expected to be In the region of £3.6 milllon. Thls wlll bè funded from avallable free reserve5, annual busine55 surplu5e5 and addltional bank borrowing if requiTed. st Chad's Is fortunate to have 51gnlflcant net assets on Its balan￿ sheet of £15,626,948 but most of these are invested in bulldlngs that are used for our prlm3ry purposes. In the unlikely event of the need to close the College, these propertles could, dÈpendSng on market conditions, either be sold or used as collateral for borrowlng facilities to fund an orderly wind-up. We will always wlsh our net assets to be greater than the likely costs of w4ndSng up, which we would Currently estimate as £320,OCtO. The Governors also wlsh to ensure the CollÈge has sufflclent Ilquld reserves and access to flnance, In Order to cope with a sudden cessatlon of our maln income flows Iprlmarily student resbdency Income and commercial Income), providlng 5ufficlent ilme to arrange borrowing or to sell a55eÈs to ensure it5 operatlons can continue. The College wlll therefore seek to have In place at any tiEre sufflclent Ilquld assets 11.e., unre51rlcted cash and unregtricted investments) and unutilised borrowing facilitie5 li.e., agreed overdrafts or undrawn loansl to cover three to four months lapproxlmately one academlc term) of normal expenditure. At th8 Currènt tlme, thls would indicate the target range to be available of £846,000 to £1,128,000, held as unrestricted liquid asset5 and av3llable btsrrowlng facllitles. At the year end, the levèl of unrèstrlcted cash and Investment balance5 held was £372,10712024.' £459.4731 and the unutilised borrowing fadllties available were £i,000,00012024.' EI,000,0001 in thÈ form of an overdraft facility. The total IlquSd assets and unuti115ed borrowing at the yèar-end was £1,372,10712024.' £1459,4731, which is in excess of the target range. Governors revlew reserve levels, buslness forecasts and cash-flow projections on a quarterly basss. The reserves poliLy wlll be subject to a governor review annually, wilh rhe next revlew date belng June 2026. Prlndpal fundlng n)e principal source5 of fundlng frtrr the year to 30 September 2025 were student maintenance fees and the College Fee received from Durham Univef51ty, a5 well as Income generated through commercial trading activltles, alumnl donatlons and glfts and related research activlty.

st Chad's College Report of thE Governor5 aT¥d Fin3ncial Statements For the year ended 30 September 2025 gl Investment pollcy and performance The Gtwernors have power to invest rnonies a5 they See flt. The Investments are held In the foim of flxed inteiesl bonds, common investment funds and unlt trusts. Thè performancè (If the £3,139,28612024.' £3,228,214> Snvested in thls mannerls consldeied adequate. Maiket value of land and bulldlngs The Governors Gon51der that the market value of the land and buildings15 equivalent to the figure di5c105ed IN the accounts. A formal valuation of the land and bulldlngs was carried out to 21 September 2023, and the accounts have been updated In Ilne wlth the up-to-date valuatlon. Dlsclosure of Informatlon to audltor The Governor5 who held office at the date of the approval of thls Report confirm that, 50 far as each Is aware, there Is no relevant audit Informatlon of which the College's auditor Is unawaTe,' and ea¢h Governor lias taken all the steps that he or she ought to have taken as a Governor to make himself or herself aware of any relevant audit Information and to establish that the College's auditor is aware of that information. Audltor S&W Audlt Llmlted have Indlcated thelr wllllngness to ¢ontlNue Sn office a5 auditors, and a resolutlon concernlng thelr appolnlment will be put forward at a Governors, meeting. By order of the College Governors. John Marshall Choirof Govtrnors 18 North Balley Durham DHI 3RH Il, December 2025 16

Sl Chad's College Report of the Governors and FlnancSal Statement5 Forthe year ended 30 SeptembÈr 2025 Statement of the Governors, responsibilities in respect of the Governors, Annual Report and Financial Statements The governors (who are also direclor5 of St Chad's Ctrlle8È for thè purposes of company lawl are responsible for preparlng the Governors, Annual Report and the flnanclal statements In accordance wlth applicable law and United Kingdom Accounting Standards Iunlted Klngdom Generally Accepted Accounting Prarllcel. Company law requires the governors to prepare finat¥cial statements for èach flnanclal yèar whlch glve a true and fair view of the state of affairs of the charltable company and the group and of the incomlng resources and appllcatiDn of resources, Includin8 the income and expenditure, of the charltable 8roup for that perlod. In preparing these financial statements, the governor5 are Tequlred to: select suitable accountlng pollcies and then apply them ¢onslstentlv' observe the Methods and prlnclplès In the Ch3rltlÈs SORP,. make judgments and estimates that are reasonable and prudent,. state whèther 3pplltablè UK AccountSt)g Standards have béen followed, subleu to any malerlal departures disclosed and explalned iii the financial statements; and prepare the financial statement5 on the going concern b8sls unless it is inapproprlate to presume that the charitable company will continue In business. The governors are responsible for keeping propel accounting records that disclose with reasonable accuracy at any time the financial position of the charitable tompany and enablÈ them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charltable company and the group and hence for taking reasonable steps for the prevention and detectlon of fraud and other In so far as the governor5 are aware.. there is no relevant audlt Informatlon of whlch the tharltsble company's audltor 15 unaware; and the governor5 have taken all steps that they ou8ht to have taken to make themselves aware of anv relevant audit information and to establish that the audltor Is aware of that informatlon. The governor5 are responsible for the malntenance and Integrlty of the corporate and financial informatlon Included on the charitable cgmpany's website. Legislation in the United Klngdom governlng the preparation and dissemination ol financia5 statement5 may differ from leg551atlon In otherjuri5dictlon5. 17

st Ch3d's ColleEe rieport of the Govemors and Financlal Statements For the year ended 30 September 2025 s&w INDEPENDENT AUDITOR'S REPORTTOTHE MEMBER5 OF STCHAD'SCOLLEGE Oplnlon We have audlted the flnanclal statements of St Chad's College Ithè 'parent charitable cgmpanvl and its subsidiaries Ithe 'g¥oup'l for the year ended 30 September 2025 whlch cornprlse the Consolldated statement of flnantlal activlties, the Con501idated Balance Sheet, the Ch3rlty balance Sheet, the Consolldated statemeni of cash flows and the notes to the financial Statements, Includlng significant acGountlnE pollcie5. ThÈ flnancial reporting framework that has been applied In their preparalionls appllcable law and Unlted Klngdom Accounting Standard5, including FRS 102 'The Financia1 Reportlng Standard applicable In the UK and Republic gf Ireland" (United Klngdom Generally A¢cÈpted Accounting Practicel. In our oplnion, the flnancial statements: give a true and falr vlew of the stale of the group's and of the parent charltable companls affalrs as at 30 September 2025 and of the group's income and expenditure for the year then ended. have been properly prepared in accordance wlth United Kingdom Generally Accepted Accounting Pra¢tlce,' and have been prepared in accordance wlth the requlrements of the Companies Act 2006. Basls for oplnlon We conducted our audlt In accordance wlth International Standards on Auditin8 IUKI IISAS IUKII and appllcable law. Our responsibilitles under those standard5 are further described In the Auditor's responslbilltles for the audlt of the financlal statements settlon of our report. We are Independent of the group and parent charitable companv In accordance wSth the ethical requirements Ihat are relevant to our audit of the linanclal statements In the UK, Includlng the FRC5 Ethical Standard, and we have fulfilled our other ethleal responsibillties In accordance wlth these rÈqulrements. We believe that the audit evidence we have obtained is sufflcSent and appropriate to provide a basis for our opiriion, Concluslons relatlng to Bolng concern In auditlng the flnancSal statement5, we have concluded that the Governors, use of the goln8 con￿r￿ basls of attountlnB In the preparation of the flnanclal statements Is appropriatè. Based on the work we have performed, we h3ve not identifièd any material uncertalntSes relatin8 io events or conditions that, Individually or collectlvely, may cast slgnlf1cant doubt orb the Broup and parent charitable tompany's ability to continue as a going concern for a pèriod of at least twelve months from when the flnancial statement5 are author15ed for Issue. Our respon5ibilitles and the responslblllties of the Govèrnors wlth respect tD Eolng concern are described In the ielevant sections of thls report. other Infomiatlon The other inforrnation comprlses the Informalion included In thè Report of Governors, other than the financial statements 2nd our audltor's report thereon. The Governor5 are responslble fo¥ thè other information contained wlthin the Report of Governor5. Our oplnlon on the fSn8nclal statements does not cover the olher Informatlon and, except to the extent otherwlse explicitly stated In our report, we do not exprèss any form of assurance con¢lusion thereon. Our responsibility is to read the other Informatlon and, In doing 50, conslder whether the other Information is materSally incon51stent wlth the financial statements or our knowledge obtalned In the course of the audlt or otherwise appears to be materially mSsstated. If we Identify such m3terlal inconsistencies or apparent material mlsstatements, we are required to determlne whethei th15 gSves rise to a material mi55tatement in the financial statements themselves. If, based on the woik we have performèd, we conclude that there 15 3 material mlsstatement of thSs other information, we are requlred to report that fatt. 18

St Chad's College Reportof the Governors and Flwnclal Statements Forthe year ended 30 September 2025 We have nothing to report in thls regard. Oplnlons on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undettakèn Èn the course of the audlt.. the informatlon given the Report of the Govemor5, which includes the Directors, Report prepared for the purposes of company law, for the financial year for which the financlal statements are prepared is on515tent with the financial statements,. and the Dlrectors, Report included withln the Report of the Governor5 has been prepared in accordance wlth applicable legal requlrements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understandlng of the group and the parent charltsble company and their envlfOt)ment obtalned In the course of the audlt, we have not SdeTrtiried materlal misstatements in the Dlrectors, Repgrt included wlthin the Report of the Governors. We have nothlng to report in respect of the followlng matters In rel8tlon tts which the Companles Act 2006 require5 U5 to report to you if, In our oplnlon.. adequate and suffltSent a¢tountlng record5 have not been kept by the parent charitable companyi or returns adÈquatÈ for ottr audit have not been ￿ceiVed from branches not visited by us. or the parent charitable company financial statements are not in agreement wlth thè accountlng records and ret¢Jms- or ertain disc105ures of Governors, remuneratltsn speclfièd by law are not made,. or we have not received all the Informatlon and Èxplanations we requlre for our audlt. Responslbllltle5 01 Governor5 As èxplained more fully In the Statement of Governors, Responsibilities set out on page 16, the Governors Iwho are directors of the parent charltable company for the purposes of company lawl are responslble for the preparation of the flnantlal giatements and for belng satSsfled that they give a true and falr vlew, and for such Internal cov)trol as the Governors determlne Is necessary to enable the preparatlon of financial statements th3t are free from material mSsstatement, whether due to fraud or error, In prèparlng the financlal statements, the Govemors are responsible for asse%sln8 the group's and the parent charitable company's ablllt¥ to cont1n￿e a5 a Eoing cOn￿rn, d15clo5in& a5 applicable, matters related to going concern and u51ng the going CLincern basis of accountlng unless the Governors either Intend to Ilquldate the group or thÈ parent charitable company or lo cease operatloths, or have no reallstlc alternative but to do so. Audltor's responslbllitle5 for the aud5t of the flnanclal statements We have been appointed as audltor under the Companies Act 2006 and under sectlon 151 of the Charltles Act 2011, and report in accordance wlth those Acts and relevant regulatlons made or having effect thereunder. Our oblectlves are to obtain reasonable assuran￿ about whether the financlal statements as a whole are free fram material m15Statement, whether due to fraud or error, and to issue an audltorfs report that Includes our opinion. Reasonable assurance Is a high level of assurance, but Is not a 8uaYantee that an audlt conductéd In accordance wlth ISAS IUKI will always detect a material misstatement when il exists. Misstatement5 can arlse from fraud or error and are consÉdèred material if, individually or in the aggTegate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financlal statements. Irregularltle5, Inclvdlng fraud, are Instances of non-compliance wSth lawg and regulations. WE design procedure5 In Ilne wlth our rÈsponsibilitie5, Outlined above. to deted material misstatements In rèspe¢t of iTregularltSes, Includin6 fraud. The extent to whlch our procÈdure5 are capable of detectlng Irregularities, Includlng fraud,15 detailed below.. We obtalned a general under5tandlng of the company's legal and regulatory framework through enqulry of managernenl concernlng their undÈrstandlng of relevant laws and regulations, the entit¢s pollcles and procedures 19

st Cha(fs College Report of the GDverTrDfs and FlTranclal Stitements For the year ended 30 September 2025 regardlng compl1an￿, and how they identify, evaluate and account for litSgatlon claims. We also drew on oui exlsting understandlng of the companrfs Industry and regulatlon. We understand that the charitable company complles wlth the framework through.. Engaging extemal legal professlonals as requlred and maklng changes to Internal pmceijures and contiols as necessary- The dlrectors, close Snvolvement In the day-to-day runlllng of the business, meaning that any litigatlon or claims would come to thelr attention directly. Monitoring of update5 made by regulatory bodles, In the context of the audlt, we considered those laws and regulatlons whlch determlne the form and content of the financial statemer)ts, whlch afe central lo the company's abillty to conduct Its business, and where there is a rlsk that faSlure to comply could result In m3terial penaltie5. We Identified the followin8 law5 and re8ulations a5 belng of slÈnlfitance in the Context of the company: The Companies Act 2006 and FRS 102 In respect of the preparation and presentatlon of the financlal statements. The Charitles Act 2011 and the Charitles: Statemeht of Recommer¢ded Practite In respect of the preparatlon and presentstion of the financial statements. We performèd thè following specific procedures to Eain evidence about compliance with the significant law5 and regulations Identifi￿ above.. MakinE enqulres of Governors and management 39 to where they conslder there to be a susceptlblllty to fraud and whether thèy have èny knowledgé or susplclon of fraud; Obtalning an understanding of the internal controls established to mitigate risks related to fraud or non- compliance wlth laws and regulatlons,. RevSEwln8 the mlnutes of meetin85 Qf those charged with governan¢e,' The senior statutory audStor led a dlscusslon wlth senlor members of the engagement team regarding the susceptlblllty of thè group and the charltable coMpa￿v,S flnanclal statemènts to materlal mlsstatement, Including how fraud mlght occur. The areas identified in this discussion were.. Manlpulatlon of the financlal statements vla and management overrlding controls. The r15k that fee Income may be re¢o8fb15ed In the Incorrect accounting perlod. The Incorre¢i recognltlon of grants and donatlons resultlng In the Income belnÉ re¢ognlsed in the incorrect accounting period. The rlsk that the assumptlons adopted In the valuation of the land and building tangible fixed assets are Inapproprlate, resulting in an inapproprlate valuatlon belng adopted. These areas were communlcated to the other members of the engagement team not present at the d15Ct¢ssltrn. The procedures we carried out to gain evldence In the above aleas inclydÈd: Performln8 data anatytlc5 Qn the general ledger against client speciflc criteria Performin8 te5tlng of tYansa¢tlons recorded around the perlod end and ensuring they had been recorded In the correct accountlng period Sèlecllng a sample of students and agreelng the residence fee Income recognlsed to supportlng documentation and bank statement. Selectlng a sample of transartions from other Income stre8ms and agreelng to 8upportlng documentation. Obtainlng and eva1uatSng the Governor'5 valuation of the fixed assets propertles and challenglng the a55umption5 adopted for rea50nableness. A further descrlption of our re5pon5ibilitles is avallable on the Flnancial ReportlnB Council's webslte at.. www.fr¢.or audiior Ilities. Thls description forms part of our auditorf5 report. 20

St Chad's College Report of the Governos and Flnanclal Statements For the year ended 30 September 2025 Use of ouy replyl Thls report Is made solely to the parent ¢harltable company's members, a5 a body, In accordante wlth Chapter 3 of Part 16 of the Companlès Act 2006. Our audit work has been undertaken so that we miBht state to the parent charltable company's member5 those matters WÈ are requlred to state to them in an audltor's report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the paient charitable company's members as a bodyj for our audlt work, for this report, oi for the opinions we have formed. Craig Henderson Senior Statutory Auditor, for and on behalf of S&W Audit Statutory Auditor Chartered Accountants 17 Queens Lane Newcastle upon Tyne NEI IRN 21

St Chad's ColleEe Report of the fjovernors and FSnanclal Statements ForthE yea¥ ended 30 September 2025 Consolldated statement of financlal actlvltles (incorporating income and expendlture account) Aor the yearended30 September 2025 Uniq5trlct?d Genéral F￿ndS Unre5tdcted Deslznated Funds Restrlcted Funds Total 2025 Tot31 2024 Notes Incomé DDn3tlonsand legacles Investment Income 31.137 11,973 106.635 29,062 137,77Z 98,944 24B,737 101,801 57,909 hycomefrom churittsbleoctlvlties Income from educatlofial actwltle5 3.056.167 20.600 3fj6.728 3.453.495 3,055,627 Incomefrom othettmdirtg oetivitles Commercial buslness Income 474,428 474028 365,ISI Total lllcornè 3,583,705 78,509 502.4Z5 4.164.639 3,77L316 Elpendltyre Fu￿dra]SSn8 expenses and othercosts 121,110 121,1101 117,9201 Commw¢lal irédln8opeiation5 Expenditure gn rhoiitoble(7ctlvllle5 Expendlture on educ3tlonal acllvltles 1373.810 1373.8101 1300.6001 11745,1481 15L2701 1414.9811 13,211,399) 12.894.7511 To¢DI expÈndlture 18,140.068 151,270 1414,9811 13,606,319) 13,213.2711 Lsnrealised l>J5sesl/gains ￿ Inveslmenls Llnrealised Ilosses118ains ￿ reYaluatloTr of 19 26 19.3741 176.0251 118,5291 1113.9281 202,437 NÈt Incomg11o¥pendltyrl belorotyansfeys Grtrss tran5fer5 between fund5 io 434,263 172,844 148,7861 92,672 58,915 1190281 444?92 760,4A2 r4et Income bEfore other reco8nlsedualns and Iossa5 Movemenls on revaluarlon of flxed a55etS 36¥419 43.186 39.087 444.392 760.482 16 Net movemqntlThfunds tortlR YL4r Fund balances ￿aUghtforward 361,419 7,281,626 43A86 ,651,07Z 39,087 1,23Y.858 444,392 15,182,556 760.482 14,421074 Fund balances cafded forward 27 7,643,045 6,704J58 1.27B,945 IS16J48 15.182,556 All of the above re5u115 are derived from contlnulng acllvltles. The group has no other recognised gains and losses other than those Stated above, The notes on pages 26 to 44 form part of these flnancial statements. 22

St Chads CollegÈ Report of the Governors and Financlal Statements Forthe ye2r ended 30 September 2025 Consolidated Balance sheet t 30 September2025 Note 2025 2024 Fixed assets Tanglb5e assets 15 IZW5,975 12,037,474 12,845,975 12,037,474 Current a$$ets Stock Debtors Cash at bank and In hand Short-term Investment5 17 18 27,840 184,32S 621,930 3.139,286 20,600 107,839 553,773 3.228.214 19 3,973,381 11,130.0081 3.91Q.426 1672,9921 Credttors: amounts falllng due withln one year 20 Net current as5et5 2,843.373 3,237,434 Yotal a55ets le5$ Eurr•nt Ilabllltles 15,689,348 15,274,908 Credltors.. 8mosJnts lalllng due after more than one year 21 162,41001 192,3521 N¢t assets 15,6Z6,948 L5,182,556 Group fur￿$ e5trlcted fuTrds Designated funds Unrestrlcted fund$ 1,278,945 6,704,958 7,645,045 1,239,858 6.661,072 7.281,626 26 26 IS,626,948 15,182,556 These flnanclal statement5 were approved by the Governors on Il, De￿rnber 2025 and signed on their behalf bv.. John Marshall Choir of Governors Registered number.. 00109442 23

st Chad's College Report of the Governor5 and Flnanclal Statements Forthe year ended 30 September 2025 Charlty Balance sheet 30 September2025 Note 2025 2024 Flxed assets Tanglble assets Ftsed asset Investments 15 16 12,838A50 12,027,849 12*38,451 12,027.850 Cvrrent asset5 Stock Debtors Cash at bank and In hand Short-terrn Irwestmertts 27 18 27 159,561 615,804 3,139,286 20,600 119,034 458,131 3,228,214 19 3,942.491 11,190A1931 3,825,979 1641,3731 Credltors.. arnounts falllng due withln one year 20 Net ¢urr•nt a$$el$ 2,752.398 3,184,606 Total assets less current Ilabllltles 15,590,849 15,212,456 Qidltors: amounts falllng due alter more than one year 21 16141x1) 192,3521 Net a55Ets 15,528,449 15,120,104 Grotsp funds Restrfcted funds Deslgnated funds Unrestricted funds 26 26 26 1278,945 6,704.958 7,544,546 1,239,858 6,661,072 7,219.174 15,528,449 15,120,104 A separate Statement of Financial Activities for the Charlty as an Individual entity is not presènted because the Charlty has taken advantage of the exemptlon offered by Sectlon 408 of the Charltles Act 20[6. These financial statements were approved by the Governors on 11 December 2025 and slgned on their behalf by.. hall overnors chrjlr o Reglstered number.. 00109442 The ntstos on pages 26 to 44 form part of these financlal statements. 24

St Chad's College Report of the Governors and Flnanclal Statements For the year ended 30 September 2025 Consolidated statement of cash flows for the yèor ended 30September2025 2025 2024 Cash flows froTh operatlng actlvltles 1,221,SZ4 635,376 Cash flows from In¥e$llng a¢tlvltle5 Acqulsltlon ol rangible flxed assets 11.098,4161 1874,0201 Acqu151tlon of short-term Investments Proceeds from dlsposal ol short-term investment5 125,0001 12,839.3SSI 839,355 Net cash outllow frorn investlng actlvltles 11,1230161 12,874.0201 Flnandng acllvltles Repayment of borrowiJgs 129,9511 129,9511 IncreasellD￿rease) Sn cosh and cash eqviv31ents In the year 68.157 12,268,595) Cash and cash equfva5ents ot the beElnnlnE of the year 553,773 2,822.368 Cash and cash equlvalents at the end of Ihe ye¥r 621.930 553,773 Cash flows from operating activitles 2025 2024 Net incotne LossesllGalnsl on Investments Depreciation Iincreasel In stock Ilncre•sellDecrease In debtors Inc￿)selloeCreasel In non-bank loan credltors 444.392 113,928 289,915 17,2401 176,4861 457,015 760,482 1202,4371 227,495 113,9471 24.973 1161,1901 Net cash flow from operatlng activltles 1,221,S24 635,375 Analysis of Changes In Net Debt Isl OctDber Cashflow other non. 30t* September cash changes 7025 2024 Cash at bank and In hand 553,773 68,157 621,930 Bank loans 1122,3031 29,951 192,3521 Total net debt 431,470 98,108 529.578 The notes on pages 26 to 44 form part of these financlal statements. 25

St Chad's Colle6e Report of the Governors and Flnanclal Statements Forthe year ended 30 Septembef 2025 Notes ActountlnK pollcle5 Busls oAprepurntlon The flnancial slatements have been prepareil In accor(lance wlth Accountlng and Reporting by Charities.. Statement of Recommended Prartice applicable to ch3rities preparlng thelr accounts in accordance with the Flnantlal Reporting Standard applicable in the UK and Republlc of Ireland IFRS1021 (effective l January 20191 (Charities SORP IFRS10211, and the Companles Act 2006. 6olng toncern FRS 102 requires that, If approprlate, the group's flnanclal statements are prepared on the going concern ba515, whSch mean5 that the orBanisatlon Is able to operate for the foreseeable future on the basis of known and reasonable projected resources. There are no material uncertainties In respect of the group's ablllty to contlnue as a going concern. The Govemors revlew 3nd approve a detailed 5-year bud8et for the Group In advanTr of each new financlal year. Therè Is a signlficant ftscus on future cashflows and liquidity as part of the budget review. The quarterly management accounts are closely monitored, and these include detalled cashflows and forecast projectlons for the current year and 2 further years. As a consequÈt)eè, thè Governors bellÈvè thè group Is well placed tts manage its bu5ine55 risks 5ucce55fully and therefore have adopted the going con￿rn basis of accounting In prÈparlng the financial statements. Consolldatlon The financlal statemènts Consolidatè the re5uIt5 of the charity and Its wholly owned subsidiary undertaking, St Chad's College ITradin81 Limited, on a line-by-line basis. All financial statements are made up to 30 September 2025, and conslstent accounting po51cles are used. A separate Statement of Flnan¢lal Activities and Income and Expenditure Acco(snt for thÈ charlty has not bèen presented because the charity has taken advantage of the exemption afforded by sectlon 408 of the Companie5 A¢t 2006. Red￿eddI$¢10sVre t)ptlons In accordance wlth FRS 102, the Charity ha5 taken advantage of the exemptions from the following disclosure requlrements,. Sectlon 7'Statement of Cash Flows'_ Presentatlon of a Statement of Cash Flow and related notes and dlsclosure5 (ln relatlon to the Charl￿S own statement of cash flow5- a consolldated statement of cash Ilows is presented in these financial statements) Company stutus The Group Is a Company limited by guarantee. The Members of the Group are the Governors named on page 2. In the event of the Group being wound up, the liability in respect of the 8uarantee 15 limited lo £1 per member of the Group. Fund accountlng Deslgnated funds comprlse general funds which have been set aside at the dlscretion of the Group Governing Body for specific purpose5. The purpose and use of the designated funds are set out in note 26. Restricted funds are funds subject to specific restrictlve condltions Imposed by funders or by the purpose of the appeal. The purpose and use of the restricted funds are set out in note 26. All income and expenditure is shown in the Statement gf FlnanGial ActlvStle5. 26

St Chad's Colle8e Reportof the Governors and FiThanclal Statements For tlke year ended 30 September 2025 Notes (contlnuedj Accountlng pollcles Itontlnuedl Income All Income is recognised when the Group becomes entStled to the funds, Ilkellhood of recelpt is probable, and the amount Is measurable: Fees incomè tomprlses Group fees, Thaintenance and student rents. Vacatlon business Income comprlses, bed and breakfast lettlngs and conferences during vacatlons. Other Intome comprises gain5 on disposal of fSxed assets, salÈs of alumni merchandlse and varSous publlcations and other mlscellaneous income. Dollatlons and legacies comprise gifts and donatlons given by supporters, the Eeneral publlc and bu5ine5S. Income arlslng from legacie5 is recognlsed In the financlal statements when the group is notified of these entitlements, It Is probable probatè wlll bè recelved and the amount iecelvable can be defined with reasonable a￿Uracy. Expendlture All expendlture Is recognised on the accruals basis. Charitable experTrditure ¢omprlses expendlture relating to the dlrect furtherance of the charitable objectlve5. Where costs cannot be directly attrlbuted, they have been allocated to activitiès on h basis conslstent with use of the resources. Central overheads are allocated oll the basks of thelr use with the aim of ensuring that those costs remaining admlnlstratlon relate to the management of the G¥oup'5 a55et5, adrnlnSstratlon and compllancÈ wlth constltutional and stalutoiy requirements. Irrecoverable VAT Is Included a5 an expense where appropriate. Governttnce cost5 Governance c05t5 Include those incurrÈd in the governance of the charity and 115 assets and are prlmarlly asSDclaled with constitutional and statutory requlrements. These are In¢luded wlthln expendlture on charitable Forelqn currency rransactlons in foreign turrentles are translated to the Company or Group's functlonal currency at the foreign exchanÈe rate rullng at the date of the transactlon. Monetary assetg and Ilabllltles denomlnated in foreign currencies at the balance sheet date are retrans13ted t¢> the lunctlonal currency at the foreign exchange rate fulin8 at that date. Non-monetary assets and Ilabllities that are measured In terms of hlstorical cost In a foreign currency re translated using the èxthanÈe rate at the date of the transaction. Non-monetary assets and liabilities denominated In forelgn currencles that are stated at falr value are retran51ated to the fundlctrnal currency at forelgn exchange rates ruling at the dates the fair value wag determlned. Forelgn exchange differences arisln8 on trans12tion are recognised in the Statement of Flnancial Activltles. Interestrecelvable and Inteffstptsyuble Interest payable and similar charges Include Interest payable and flnance leases recognised in the Statement of Flnanclal Activities using the effECtlve Interest method, unwindlng of the dSs¢ount on provisions, and net foreign exchan8e losses that are retognised Sn the Statement of Flnancial Activitle5 15ee foreSgn currency accounting policvl. Other interest recelvable and 51milar Income Include Interest receivable on funds Invested and net forelgn exchange gains. Interest Income and interest P3y3ble are recognlsed in Statement of Flnan¢ial Actlvltles as they accrue, uslng the effective Interest method. Dividend income Is recognlsed In the Statement of Financlal Activitle5 Qll the date the Company or Group'5 rlght to recelve payments Is establlshed. Foreign currency galns and losses are reported on a net basis. 27

StCh3d's College Report of the Governors and PiBancial Statements For the year ended 30 September 2025 Notes (continued) AtCOUhtlng pollcles l¢ontlnuÉdl BoskAlnttntlol Instruments Tr(yde ond otherdebtors /credltois Trade and othe¥ debtors are recognlsed initially at transaction price less attributable Iransaction costs. Trade and othèr crèdltors are recognlsed Inltla11y at transactlon prlce plus attrlbutable transaction costs. Subsequent to Inltial reco8nltlOh they are measured at arnort15ed cost usln8 the effectlve Interest method, less any impalrment losses in the case of trade debtors. If the arranEement constitutes a flnancing transaction, for example if payment Is deferred beyond normal business terms, then it 15 measured at the present value of futuie payments dlscounted at a market rate of Instrument for a slmilar debt instrument. Inte￿St-beQring bormwlngs cl0551fied os basicfinancial instruments Intere5t-bearlng borrowin85 are recoBn15ed initially at the present value of future payments dlscounted at a market rate of intere51. Subsequent to initial recognitlgn, intÈrèst-bÉarlng borrowlngs are stated Bt amortised cost uslng the effectlve interest method, less any impairment losses. Cash and cash equivGlents Cash and cash equSvalents comprlse cash balances and call deposlts. Bank overdrafts that are repayable on demand and form an integral part of the charitable company'5 Cash management are Included as a component of cash and cash equlvalents for the purpose only of the cash flow statement. otherflnonclul Instruments Finonciol instruments not ctsnsldered to be bosl¢fvnonclol instwments (Otherfln¢ynclol Instruments) Other flnantial instrumèr)tg not ffteeting the deflnltion of basic financial instruments are recognlsed initially at falr value. Subsequent to inltlal recognition other financial instruments are measured at faSr value with changes recognlsed In Statement of Fin3ncial Actlvltle5 except Investments In equlty Instruments that are not publlcly traded and whose fair value cannot otherw15e be measured rellably shall be measured at cost less impairment. TanqlbleAlxed gssets and depreclotlort Tanglble flxed assets arè stated at cost or valuation (freehold land and buildingsl Includlng any Incldental expenses of acqui51tion. Additions, whSch a¥e capitallsed when 8reater than a de minlmis level of £5,000 for arky individual item or £500 for any computer equipment Items, and dlsposals are included when all contractual obligatlon5 have beèn mèt. Cost Includes dlrectly attrlbutable finance costs. Freehold land and buildings are held at valuation, and It Is the poSlcy of the College to obtain a third-party valuation every 3-5 years. In the year5 where no thlrd-party valuation 15 obtalnÈd, thè dlrectors wlll perform an assessment to determlne that there are no rnaterlal Changes In the valuatlon. Fieehold land held as an Investment Is not depreclated. Freehold property is ngt depreclated on Èhe basis that at the end of its Useful economlc Ilfe the resldual value ol the freehold property will be equal to or èxceed the carry value. Depreclatlon Is provided on all other tanglble flxed assets at rates calctslated to write off the cost or valuatlon, less estimated resldual value, over their estimated useful economlc lives as follows: over the perSod of the lease 5-20 years 3-5 years Long term leasehold property Fixture5 and fittin85 Computer equipment The Tru5tee5 consider the need for Impalrment of fixed asset5 on an annual b3$1s, No depreciation is provlded on freehold buildings as estimated resldual value exceeds net book value. 28

Stchad's College Report ofthe Governors and Flnanclal Statements For the year ended 30 September 2025 Notes [continued) A¢countlng poltcles Icontinuedl Rev¢71uatlon Gain5 on revaluatlon are recognised on thè face of the Statement of Financial AclSvitles before arrlvlng al net movement In funds and accumulated in revaluation ￿serve. Losses arlslng on revaluatlon are recognlsed on the face of the Statement of Financlal Attlvltles before arriving at net movement In funds to the extent of any previously recognlsed revaluatlon Increase accumulated In equlty, in respect of that asset. Any exce55 Is recognlsed In expenditure. Impalm7entex¢ludlngsto¢ks, Inyestment pmpertles and deferred tox ossets Finonciul assets (Including tmde and other debtors) A financial asset not car¥led at fair value thfou8h the Statement of Financlal Activities is assessed at èach reporting date to determine whether there Is objective evbdence that It Is impalred. A flnancial asset is impaired if objeGtlve evidence indicates that a10s5 event has occurred after the initial recognition of the a55et, and that the loss event had a negallve effect on the estimated future cash Ilows of that asset that can be estimated reliably. An Impalrment loss In respect of a financial asset measured at amortlsed cost is calculated a5 the difference between Its earrylng amount and the present value of the estimated future cash flow5 discounted at the assÈVs orlginal effective interest rate. For financlal instruments measuied al cost less Impalrment an impalrment is alculated as the difference between its cBrrying amount and the best estimate of the amount that thè charStable company would recelve for the asset if it were to bè sold 8t the reporting date. Interest on the Impaired asset continues to be recognised through the unwindlng of the discount. Impalrrnent IDSses are re¢ognised In the statement of Flnancial Activities. When a sut>sÈquent event causes the amo¢Jnt of impairment loss to decrease, the decrease in Smpairment loss Is rèversed through the Statement of Financial Activities. Pro¥lslons A provlslon Is recogn15ed In the balance sheet when ihe charitable company has a present legal or constTUCtive obligation as a rèsult of a past event, that can be reliably measured, and it Is probable that an outflow of economic benefits will be required to settle the obllgation. Provlslons are recognised at the best estlmate of the amount requlred to settle the obllgation at the reportlng date. Where the charitable company enter5 into flnanclal guarantee contracts to guarantee the indebtedness of other companies within Its groupi the Company or Group treat5 the guarantè8 contract as a contlngent Ilablllty until such time as li becomes probable that the Company or Group will be requlred to make a payment under the guar3ntee. Stocks Stocks are stated at the lower of cost and net realisablè value. Stock Includes caterlng provisSons and bar provislolls. Penslon costs The Group operates various pension schemÈg. The assets of these funds are held separately from those of the Group in independently admlnlstered funds. The maln schemes In which the charity particlpates are the UnlversltSes Superannuatlon Scheme IUSSI and Durham Unlversity Penslon Scheme IDUPSI. The Universities Superannuation Scheme IUSSI and the Durham Unlversity Pension Scheme IDUPSI are knth defined benefit schemes. The Group is unable to identify its share of thè underlylng assets and Ilabllitles of the schemes on a conslstent and reasonable L7asis and iheyefore, as required by FRS 102, accounts for the schemes as If they were defined contributlon schèmes. For defined contrlbutlon sd)emes, the amount charged to the Statement of Flnandal Actlvitles in respect of pension costs and other post-retirement beneflts are Ihe contrlbutlons payable In the year. Investments Investments are stated at market value. Unrealised and realised galns Dr losse5 are reported In ac(ordance wlth the SORP. Investment Income Is reco8nlsed on a receivable basi5. 29

St Chad'5 College Reportof the Governor5 and Financlal Ststements For theyear ended 30 SeptetThber 2025 Notes (continued) A¢¢ountlng poll¢les Icontlnuedl Accountlng estlmutes andjudgements In the applicatlon of the Group's accounting policies, the dlrÈttors/trustees are req(tlred to make judgements, èstlmates and assumptlons about the carrying value of assets and Ilabilitie5 that are not readlly apparent from other sources. The estlmates and assoclated assurrptlons are based on historical experience and other factors that are consldered to be relevant. Actual result5 may dlffer from these estimates. The estimates and underlylng 8ssumptlons are revlewed on an ongolng basi5. Revisions to a¢tountln@ estlmates are recognised in the period In which the estlmate Is revised where the revislon affects only that period, or in the period of the revlslon and future perlods where the revision affects both current and future perlods. The dlrectors consider that the valuation of land and bulldlngs to be the principal ludgemental areas In these accounts. Freehold land and buildings are carrled on the balart￿ sheet at fair value. The diTectors/trustèes periodlcally Èngage wlth èxternal valuatlon specialSsts to ￿SU¥e that valuations used are up to date and in cases where they consider market factor5 may indicate materlal chanEe5 in value. The most recent thlrd party valuation was carrled out In September 2023 using comparable which used comparable eVIden￿ within the student rental accommodation sector Ityplcal market rental Income by room, the assoclated operatlng ¢osts and the typical net vleld51. The valvation assumption is that out propÈrtlÈs will sell for the same amount as the"comparable°. The directors have accessed and noted thal market condltions have improved In thÈ yèar but have a150 taken into accounl capStal additlons and feel that the freehold net book value Is In line with the 2023 valuatlon. Donatlons and legacles Unre$tilcted Uniestrkted General DESisnated Fund5 Funds Z025 2025 Restrlded Funds 2025 Total 20Z5 Totsl 2024 Donati0Th5 Grant Income Junlor Comrnon Room Funds le8acy Income 10.137 106,635 116,772 127,470 121,267 21,000 21,000 11,137 106,635 137,772 248,737 Investment Income Unr8strlEtwd Unre5trlcted General De5igDatEd Funds Fund$ 2025 2025 Re5trlcted Funds 2025 Totsl 20Z5 Totsl 2024 Bank 8t)d other Interest 11,973 57,909 29,06Z 101,801 11,973 S7.909 29,062 98,944 101,801 30

StCh3d's College Report of the Governors and Flnanctal Statetnents For the year Èndod 30 Septettiber 2025 Notes (continued) Income from éducatlonal actlvltles Unrestrlcted fjeneval Fynds 2025 Unrestrlrted De$lgnated Fund$ 2025 Re$trlded Furtds 2025 rotal 2025 rotal 2024 Malntenance lees College fees ConfeTences Acadernlc projects Other Income Junlor Common ftoorn Bar Incon Junior CommDn Room Other Inwme 2A25,622 573,600 10,307 2,42S,622 573,6fy) 10,307 53.600 56,638 200,825 132.903 2,258,383 525,168 64.046 2,338 75,325 63,345 67.022 20,600 33.000 56,638 200,825 131,903 3,066,167 20.6￿3 366,728 3,453,495 3,055,627 Forthe year ended 30 September 2024 2,922,922 1338 130,367 3,055,627 Durfng the year, St Chad's College has recelved graThts of £15,000 Iiorn the Communlty Foundatlon North East, £15,000 from the Lloyds Bank Foundatlon and £3,000 fforn Mllllield HoLEse Foundatlon. These restrlcted funds are shown wlthln a£ademk projects In 2025. No new grants were re£eNed In 2024. Commer¢lal bu$lne$$ Income Unrestrlcted Unfestrlcted General Deslgnated Funds Funds 2025 2025 Restrlcted Fund5 2025 Total 2025 Totsl 2Q24 Conference5 and acctsmmodatlon 474,428 474,428 365.151 Forthe year ended 30 September 2024 365,151 365,151 Fundra151ng expenses and other ¢o$t$ Unfertrlcted Vnre$trl¢ted General Desl8natèd Funds Fund5 1025 2025 Restricted Fund5 2025 Total 2025 Totsl 2024 Alumnl development and travel costs zi,iio 21.110 17,920 21,110 21,110 For the year ended 30 Septevnber 2024 17,920 17.920 31

StChad'5 College Report of tlie GoverJ)ors and Finallclal Statements For theyear ettded 30 September 2025 Notes (continued) Expendlture on etsmmèrtlal tYadln& operatlons Uniestrlcted Unrestrl¢ted GeneAI Desl8nated Fufid5 Funds 2025 Z025 Re5trl£ted Funds 2025 Tot81 2025 rotJl 2024 Confe￿nCeS and accJ)mmothtlon 373.810 373,810 300.600 For the year ended 30 September 2024 300,600 300,600 Expendlture on Educatlonal Actlvltles Summary by fund type Unr*rtrlGted Unrestrlcted Ger¥eral DesS6nated Funds Funds 2025 20Z5 Re5trkted Funds 20Z5 Total 2025 Total 2024 stsff costs Other dlrect Cost5 1,311,240 1,259,895 14,906 36,364 107.971 307,010 1,434,117 1.603.269 1,340,874 1,440,707 Totsl actlvltles undertaken dlrectlv Supportcosts 2,571,135 174,013 51,270 414,981 3,037,386 174,013 2,781.581 113,170 Total expendlture actlvitles on educatlonal 2,745,148 51.270 414.981 3,211,399 2,894,751 Forthe year ended 30 SeptemLEr 2024 2,631,434 79,615 183,702 2,894,751 Educatlonal actfvlties undertaken dlredly 20Z5 2Q24 Student Costs Premlses costs Conference expenses Academic projects Junlor Comrnors Room bar expeTrditure Junlor Common Room other expenditure W3Èes and salèrles Natlonal Insurance Pension costs 460.928 887A95 I￿2 5375 118ffi25 129,104 1,161,698 128,566 I￿3￿$1 447,597 862,036 9,815 3,987 49,475 67,797 1,073,581 97,223 170,070 3,037B86 2,781.581 32

St Chad's College Report of the Governors and FInanC￿81 Ststements For the year ended 30 September 2025 Notes (continued) io Support tosts 202S 2024 MIS￿lIaneouS expendlture Offlce costs 88,679 19,983 16.956 17,470 Governance costs Fee5 payable to audltor Professlonal fees Bank charges 12,480 29,764 23,107 12A80 41,412 24,852 174.013 113.170 Net Income Th15 IS stated after char8ing.' 2025 2024 DÈprecl8tlon of tanglble flxed assets Owned by the charltv Owned by trading subsldlary Operating lease costs Fees payable to avdltor= Audlt of Ilnanclal statements Audit of the tradln8 subsldlary fi￿ncIal statement5 Other fees 2B7,815 2,100 60,000 225,395 2,100 GO,000 12,4AO 12,480 3,250 3,250 10,828 1.8SO 33

St Chad's College Report of the Governors and Financial Statements For the year ended 30 Septernber 2025 Notes (continued) li Staff costs 2025 2024 Wages and salarles Soclal securlty costs Penslon cosis 1,354,261 128,566 143,853 1.225,ISO 97.223 170,070 L626,680 1,492,443 There were three employees12024.' thre8J whosÈ erN)lumenrs, as deflned for taxètion PLtrposes, amounted to over £60,000 In the current or Pflor year. The emoluments extludlnK empbyer penslon cost5 of these ernployee5 fell wlthln the lollowifi8 bands.. 2025 2024 £60,000- £69,999 £70,OOD- E79,999 £80,000- £89.999 f90,000- £99,999 PEnsloll contribution5 forthe above employee5 totalled £33.23712024.. É35,2941. The average nurnber of employees, analysed bylunrtlon, was.. 2025 2024 Acadernlc and adminlstratS0fi Support staff St￿dent bar sta zy 41 30 23 37 io 94 70 Yhe Increase In student bar staff employees has resulted from the consolldated ol the St Chzd5 Colle8e Junlor Common Room IICRI accounts Into the group accounts from 1st April 2024. Hlstorlcally the JCR was 8 Se￿rate unlncorporated association whlch employed these stsfl. 12 Key man48ement personnel The Governors ol the Group and the Group offlcers are the key management peisonnel ol the Charitable Company. They are In charge of dlrottlng and controlllng, runnlng and operatlAg the Charltable Company on a day-to-day basls. No remunerttdon was paid to any of the Gover[￿r$ In their Capacity as trustees during the year12024.' nln. One12024.' one) Governor recelved remuneratlon In tot21 of £99,89712024.. £92,325) in connection with their lull-time employrnent by the Group, The Group pald contrlbutlgns of £14.45012024.' E14,9611 to money purchase znd dellned benelit penslon scheme$ in respect af this GovernDr. The Group pald £13,38412024.' EII,4861 In employers natlonal Insurance contrlbutlons In respect ol thls Governor. One12024'. one) 8overnor wa5 provlded wSth rent-free accommodatlon to enable better perfo¥m3rÈce of their dutles. From ApTiI 2021 thls has been deerned a t8xable beneflt. The cvrrent year vilue of this taxable beneflt Is £25,92112024.' £20.5631. Remuneratlon was recelved for dulles other thaTr those connected to the Governois tsf the Group. The Group Offltrr5 recelved remuDeratlon In total of £234,16312024.' £220,935) In connectlon wlth thelr full-time employment by the Group. The Group pald contrlbutlon5 of £33,237 12024.. £35,2941 to money puichase and deflned 'beneflt penslon schemes In respect of the Group Ofllcers. The Group wld £30,717 12024.. E26 7231 In employers natlonal Insurance contrlbutlons for Group offlcers. £2,381 of travel and mlscellaneous ex￿nSeS(2024.. £1,274> weTe reimbvrsed to the key mana8ement personnel durlng the vear. No expenses were walved by the key management personnel 12024.. £nlll. 3 donatbn5 {2024.. 41 were m3de to the Eharltable by the key management per50nnÈl dur1ng the year amountlng to £5.96012024.. £30.9601. 34

St Chad's College Report of the Goverttors and Financial Statemetlts For the year ended 30 September 2025 Notes (continued) Iz Key management personnel fcontlnued) OwlTrg to the nature of the Group'5 operatlons and the composltton of the Group's Governor5. It is inevltable th8t transactlons wlll take pl4ce wlth organlsations in which a Governor may have an Interest. All tran5attlon5 Involvlng such O¥Eanisations are conducted at arm's length and ifi accordance wlth Group financia1 regulatlons £nd normal procurement procedure5. Mr P Chandler became the Senior Non-Executive Member of Chapter 3t Durharn Cathedral In September 2023. The College has leased Trinity Hall, Grove Street, Durhèm from the Cathedral fo¥ 3 number of years, wlth fourtee￿ years remalnlng on thls lease. Mr P Chandler Is a trustee ol CBF Funds Trustee Llmited. CBF Funds Trustee Llmited has a malorlty cantrol ol CCLA Investment Managementwhlch provldes Investrnents setwkes to the College. 13 Taxatlon St Chad's College Is consIde￿d to pass the tests Set out In Paragraph I Scheduk 6 Flnance Act 2010 and iherefore It meet5 the delSTrltlon of a charltable company for UK corporation tax purposes. Accord1n&ly, the charlty Is potentially exempt frtrm taxatlon ll respect of Income or capstal gains recelved wlthln categorle5 covered by Chapter 3 Part 11 Corpofatlon Tax Acr 2010 or Sectlon 256 01 the Taxatlon of C￿rgeable Galns Act 1992, to the extent that such incorrt or Ealns are applled excluslvely to charitable purposes. 14 FlnancSal performanee olthe charltable company The consolldated St3tement of FI￿ncI&l Actlvltles Includes the results of the wholly owned subsldiary. The summary Ilnanclal performance of the charSty alone Is.. 2025 2024 Income Expenditure Unreallsed Ilossesllgalns on 4nvestment5 3,754,781 13,232,508) 1113,9281 3,465,167 12,9L2,6711 202,437 Net Inctrme 408,345 754,933 15 TanBlble flxed a55ets Leasehold land and l)uildlnBS Freehold land and bulldlngs Other flxed assets Group Totsl C05forvoltsthtlon At the beglnnlng of the year Additlon5 Dlsposals 703,522 9.398,965 695,017 4,180,644 403,399 14,283,111 1,098,416 At the end of the year 703,522 10,093,982 4.S84.043 15,381,54Y Depretlatlo Atthe beglnnln8 of the year charÈe for year Dlsposi15 415,928 22,270 1.829.729 267,645 2,245,657 289,915 At the end of the year 438.198 2,097.374 2,535,572 Netbook Voylue At 30 September 2025 265.324 10.093,982 2,486,669 12,845.975 At 30 September 2024 287,594 9,398,965 2,350,915 12,037.474 35

StCh8d's College Report of the Governors and FITEanclal Statements For the year ended 30 September 2025 Notes (continued) Is Tanglble fSKed assets fcontlnuedj The freehold land and bulldlngs were revalued as at 2141 September 2023 by Avi50Th Youn8 IUKI Umlted IRICS) on the bas15 01 market value at £9.275,000. Additlons In the veèr, amountlng to £695,017, relatlng to the buildlng ienovatlons at Llghtfoot House (No 191. The hlstorlc cost of the bulldlngs belng carrled atvaluatlon Is £6,244,31012024: É5,549.2931. At year end the dlrectors have performed an assessment of the freehold land and bulldlngs and do not cons1der there to have been a materlal rnovement from the most recerbt valuatlon at 2151 Septefflber 2023, The dlrecttsrs do Mt belleve there to be 3 materlal dlfference betweerb the nel book value as at 301h september 2025 and the most recent 215t SeptÈmbÈr 2023 valuatlon. No depreciation £h4rge15 shown in relation to freehold land and bulldings of £10,093,982 (2024.. E9.398.965J on the basls that land Is not depr￿lated and that the restdual value tsl the bu&ldings exceeds the carrying value. st Chad's College has a long lease runnlng untll 24lh July 2112 for 1-2 North Balley, DHI 3ET lQueens Courtl from Durham Un￿ersIty, which Is on a peppercoin rent. ThÈ ctjrrent market valuatlon of the property is £1,045.000. based on a valuaibn carrled out by A¥i50n Young IUKI on the 215I September 2023. The property has not been capltaltsed wlthln tangible fixed assets. At 30 September 2025, Included wlthln the net book value of land and bulldln85 Is £265,324 (2024,. £287,594J relatlng to lease￿Id land ar￿ buildlng5. The Group's collectlon of r3re books antiquesj palntings, and 511verware were reviewed and catalogued In 1997. Those assets cDnsldered to be of value wÈrÉ Identlfled and Irtcluded In the account5 at an orlgirAI valuatlon of £106,170. The collectlon was lèst revalued as at the 30 5epternber 2018 at £212,670, The total value of the collectlon, held wlthln the other flxed assets balance, is £266,67012024.. £266,670). Leasehold lar￿ and bulldlngs fr¢Ehold land and buildln85 other flxed assels Charlty Total Cost orvoluotlon Atthe beglnnlng of the year Additlons DIsp05a15 703,522 9,398.965 695,017 4,159,644 403,399 14,261131 1,098.416 AtthÈ end of the year 703,522 10,093,982 4,S63,043 15,360,547 Depreclutlon At the beglnnlng of the year Charge for yea¥ Dlsposèls 415.928 22,270 1,818354 265.545 2,234,Z82 287,8lS At the end of the year 438,198 2,083W9 2,522,097 Net boDk vttlue At 30 September 2025 Z65,324 10,093,982 2,479.144 12,81BA50 At 30 September 2024 287.594 9,398,965 2,341,290 12,027049 16

St Chad's College RepDrt of the Governo￿ and Flnanclal Starements For the year erLded 30 September 2025 Notes (continued) 16 Investments Gr¢wp 2025 Group 2024 Charltv 2025 Charity 2024 Shares In subsidlary undertaklngs Companv Country Percentage Shareholdln Des¢rlptlon St Chad's College (Tradlngl Llmlted England and Wales OrdiTrary St Chad's Colle8e Ifradlngl runs non-educatlonal confeiences, weddlngs. and the provlslon of ac¢ommodatlon withla the tollege bulldlnÈs. The subsldlary pays all of its taxable profits to the charity under the gift aid scheme. A summary of the tradlng result and summary ol assets and Ilabilltles Is shown below.. 2025 2024 Turnover Cost of sales and admin*stFation costs 474,428 1373,8101 365,151 1300,6001 Net proflt Amount gift aided to the charity 100,618 164,5711 64,551 159,0031 Net Assets 36,047 5,548 The assets and Ilabllltles ol the subsldlarles were.. FL¥ed assets Current assets 7,525 209,404 1118,4301 9,625 100,827 148,0001 Totsl shareholders, funds 98,499 62,452 Durlng the period wages, 5ala¥ies and premise5 Costs of £192,592 12024.. £238.327J were recharged by the charlty to Its subsidlary and the charity received a glft ald payment of £64,571 {2024.. E59,0031 frorn the 5ub51dlary. At 30 September 2025 the charity was owed £148.037 (2024.. E789J by the subsldlary. Cash balances were transferred perlodlcally from the subsldtsry to thÈ charlty durlng the yÈar and held on deposit ifi the Eharlty reserve bank account to take advantage of more favourable interest rates and thls accounts lor the substantial rnovement on the Intercompany balance at the yeor end. The reglstered olllce at st Chad'5 College IT¥zdSngl Llmlted Is the same as St Chad's College Durh4m. 37

St Cliad's College Reportof the Governars and Financial Statemertts Far theyear ended 30 5epternber 2025 Notes (continuedj 17 Sto¢k Goup 2025 Group 2024 ChaTSty 2025 Charity 2024 Goods fo¥ resale 27,840 20,600 20,6CO 18 Debtors Group 2025 Group 2024 Charltv 2025 Ch£rty 2024 Trade debtor5 Value added tax recoveyable Prepayments A£cTued income 56,090 16,083 1,820 34,794 55,142 3,074 30,476 37,043 13,403 17,411 33,07B 55,142 39,267 88,968 184,325 107,839 IS9,561 119,034 19 Short-term Investments U•rwtrl¢tÈ Dp$lgnated Re5trlctEd Restrlcted Re5trlEted Group and Charlty CQIF fthltal CBF CVF Fwnds Funds COIF Etl4t41 Elliabeth Grlfllth5 Trus1 Total YJ15 Total 2024 Mtyrketvolue Aibe8lnnlngof year 194A61 1.090,139 837,018 25,OOC* 59,1199 47￿77 3.228.Z14 25,1Th)O 1,025.777 2.839,355 Interést receivable Dlsposa15 Ir¥ year Tr3n5feTS Net Ilossesllgaths on revaluatlo 1839,3551 19.3741 IY6.0251 130,1431 12,8681 4￿82 1113,918) 202,437 Atend of year 185,OB7 2,014,114 831,Y95 56,681 51fi59 3,139,286 3,228.214 Assets are held In the COIF CharIt￿5 Ethlcal Investment F￿nd and the CBF Church ol England Investrnent Fund. The Elizabeth GriffSth5 Bursary T[￿$t for St Cl￿d,$ Ctsllege lllvestment portlollo Is adminlstered by Rathbone Investment Managernent Llmlted. 20 Credltor5: amounts falllng due wlthln one year Group Z025 Group 2024 Charltv 2025 Charlty 2024 Bank loans (note 211 rrade credltors Amount owed to Eroup undertaklngs Value added tsx pay3bSe Soclal securlty and other taxes Other credltors Acuuals and deferred Income 29,951 465,6SI 29,951 367,891 29,951 464,477 148,037 29,951 364,148 789 10,926 32,415 275 590,760 28.123 1,718 245,310 32,415 27S 514,938 28,123 1,718 216,644 1.130,008 672,992 L190,093 641,37,3 J8

St Chad's College Reportof the Governor5 and Flnanclal Staten]ents Forthe year ended 30 Septernber 2025 Notes (continued) 20 Credltors.. amounts falllng due wlthln one year (tontlnued) Deferred Income Group Z025 Group 2Q24 Charlty 2025 Charity 2024 Defer￿d Incorne brought lorward Amounts released from prevlous year Resources deferred In the year 138,867 1138,8671 238,983 124,353 1124,3531 138,867 113*61 1113,8611 168,954 99,313 199,3131 113,861 eferred Income cafrled forward 238,983 138,867 166,954 113,861 21 Credltors: amounts falllng due after more than one year Group 2025 fjroup 2024 Charlty 2025 Charlty 2024 Bank103ns 62,400 92,352 62,400 92,352 The bank loan1$ secured by a flrst legal charge over 30 Hallgarth Streei and 25 North Balley, tsoth situated In Durham, The repayment of the loan commenced In March 2010 and was re-flnarsced on the 17June 2020. Interest is char8ed at 1.25% above base rate. The ￿-fInanCed loan Is belng rep4ld In Instalment5 ovèr8 years wlth the expected flnal payrnent due In October 2028. Mawrlty- loan5 2025 2024 A8gregate amounts Payable.. Within two and flve years More than five years 62,4100 92,352 62,400 29,951 92,352 29,951 Withln one year Inote 201 9Z,351 122,303 22 Flnanclal InstNments 22 (aj Carryln9 ttmount offlnonclul Instruments The carrying amounts of the financlal a55et5 and Ilablllties include.. Gioup 2025 Grtyjp 2024 Charlty 2025 Charlty 2024 Assets measured at falr value through proflt or k)ss Assets measured at amortlsÈd cost Llabllltles measured at atllortlsed cost 3.139,286 3,228,214 3,139,286 3,228,214 56,090 1558,3071 16,083 1491.9111 3.074 1705,1401 13,403 1488,9571 39

St Cliad's College RepDrt of the Governors and Financlal Statetttents For the year eE]ded 30 September 2025 Notes (continued) 22 Ib) Flnttntlollnsttyments meo5uffd gtfolr vulue The flnanc131 assets mÈ8sured at falr valuÈ ￿ld by the Chgrltgble Company are represented by two short term Investment portfollos: Shares held in the COIF Charltles Ethical Investment Fund and the C8F Church ol EnÈland Investment Fund, both of whlch are admln15tered by the CCLA (Churches, Charities and Local Authorltlesl Investment Management Llmked The Ellzabeth Grlfflths Bursary Trust for St Chad's College Investment portfL¥lio admlni5tered by Rathbone5 Investment Management Llmlted The fair value of these Investments Is determined by reference to thelr quoted mld-market prlce at the balance sheet date. The Charitable Company doe5 nut hold any financlal Ilabilltles th£t aTe measured at fair value. 22 (c) Fulr values The zmounts for all flnanclal a55ets carrled at fall value are as follows Igroup aThd charity).. F8lr value Z025 value 2024 Non-derfvatlveflnanclal assets at ta5r value through profSt 8nd 1055 Short-term Investments 3,139.Z86 3,228,214 23 P¥n51orE schemes The College contrlbutes towfirds three penslon schemes, the Unlversltles Superannuatlon Scherne IUSSI. the DUrI￿rn UnNerslty Penslon Scheme and The Natlonal Employment Savljgs Trust, a rteflned contrlbutlon workplace pension scheme INESTI, The penslon cost for the year represents contFibutions payable by the Group to the funds gnd amounted to £143,853 (2024.. £170,070). The NEST pension creditor at the year end wa5 El,27812024.' nlll. The September 2025 penslon contrlbutlons for USS an(1 DUPS were pald Irf advartce ol the year ethd. The requlred employer contributlon r3tES to the UnlversltlÈs Super£nnu3tlon Scheme IUSSI decreased Injanuary 2024 to 14.5% from 21.6% followlng the latest actuarial valuation. The reqUI￿d contrlbutlon rates to the Durham Unlversity Penslon kherne decreased for employers to 15.3% from 24% In August 2024 followln8 the lltest actuarlal valuation. Comm5tments The annual operatlng lease payments of £60.000 have been recognlsed as an expense in the proflt and Ios5 account. The future non-£ancellable operati￿g le&se rentals for Trlnity Hill are dlxiosed belDW. NoM4cancell8ble operatlnE lease rentsls are payable as follows.. Group 2025 GrDUP 2024 Charlty 2025 Charlty 2024 Wlthln one yea¥ Wlthln two to fve years Mole than Ilve years 60,000 240,000 475,000 60,0(X> 240,0(K) 535,000 60ODO 240mO 475NOO 60,000 240,QOO 535,000 775O00 835,000 775.000 835,ODD 25 Contlngent Llabllltles The operatlng lease for the rental of Trlnlty klall ends tstt the 31st August 2038. Wlthith the lease are contr2Ctual cond1t10￿5 which require St Chad's College to'make good" In terms of any akernations made and also deal wlth repalr5 deemed to be part of malntalnlng the exlstlng condition of the property. It Is not P0551ble to accurate￿ measure the value of these future costs as lurther malntenance works will be carfted out durln8 the remalnlng perlod of the lease. It a150 dlfficult to quant1fy the potentlal Ilablllty ag no bulldings condifions surveys were conducted prior to the commpncement of the lease In September 2002. 40

St Chad's College Report of the Governors and Financial Statements For the year ended 30 September 2025 Notes (continued) 26 Movements In funds- Group120251 Brou6ht lorward GBlnslllossesl Expendltuie on Investments Carrled forward Income Transfers De$lgnat¥d funds Revaluatlon reserve Pollcy and Practlce FLtnd The Accesslblllty Fund The Ilm Tyr¥ell Fund 4,516,7Z9 13,394 4,516,729 13,712 109,904 2,064,613 20,600 120,2821 109,904 117,2321 2,L30,949 57.909 130,9881 176,0251 Total deslgnated lunds 6,661,072 78,509 151,2701 176,0251 92,672 6,704,958 Gèneral funds General funds 7,281.626 3,583,705 13,140,068) 19,3741 172,8441 7.643,045 Total unrestricted funds 7,281.626 3.583.705 13,140,068) 19,3741 172,8441 7,643,045 Restrkted lunds lunlor Common Room Fur￿5 Pollcy and practlce Fund Farmlngton Trust Chaplaincy to the Arts 115,857 333,728 33,000 94 1,622 1.552 87,863 13,198 1322,6991 133.0001 126,886 3,596 62,105 47,077 963.799 11571 12,7121 4.582 130.2421 3,533 61,015 51,659 995.626 11,5521 143,0261 Scholarshlps & Bursarles Fund Bulldlngs Fund Chapel Fund Student Support Fund Academlc Oevelopment Fund Boat Club Fund College Choir Fund College Gardefi Fund The Accesslblllty Fund Arts Fund other Funds 17,232 113,1981 231 29 231 29 1,050 3.854 5,724 4,651 18,915 318 5.454 3,600 12,5501 3,854 6,170 26,250 5,723 16,3041 12,6021 135 118,9971 18,915 1.668 1,462 11,3501 IL,8981 10,890 Is,0001 rotal restrkted funds 1,239,858 502,425 1414,9811 128.5291 119,8281 1,278.945 rotsl funds 15,182,556 4,164,639 13.606,3191 1113,9281 IS￿26,948 41

St Chad's College Report of the Governors and Financial Statements For the year ended 30 September 2025 Notes (continued) 26 MovemÈnt5 In funds- Group120241 8rou8hi forward Galnslllossesl EKpendlture on Investments CarrSed forward Income Transfers Deslgnated fund5 Revaluadon reserve Pollcy and Practlce fund The Jim Tyrrell Fuad 4,516,729 59,478 2,022.958 4,516,729 13,394 2,130,949 2,338 58,990 148,4221 131,1931 90,139 19,9451 Totsl deslgn¥ted funds 6.599,165 61,328 179,6151 90,139 19.9451 6.661,072 General fund5 General funds 6,883,732 3,320,042 12,949,954) 18,868 8,938 7,281,626 Total unrestrlcted funds 6.883,732 3.320,042 12,949,954) 18,868 8,938 7,281,626 Restrltted funds Junlor Common Room Funds Farmifigton Trust Ch3plalncy to the Arts Ellzabeth Grlffiths Trust 5¢holar5hlps & Bursaries Fund Bulldlngs Fund Chapel Fund student Support Fund Academlc Development Fund Boar Club Fund College Cholr Fund ColleÈe Garden Fumd Other Fund5 251,634 93 1,606 1,513 89,585 8,938 231 1135,7771 115,857 3,596 62,105 47,077 963,799 3,187 55,042 42,033 817,968 316 5,457 5,044 82.613 11,5131 136,2221 9.855 18,9381 231 29 637 iio 3,854 6,256 1.250 8,840 16081 13,0001 2,800 3,854 6,170 26.250 10,890 5,866 25.000 2,680 15,9521 16301 Totsl Festrtcted funds 939,177 389.946 1183,7021 93,430 1,007 1,239,858 Total lunds 14,422M74 3,771,316 13,213,271) 202,437 15,182,556 Revaluatlon reserve The revaluation re5eFve of £4,516,72912024.. £4.516,7291 represents the Fevaluatk)n of antiques at £212,67012024.. £212,6701 and the revaluatlofi of the Group's freehold land and bulldlngs of £4,304,05912024- £4,304.0591. Deslgnated funds The Ptsllcy and Practl(e fund Is Income re￿Ived aDd des18nated to enable Professor Tony Chapman and hls research 8Sslstarbts to carry out thelr research. The Jlrn Tyrrell Fur*d was establlshed year ended 2022, followlTrg the recognltion of a substantlal legacy, The fund Is used to 5￿pport deservlng students vla a number of scholarshlps and bur58rles, outreach work, meal bur53rle5. a Student 5￿ppOrt fund and an Opportunltles fund whlch wlll allow students to partitlpate In èctlvlttes that would otheiwlse be unavallable due to financlal reasons. The Accessibillty Fufid Is designated to fvnd work to improve physlcal accesslblllty Inio the tollege bulldlngs. Among other Ihlngs, thls work wlll lead to a newly conftgvfed entrance space and accessible ramp Into the Casslity Quad allowSng those wlth moblllty needs to access parts ol the College whlch were previously unavailable to them. 42

St Chad'5 Collpge Reportof the Governors and Flnanclal Sratements Far the year ended 30 September 2025 Notes (continued) Genèral fund The general fund Is retalned to cover worklng capltal. R•strl¢ted fund5 The St Chad's College Junlor Common Room IJCRI funds have been incorporated Into the group iccounts from the LSI Aprll 2Q24. At the i•1 April 2024 fund5 of £121,267 were donated to the college by the JCR 8s restricted dO￿t￿O#s for by the JCR In Ilne wlth Its constitutlon. Prevlousty St Chad's College JCR has operated as a sÈparate Jnincorporated assoclatlon, The Polky and Pract7￿ fund includes restricted grant In¢ome durlng the yezr whl£h was used tD fund specillc academk research projects. Income recelved from the Farmir>gton Trust Is to be used for research projects. Elizabeth Grlfflths Trust la donatlon recelved In 20141151 Is resrrlcted such that any investmÈnt Income Is used for scholarshlps and bursarles for students of the Colle8e. Chaplalncyto the Arts is a ￿StrIcted glft to be used to fund Arts In the Northeastvla annuallblannuèl award5. The ScholÈrshlps & Bursarles Fund is formed from donation$ restrlcted for scholarshlps, The fund balance Is currently Invested in the CBF Chtsrch of England IRvestment Fund £831.795 and the balance of E163,831 is held in cash and debtors at the ye3r end. The investment Income from the Scholarship5 & Bursaries FuThd Is used to fund scho13r5hlps for students studying at Durham Unwetslty who are St Chad's members. The BuSldlngs Fund is fermed from donatlons restTlcted forthe ￿lUrbI$hrnent & uwading of the college bu11dlt)gs estste. The Chapel Fund Is restrlcted to funding the malntenènce of and capltal Improvements to the wllege chapel. The student Support Fund Is available to students who face 5peclfl¢ and unexpected flnancial difflcultles or emergency clrcumstsnces whlch requlle immediate flnaficlal support. The Opportunlties Fund seeks to erable students to p4rticlpate In wlder student experlence actlvltles leg sport, musk. college or student soclety soclal actl¥ltlesl that may othefwlse be flnanclally Inaccesslble tc them. The Academk Oevek)pment Fund alms to further the academic ambltlons of St Chad's College student5 by 5UPPOrt1n8 confrrence attendance, research vlslts, resource purchase5 or otheractivitles whlch are br(Kdly atsdemlc In nèture. The Boat Club Fund Is festrtrted to fundlng St Chad'5 College Boat Clyb. The ColleEe Cholr Fund Is a restricted to fundlng choral, organ and mu51c difecior scholarshlps for the college cholr. The College Gardon Fund Is a restrlcted fund for the maSntenance & c3pltal developrnpnt of St Chad's College gardens. The Arts Fund is restflcted to fvndlng the student prlzes for St Chad's students In the annual photo competitlcn. Other fund5 Include 8movnts restricted lor collogo sports1£2511, the college library l£1,7891, chapel ¢holr MLEslc1£3,2061, volunteerlng & ourreach I£LSOI. music & the art$1£501. The Acce551bllity Fund Is restrlcted to fundir58 work to improve physlca1 acce5sibillty into the collpge bulld1nÉs. Among other thlngs. this work w511 lead to a newly conliEured entrance S￿te and accessible ramp into the CassSdy Quad allowlng those wlth moblllty needs to icce5s parts ol the College whlch were prevlously unavallable to them. 43

St Chad's College Reportof the Governors and Flnancial Statetnenrs For the year ended 30 September 202S Notes (continued) Trin$fers During the current year a transfer of £13,198 12024.. £8,938) was made f¥om the buildlng fund to tsnrestrlcted fund5 tD contrlbute to the wsts of the Llghtfoot House refurblshmÈnt12024.. Langford House refurblshmentl Oyrlng the Cufrent year tr4nslers have been made from The Jim Tyrrell fund into the restrlcted 5cholarshlp & Bursarles Fund at £17,23212024: £9.8551 and aL%o Into thÈ Academlc Development Fund £nll12024.. £901. The total transfers from The JIM Ty¥rell f￿nd Snto restrlcted funds In the year were £L7,23212024.. £9,945). Durln8 the current year £5,(X)O was transferred from the Sports fund Iwlthin other funds) to unrestrlcted fund5 to contrlbute towards new Gym equlpment pvrch8sed for the student 6ym. Durln8 the turrenr year E18,997 w3s transferred from the College Garden Fund to unrestrlcted funds to m8tch the capltal spend on garden worls In rhe year. Durlng the current year £135 wa5 transferred from unrestricted funds to the college cholr fund to contrlbute towards the cost of the cholr, organ and muslc dlrector scholarshlps. Durlng the current year £109,904 wès transferred from unrestrlcted fund5 to deslgnated funds for the Atcesslblllty f und Pro1￿t. Part of thls balance, £84,279 was origlnall¥ received as an unrestrkted legacy and 2ccounted for In the ye2r ended 30 Septembpr 2DI8. The remaindef of thls balance, £25,625, relate5 to current year unrestrkted donations and legacles recelved and then deslgnated to the Acce5Stbility Fund. 27 Analys15 of net assèts between funds Group 2025 UNestrkted FuNds De51gnated funds flestrlcted Funds Total zozs Tanglble ftxed assets Cash at bank and In hand other net current assetsllllabilltlesl 8,329,246 187,021 1810,8221 162,4001 4,516,729 139.D72 2,049,157 12,845.975 621.930 2,221,443 162,4001 295.837 983.108 7,643,045 6,704.958 1,278,945 15,626,948 Group 2024 Unre51rltted FuThd5 Deslgnaled lunds Re5trltted Funds Total 2024 T)nglblE f¢xed assets Cash at bank and In hand Other nel current aSsets/lllabllitle$l Long term IlablliilÈs 7.520,745 265.012 1411.7791 192,3521 4,516,729 39,882 2,104,461 12.037.474 553,773 2,683.661 192,3521 248,879 990,979 7,821,626 6,651,072 1,239,858 15,182,556 44