2025-06-30-accounts

Reglstered number: 09510356 Charity number: 1161253 SARUM COLLEGE (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 'AEH9GKYW* 1211212025 COMPANIES HOUSE A03

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SARUM COLLEGE (A company limited by guarantee CONTENTS Page Relerence and administratlve detalls of Ihe Charity, its Trustees and advisers Trustees, report 3-13 Independent auditors. report on the financlal statements 14-17 Consolidated statement of financial activities 18 Consolldated Income and expenditure account Consolidated balance sheet 19 20-21 Charity balance sheet 22-23 Consolldated statement of cash flow¥ 24 Notes to the flnanclal statements 25-51 The following pages do not form part of Ihe statutory financial statements.. Appendlx Re$trlct•d Fund$ 52

SARUM COLLEGE (A company limited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025 Trustees The Bishop Of Salisbury: Ihe Right Revd Stephen Lakel The 8ishop Of Bath and Wells- the Right Revd N Michael 8easleyl Rt Revd Dr Alastair Redfern, Chair The Revd Rachel Bending (appointed 4 December 2024) The Revd Canon Dr Chigor Chike Rt Revd Dr John Inge (appointed 30 September 2025> Very Revd Simon Jarratt The Revd Canon Edward Probert (resigned 20 March 2025) Mr Tim Mynott The Revd Canon Angela Nutt (appointed 23 September 2024) Sir Marcus O'Lone Mrs Emma Osborne Mrs Lucy Salisbury (appointed 4 December 2024) Rev'd Christine Smith The Revd Canon Professor Elizabeth Stuart 1 Foundation Trustee College Leadership Team to 31 October 2025.. The Principal Director of Finance & Facilities Director of Marketing & Communications General Manager of Hospitality Director of Academic Development Academic Dean Professor James Woodward Mr Mark Manterfield MS Christine Nielsen-craig Mr Gary Gifford Dr Jayme Reaves (to 31 December 2024) Rev'd Paul Burden (from 1 January 2025) College Leadership Team from 1 November 2025". The Principal Direclor of Academic Development Chief Operating Officer Professor James Woodward Re¢d Paul Burden Rev'd Louisa Mason The name of the charity is Sarum College and the Charity commonly makes itself known by the name Sarum. Company registered number 09510358 Charity reglstered number 1161253 Registered office 19 The Close Salisbury Willshire SP12EE Independent auditors Fletcher & Partners Statutory Auditors Chartered Accountants Crown Chambers Bridge Street Salisbury Willshire SP12LZ Page 1

SARUM COLLEGE (A company limlted by guarantee} REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Bankers CCLA Investment Management Limited One Angel Lane London EC4R 3AB Lloyds Bank plc 38 Blue Boar Row Salisbury Wiltshire SP1 10B Sollcltors Veale Wasbrough Vizards Narrow Quay House Narrow Quay Bristol 8S14QA Page 2

SARUM COLLEGE (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2025 The Trustees present their annual report together with the audrted financial statements of the Charity for the 1 July 2024 to 30 June 2025. The Annual report seNes the purposes of both a Trustees. report and a directors, report under company law. The Trustees confim) that the Annual report and financial slalemenls of the charitable company comply with the current statutory requirements, the requiremenls of the charitable company's goveming document and the provisions of Ihe Statement of Recommended Practice (SORP> applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (effective 1 January 2019) Since Ihe group and the Charity qualfy as small under section 383 of the Companies Act 2006, the Group strategic report required of rnedium and large companies under the Companies Acl 2006 {Strategic Report and Directors, Report) Regulations 2013 is not required. Structure, governance and management a. Constitution The charity and the group is registered as a Charrtable company limited by guarantee and was set up by a Memorandum of Association on 25 March 2015. b. Methods of appointment or election of Trustees The management of the Gharity and the group is the responsibility of the Trustees. The Board is composed of no fewer than 10 Trustees and no more than 14 ofwhom the Bishops of Salisbury and of Bath and Wells are at all times Foundation Trustees by virtue of their office. In addition the trustees may co￿p1 up to two trustees. New or additional trustees are appointed by the then existing body of trustees. In making appointments the trustees bear in mind the importance of choosing individuals whose skills and experience match the needs of the Charity as a whole, the need to reflect an appropriate balance of regional and national experience and denominational background, and principles of equality and diversity including gender and lay and ordained. New Trustees receive an induction which includes an introduction to the College, governance, Trustee respor)sibilities and a discussion of current issues. Trustees (other than the Foundation Trustees) normally serve a four-year tem and are eligible for re- appointment for one four-year term. Page 3

SARUM COLLEGE IA company limited by guaranteg) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 Structure, governance and management {continued) c. Organlsational structure and declslon-making pollcles The trustees are responsible for controlling Sarum's management and administration. Their responsibilities include.. Sarum's policy, finances. budget and management.. envisioning Sarum's future.. planning Sarum's strategic development., and givin9 guidance and direction to the Executive Committee. The Board has appoinled four committees. The terms of reference of the Finance & General Purposes Committee are The Finance and General Purposes Committee shall. on behalf of the trustees, review all aspects of the management of finance and resources at the college {and shall give advice and guidance to the Principal and leadership team as required}. In particular, il shall monitor and (where appropriate) make recommendations to the truslees on- Financial management and financial planning, including the annual budget and annual accounts., The appointment of the auditors.. Hospitality and associated services: The college's buildings and estate.. Five year plan for Finance and buildings; IT infrastructure., Marketing and fund raising., Health and safety.. All other legal and regulatory matter¥; Risk management. The committee shall ensure that, as appropriate, plans are in place for the maintenance, sustainability, renewal and development of all assels and services The terms of reference of the Board of Studies are.. The focus of the Board of Studies should be on (1) strategic development of academic programmes across Sarum College,. and121 assurance ol quality for the variety of academic programmes and giving advice as appropriate. "Academic Programmes" refers to Common Awards Programmes (Ministry) University of Winchesler MA Prograrnmes The University of Winchester PhD Programme Short Courses Programme Centre for Spiritual Direction 2.1 Terms of Reference (1) The Board of Studies shall meet once per academic tem, equating to three times per year. {21 The Board of Studies shall exercise oversight of the educational work of Sarum College. This includes oversight of the academic policy and programmes in the College, ensuring that it promotes the vision, elhos. mission and financial sustainabilty of Sarum College. {3> The Board of Studies shall recognise that both Common Awards and Winchester programmes have $pe¢ific requirements related lo management and quality that are addressed through their own management committee structure as noted below. Page 4

SARUM COLLEGE (A company limited by guaranlee} TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Structurei gov•rnance and management (contlnued) {4) The Board of Studies shall receive reports from the Director of Academic Development and the Dean of Ministry on.. planned developments in academic policy and programmes financial statements in relation to the educational work quality assuran￿ arrangements and implementation (S) The Board of Studies shall also receive periodic reports from: the Director of Learning Resources appointed academic programme student representatives to address any arising quality assurance and strategic matters. {6) The Board of Studies shall review the development of academic programme planning, management, delivery, and marketing and provide recommendations to the relevant committees as appropriate. (7) The Board of Studies may establish whatever advisory arrangements may be necessary from lime to lime for different aspects of the educational, marketing, library and learning resource provision as appropriate. The tems of reference of the Nominations and Remuneration Committee are.. Bearing in mind the principles in Paragraph 1 of the Sarum College Rules and Regulations, the Committee shall make recommendations to the Trustees on the appointment and reappointment of Trustees (including Cfropted Trustees) and the membership of committees. The Commrttee shall also make recommendations, as appropriate, to the Trustees on the salary and other aspects of the remuneration of the Principal. It will also consider remuneration arrangements for College Leadership Team. If the Chair of the Finance & General Purposes Committee is not a member of this Committee. he or she shall be consulted on recommendations under this sub-para9raph. The terms of reference of the Chairs. Executive Committee are The Chairs, Executive Committee shall be a place of reflection, planning and consultation and make recommendations to the Board of Trustees. The Principal working wrth the College Leadership Team is responsible for Sarum College's day to day managernent. Sarum works closely with RSCM (Royal School of Church Music) and the Diocese of Salisbury which pay rent to the College for space occupied. The College's wholly owned subsidiary Sarum College Services Limited provides hospitality at Sarum College under licence from the College. Its executive directors were Prof J Woodward and M Manterfield, and its non- executive directors were J Kelly, M O'Lone, E Osbome, T Mynott, and A Redfern. Mr Kelly is not a Trustee of the College. During the year Sarum College Services Limited made a profit before Gift Aid of £266,736 and £266,919 was paid to Sarum College under the gift aid regime. The College views the company as part of its broad charitable remit and assists with carrying out the College's charitable objects. The Trustees have assessed the major risks lo which the charity and the group is exposed, in particular those related to the operations and finances of the charity and the group, and are satisfied that Systems and Procedures are in place to mitigate our exposure to the major risks. Page S

SARUM COLLEGE (A company limited by guarantee TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Objectives and Actlvllles, Achievements and Performance, and Future Plans a. Policies and objectives Object of the Charity Under the Memorandum of Association dated 25th March 2015 the objects of the Charity and the group are to advance the Christian religion and to advance theological education, training, formation and spiritual gr0￿h, including (but without limilation) by the provision and maintenance of a college. The Charity achieves these objectives through: the establishment of accredited and non-accrediled educational programmes, supported by a library; the provision of hospf(ality facilities to its students.. the provision of licensed office space to other charities wtth charitable objects in sympathy wrth its own, specifically the RSCM (Royal School of Church Music) and the Diocese of Salisbury,. and, maintsining the Grade 1 listed building. Aims of Sarum's Educational Programme Sarum College slrives lo be a centre for academic excellence, particularty as a leading provider of theological learning, where students are motivated and empowered to make a Iransfomiing contribution to society. The academic work offers a range of learning opportunities, including both accredited and shorter courses. The College avails of a wide ne￿Ork of visiting lecturers and visiting scholars who are able to help make our learning offer both diverse and wide-reaching in depth and breadth. Sarum College orients itself toward ou￿ard-loOkIng and interdisciplinary work, including areas of learning that we provide or host which would nomially sit outside of the traditional curriculum at other inslilutions. The College's mission is fulfilled when its students come away from their time at Sarum College spiritually nourished and academically equipped. The students witness to Ihis spiritual nourishment through lives marked by wisdorn and courage. The Library and hospitality seryices support these educational aims and provide facililies to further the aims to others beyond the student body. In order to advance these aims and outcomes, the College has set three main objectives which are investigated further below. 1. To malntaln a posltlve cash Ilow year on year and to bulld sufflclent working capltal for the buslnes$. The objectives for 2024-25 were to improve the marketing reach in particular relating to the attraction of groups staying at the college., and to develop the MA in Christian Spirilualty to address the changes in the education market. Trustees recognise that making a small surplus on the unrestricted fund year by year, and particularly the deficrt of some £80k last financial year will not sustain the future of the College. In consequence of this they commissioned an external review of the charity in the autumn of 2024. That review led to five strategic aims: to reimagine the story of Sarum College and articulate rts distinctiveness as a Chnstian Foundation.. to continue to develop a regional 'learning hub. resourcing the innovative formation of ministry and ongoing education of Christian Discipleship., to build relationships with Salisbury Cathedral and City partners- to address staff roles and pursuiis in order to align them wrth the purposes of the College. and to develop a plan for the refurbishment and development of the buiklings and facilities. These objectives will feed into the stated objectives for 2025-26. Planning for education has proven more difficult to predict this Side of the pandemic as the market for theological Page 6

SARUM COLLEGE {A company limited by guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Objectives and Activities, Achievements and Performance, and Future Plans lcontlnued) education changes. Student numbers for Ministry at Sarum have increased and in the case of Local Lay Ministry training expanded to new dioceses. Student recrurtment to the Course in Spiritual Direction has been stable. Recruttmenl to MA and shorter courses have been more variable. One response to this has been the expansion of partnerships. As examples 2024 was the first year in which Sarum trained Local Lay Ministers from the Winchester diocese, and the College worked wrth the Diocese of Birmingham to provide education to their Oversight Areas. The sustainability of Ihe short course programme has been strenglhened by agreements with neighbouring Dioceses and the Methodist Church to block book places for some courses. and the partnership with Church Times in running the online Modern Mystics programme. The investrnent in IT continued to enabled students and lecturers lo attend remotely and another response to the changing market has been lo change the mix of on-site and online courses to provide a wider variety of options to students and seek to better serve their needs. The market for Hospitality is also unpredictable. Some long-standing groups continue to come but with lower numbers, but new groups have also been attracted, often by word of mouth. The College continues lo seNe our own students and external groups, and supplement income with Online Travel Agents particularly during the tourist season. The reputation of Sarum for hospitality has led to additional groups including those based on singing and an additional Methodist pilgrimage from Ihe US. Social media continued to play a key role in the development of new markets as platforms such as Facebook are able to reach audiences fluidly and quickly. The College website continues assist the promotion of education programmes coupled with a more efficient booking System. A5 a result of a number of initiatives the College has a greater profile in Ihe region including across regional diocese and other Christian denominations including the Methodist, Baplist, United Reformed Church and Salvation Army. There have been a number of fundraising initiatives including applications to grant making trusts which are reported under the Financial Review section of this report. There has been a strengthening of financial policies and procedures with an increase in transparency and shared responsibility across the College Leadership Team. A combination of development of the learning offer, expansion of partnerships, focus on the quality of the hospilality product and cost control contributed to reversing a deficit on the unrestricted fund of over £80,000 in the previous financial year to a surplus of over £50,000 in the reporting year. The objectives for 2025-26 are.. to restructure the College Leadership Team, creating the new role of Chief Operating Officer to be responsible for the business management and financial affairs of the College- to articulate who are the College's core partners and key targets for learning and to agree and develop core images and messages that represent and Teflect the learning offer., to develop the website to improve communication of the offer to target markets- and to continue to develop IT resources and financial processes for enhanced efficiency. 2. Provlding a range of educational programmes that nourish the human spirit. The objectives for 2024-25 were to gather regional Diocesan Bishops with Directors of Ministry to pursue developing the educalion offer in partnership expansion of the Centre for Fomiation in Ministry lo include ordinands from the Diocese of Winchester and Portsmouth consolidation of the partnership agreements with neighbouring diocese and the Methodist Church to provide CMD. At the start of the pandemic the College worked quickly to transfer education online and develop the curriculum at the start of the pandemic. Some existing Courses such as Exploring Theology have expanded through being taught online. Recruitment increased as people attended from their homes and numbers have been sustained. In general the geographic spread of recruitment increased e.g. to diocese that are further afield. The provision of courses online has also enabled more overseas students to benefit from S3rum's educ8tion81 programmes. Page 7

SARUM COLLEGE (A company limited by guarante•> TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Objectives and Activities, Achievements and Performance, and Fulure Plans (continuedl The Gurriculum itself is always being adapted to respond to new circumstance5. We have been adapting delivery methods, developing and enhancing pedagogical methods to address various learning needs and modes, and refreshing curriculum content lo reflect the world in which we now live. We have undergone significant effort to divefsfy our curriculum in relation to race, economic status, nationality. class, and disability in order to reflect Ihe ever-increasing range of voices wrthin the area of theological scholarship. In the previous year Sarum College Ministry received validation from the University of Durham and the Church of England lo enable Sarum College to become a Theological Education Institution (TEI). This has provided a platfomi for the MA in Christian Spirituality to start the process of transferring validation to University of Durham. Regrettably recruitment lo the MA in Theology. Imagination and Culture in autumn 2024 was not strong enough to continue the course and the decision was made to close the course to new students. New educalional partnerships which emerged in previous years continue to be developed and expanded. In January 2025 there was a gathering of regional Diocesan Bishops with Directors of Ministry to pursue Ihe development of the educational partnerships. Regional Diocesan Bishops committed lo supporting Sarum College through sending ordinands for training and also training of Licenced Lay Minister and Readers. The generosity of grants has enabled Sarum to support regional diocese through some sponsorship of independent students through bursaries. Ministry at Sawm expanded to training ordinands from the Dioceses of Winchester and Portsmouth. We have had an agreement with the Diocese of Salisbury lo offer a number of continuing ministry developmenl (CMDI courses each year, and we have expanded this model with other Diocese including Bristol and Portsmouth and the Methodist Church. An agreement with St Padarn's Institute in Cardiff has enabled a cohort of students lo study for the Course in Spiritual Direction through the Church in Wales. We also are targeling work wrth international partnerships in North America and Europe to expand our reach and reputation as a centre for academic excellence. With respect lo inclusion of the student voice in the oversight of academic developmenl. the tenns of reference of the Board of Studies have been updated lo include student representatipn of Ministry al Sarum and MAS validated by the University of Winchester and their contributions reported lo Trustees. Dr Jayme Reaves, succeeded by Revd Paul Burden have led on the development of a more cohesive academic faculty with improved policies and procedures all focused on improving the student experience. There ar8 currently 40 students studying on the MA in Christian Spirituality or the MA in Theology, Imagination & Culture. Subject lo the final exam board 13 will graduate.. 1 student will graduale with a PG Cert with distinction., 1 student will graduate with a PG Dip,. 4 students will graduate with an MA and merit., and 7 will graduate with an MA and distinction. With respect lo the students on Sarum College Ministry programmes, theie were 73 students registered on the Common Awards (University of Durham) in Theology. Ministry and Mission Pathways in the 2024 - 2025 academic year and another 4 taking formational palhways that are not accredited. 77 students in all. This included 36 studenls training for Licensed Lay Ministry, 39 Qrdinands and 2 independent students. Of the students who completed their Studies with the University of Durham, 1 completed a Foundation Award, 11 completed HE Certfficate {120), 5 completed the HE Certificate {180), 6 completed the Higher Education Diploma, 3 completed a Post Graduate Certificate and 5 completed an MA in Theology for Ministry and Mission. All students except one who started the course with a view to completing this year completed academic studies on schedule. The education programme continued lo flourish through- the College's excellent relationships with Winchester Universty and Durham University- its ability to retain and attract the best quality teaching staff,. and the maintenance of the Library as a high-standard learning resource. In addition to the students on accredited programmes, the college also ran a varied programme of short courses. Page 8

SARUM COLLEGE IA company limited by guarantee TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 30 JUNE 2025 Objectives and Activities, Achievements and Performance, and Future Plans Iconlinued) The objectives for 2025-26 are to ensure that key messages and narratives feflecl the shape of the leaming offer. to give a higher profile to the voices of the student expeTience', to be aware of and responsive to the learning needs of the Regional Diocese and ensure that there is some synergy be￿een the offer and Ihe aspiralions of Regional religious leaders.. and to continue where possible to work ecumenically especially with the Methodist Church. 3. Providing a level of welcome and hospitallty wlth conslstently hlgh standards of accommodation and Catering. Hospilality is provided in four sectors.. for our own students, studwng on validated programmes and lifelong leaming courses. for conferences and training events that fall within our charitable purpose., for conference and room hire for the general public.. and for bed and breakfast accommodation for the general public. The objectives for 2024-25 were to refurbish a room to provide a second ground floor accessible bedroom.. to continue the refurbishment programme of bedrooms., and to complete planned works lo the building to ensure health and safèty compliance. Under the leadership of Mr Gary Grfford. Director of Hospitality the hospitality aspects of the College have grown during the reporting year, exceeding income and occupancy levels attained before the pandernic. The new Conference Room and accessible bedroom on the ground floor have proven popular. Further work has been done to decorale some corridors and upgrade some bedrooms. The main boilers were refurbished and a second accessible bedroom was created on the ground floor along side routine wort( to keep on top of the day-to4ay maintenance of the building. The challenge continues lo be generating enough monies lo fund needs and aspiralions in relation to the building. The IT system which enables guests to book and pay online and a new website dedicated to promoting the Hospitality function has proven to be a good foundation for developing the business. The charity and the group is grateful for the generous efforts of its volunteers. The College began lo use volunteers again in the reporting year and it is estimated that over 2000 volunteer hours were provided. mainly in the library. If this is conservatively valued at £12.25 an hour the volunteer effort amounls to over £24,500. The objectives for 2025-26 are to complete the essential maintenance to the outside of the building- to upgrade Ihe en-suite shower rooms of the Wren attic bedrooms., to continue the process of painting the downstairs corridors and refurbish the Refectory: and to refurbish the Cavell Room and improve signage around the College. Page 9

SARUM COLLEGE (A company limited by 9uarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Objectives and Activities, Achievements and Performance, and Future Plans (continued) Public Benefit The trustees have regard to the Charily Commission's guidance on public benefit. The College offers a wide range of courses in pursuit of its Charitable objectives and these are all reasonably priced and open to all. The short courses give opportunities for individuals to benefit from the College's educational activities for a modest outlay. The fees for degree courses are wilhin the normal range for taught mastels courses. The College also offers facilities for other groups and organisations with cognate objectives. as referred to in the paragraph on hospitality, al reasonable charges. Individuals who wish to use the College's significant library but are not undertaking a course at the College may do so lor a small annual charge. Individual requests for financial discounts are considered on a case by case basis. Factors outside our control A number of 'strategic factors, have a continuing bearing on the activities of the College.. The continuing effect of the pandemic had a major impact on the College during the year. The general financial climate continues to have an adverse effect on some activities which are dependent on discretionary spending. and where Commercial competition is vigorous. The perennial unknown la¢tors are predicting accurate numbers for bed and breakfast and conferences alongside anticipating student number recruitment to education programmes. Many of our key stakeholders in the faith sector are themselves under financial pressure, and their willingness to fund Sarum College is unlikely lo improve in the coming years. Sarum College can offer leadership in exploring, with these partners, ways of adapting and evolving to cope with the changed circumslances. Page 10

SARUM COLLEGE (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Flnaneial review a. Financlal Review Total voluntary income for the year was some £442.000. Income from Charitable Activities increased by £8.000. Educational income increased by just over £14,000. Charitable Hosprtality income increased by just under £13,000. A significant factor in the outturn of the year was a colledion of grants from the Community of St Denys which totalled £640.000, £302.000 of which has been treated as deferred income to fulure years. The monies have been given for a combination of educational and propety purposes. Voluntary income also includes a further donation of £50,000 from the Per.shore. Nashdom and Elmore Trust. The Trustees are very grateful to both charities for their generosity. The charity activated the Irading subsidiary on 1st August 2015. Ofthe just under £832,000 income from other trading activities. some £767,000 (last year some £666,000) was generated by the company as hospitality income. After costs the subsidiary made a gift aid donation to the charity of in the reporting year of £266,919 (2024.. £168,037). Total income from hospitality increased by some £114,000 in 2025 to over £1,000,000 in 2025, split belween income from charrtable activities and income through the trading subsidiary. The total net assets increased by over £350,000 compared to last year at just over £2,887,000. On the Unrestrided fund the nel surplus after investment losses was £54,514. The Unrestricted Funds were £1,114,928 which included Designated Funds of £50.100 The level of Restricted Funds increased to just under £1,240,000 which included the result of significant movement on a number of funds. Incoming resources for capital projects were over £118.000 and Incoming resources for educational programmes were over £316,000. Net outgoings of some £120,000 included the application of approximately £38.000 restricted funds to depreciation on capital works in previous years (see note 20). Approximately £82,000 was expended in support of the educational programmes. The total of the Restrided Funds al 30th June 2025 was £1,239,871 (2024.. £925.767). In keeping with the Stock market over the 12-month period the value of the existing Endowments decreased by over £17.000. Collectively the total value of the Endowment Funds at the year4nd was £532,578 {2024.' £550,000). Al the end of the year the charills total funds amounted to £2,887,377 of which £1,239,871 was held in restricted funds and £532.578 was held as endowmenl. The unrestricted funds of £1,114,928 included de519nated funds of £50,100 with the remainder (£1.064.828) being the charity's general fund. The general fund balance includes fixed assets funded from the general fund. After taking account of these fixed assets the charity's reserves al 30th June 2025 were £291,356 {2024. £169,230). The chartys reseryes policy is to build this up to Ihree rnonths, expenditure (£512,079) by generating surpluses over the medium term subject to giving as much emphasis as possible lo continuing the improvements to the facililies. Page11

SARUM COLLEGE IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 b. Risk Management The Board of Trustees is responsible for the management of risk. The College Leadership Team compile a detailed consideration of risk in a risk register each year. Risks are identified and assessed according to probability and impact with Corresponding actions to reduce risk. The Finance & General Purposes Committee and Trustees undertake a formal review of risk on an annual basis. Risks fall into five main categories.. governance, operational, financial. external and compliance. The key controls used by the Charity include= Formal agendas. minutes and reports for all Committee and Trustee activity Detailed terms of reference for all Committees Comprehensive strategic planning, budgeling and management accounting Established organisalional structures and lines of reporting Formal written policies, reviews and appraisals Clear aulhorisation and approval policies, and Vetting procedures as required by law for the protection of the vulnerable Through the risk management processes established for the College, the trustees are satisfied that the major risks identified have been adequately mitigated where necessary. It is recognised that systems can only provide reasonable bul not absolute assurance that major risks have been adequately managed. c. Safeguardlng The College is committed lo safeguarding and promoting the welfare of students and guests, and ensuring that all staff and volunteers share this commitment. Appropriate policies and training are in place to underpin this commitment. Pollcle8 a. Reservos Sarum aims to build, over a three-year period, a reserve equivalent to three months, operatin9 expenditure, while at the same time giving as much emphasis as possible to the continuing improvement of the facilities. b. Investment pollcy Sarum's investment policy is lo retain the majority of balances of cash required for short.tenn needs in an interest bearing account and to invest any other fijnds in a common investment fund. c. Truslee Indemnlty Sarum has purchased insurance from the E¢clesiastical Insurance Office plc lo indemnify Sarum and any person who was or is or shall be a trustee, committee member. employee or aLrthorised volunteer against claims made againsl them for specific wrongful aels occurring or committed in good faith. No person Committing or condoning a dishonest or fraudulenl act or omission is, however, entitled to indemnity. The purchase of such insurance out of the funds of the charity is $pecrfically authorised by an Order of the Charity Commission under section 189 of the Chanties Act 2011. Page 12

SARUM COLLEGE (A company limited by guarante•) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025 Statement of Trustees, responslbilities The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and Unrted Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requir8S the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charty and oftheir incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policTres and then apply them ¢onsistentSy', observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting eslimales that are reasonable and prudenl: state whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements., prepare Ihe financial statements on the going concern basis unless it is inappropriate to presume that the Group will conlinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charrty and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charty and hence for takin9 reasonable steps for the prevention and detection of fraud and other irregularities. Dlsclosure of Informatlon to audltors Each of the persons who are Trustees at the time when this Trustees, report is approved has confinned that.. so far as that Trustee is aware, there is no relevant audit infomialion of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomation and to establish that the charrtable group's auditors are aware of that infomiation. Approved by order of the members of the board of Trustees on and signed on their behalf by.. Rt Revd Dr Alastair Redfern Page 13

SARUM COLLEGE (A company limited by guarantee) INDEPENDENT AUDITORS. REPORTTO THE MEMBERS OF SARUM COLLEGE Opinion We have audited the financial statements of Sarum College (the 'parent charFtable company) and rts subsidiaries (the'group'l for the year ended 30 June 2025 which comprise the Consolidated statement offinancial activities, the Consolidated income and expenditure account. the Consolidated balance sheet, the Charity balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinron the financial stateménts: give a true and fair view of the state of the Group's and of the parent charttable company's affairs as at 30 June 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with Unrted Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Charities Act 2011. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK> {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevanl lo our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that. individually or collectively, may cast significant doubt on the Group's or the parenl charitable company's ability to conlinue as a going concem for a period of at least tweFve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of Ihe Trustees with respect to going concern are described in the relevant sections of this report. Page 14

SARUM COLLEGE (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SARUM COLLEGE ICONTINUED) Other Infom)ation The other infomation comprises the information included in the Annual report other than the financial statements and our Auditors. report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does nol cover the other information and. except lo the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibilty is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are required to report by exceptlon We have nothing to report in respect of the'following matters where the Charities (Account5 and Reports) Regulations 2008 requires us to report to you if. in our opinion.. the infomiation given in the Trustees, report is inconsistent in any material respect with the financial slatements.. or the parent charitable company has not kept sufficient accounting records., or the parenl charitable company financial statements are not in agreement with the accounting records and returns., or we have not received all the information and explanations we require for our audit. Rosponslbllllles of trustees As explained more fully in the Trustees. responsibilities stalement. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of Ihe financial statements and lor being satisfied that they give a true and fair view, and for $u¢h internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group's and the parent charitable company's abilty to continue as a going concern, disclosing. as applicable, matters related to going concem and using the 90ing concern basis of accounting unless the Trustees either intend to liquidate the Group or Ihe parent charitable company or lo cease operations, or have no realistic allernalive but to do so. Page 15

SARUM COLLEGE (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF SARUM COLLEGE (CONnNUED) Auditors, responsibilities for tho audit of the financial statoments We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free Irom material misstatement. whether due to fraud or error, and to issue an Auditors. report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when rt exists. Misslalements can arise from fraud or error and are considered malerial if, indiwdually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: .Ihe engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non<ompliance with applicable laws and re9ulations.' 'we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of the company., 'we focused on specific laws and regulations which we considered may have a direct material effecl on the financial statements or the operations of the company, including the Companies Act 2006, data protection, employment, and heatth and safety legislation,. .we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting correspondence,. and 'identified laws.and regulations were communicated within the audit team regularly and the team remained alert to instances of non<ompliance throughout the audit. We assessed the susceptibility of the company's financial stal•menls to material misstatement, including obtaining an understanding of how fraud might occur, by: 'making enquiries of management as to where they considered there was susceplibility to fraud, their knowledge of actual, suspected and alleged fraud,. and •considering the internal controls in place to mitigate risks of fraud and non4ompliance with laws and regulations. To addres$ the risk of fraud through management bias and override of controls. we.. 'performed ana1￿ical procedures to identify any unusual or unexpecled relationships., .tested joumal entries to idenlify unusual transactions., 'assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias., and 'investigated the rationale behind significant or unusual transactions. In response to the risk of irregularrties and non<ompliance with laws and regulations, we designed procedures which included, but were not limited to: 'agreeing financial statement disclosures to underfying supporting documentation; Page 16

SARUM COLLEGE {A company limited by guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SARUM COLLEGE (CONTINUED) 'reading the minutes of meetings of those charged with governance- 'enquiring of managemenl as to actual and potential litigation and claims., and 'when considered necessary. reviewing correspondence with relevant regulators and the charitable companvs legal advisors. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. vA•M.frc.or -uklauditorsres onsibilities. This description fonns part of our Auditors, report. Use of our report This report is made solely lo the charitable companls trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charilable company's trustees those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for Ihe opinions we have formed. Fletchor & Partners statutory Auditors Chartered Accountants Crown Chambers Bridge Street Salisbury Willshire SP12LZ Date.. Fletcher & Partners are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 17

SARUM COLLEGE (A cornpany limited by guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025 Unrestricted funds 2025 Restricted funds 2025 Endowment funds 2025 Total funds 2025 Total funds 2024 Note Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments 16,306 1,122,590 831.917 12,706 426,001 442.307 1.122,590 831.917 21,434 248,794 1,114,578 732.749 8.646 8,728 Total Income and endowments 1,983.519 434,729 2,418.248 2,104,767 Expenditure on: Raising funds Charitable activities 576,645 1,352,130 576.645 1,471.671 568,400 1,494.637 119,541 Total expendlture 1,928,775 119,541 2,048.316 2,063,037 Net income before not Ilosses)Igalns on Investments Net (lossesllgains on investments 54,744 315,188 369.932 41,730 (230) (1,184) (17,422) {18,836) 52,501 Net movement In funds 54,514 314,004 {17,422) 351,096 94,231 Reconclliatlon of funds: Total fur)ds brought lo￿ard Nel movement in funds 1,060.414 54,514 925,867 314,004 550.000 (17,422) 2,536.281 351,096 2,442,050 94,231 Total funds ¢arrled forward 1,114,928 1,239.871 532,578 2,887.377 2,536,281 The Consolidated slatement of financial activities includes all gains and losses recognised in the year. The notes on pages 25 to 51 form part of these financial statements. Page 18

SARUM COLLEGE (A company limlted by guarantee) SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025 Total funds 2025 Total funds 2024 Note Income Lossesl{gains) on investments 2,418,248 {1.414) 2,104.767 3.050 Gross income in the reporting period Less.. Total expenditure 2,416,834 2,107,817 (2,048.316) {2,063,037) Net Income for the reportlng per5od 368.518 44.780 The notes on pages 25 to 51 form part of these financial statements. Page 19

SARUM COLLEGE (A company Ilmlted by guarantee REGISTERED NUMBER: 09510356 CONSOLIDATED BALANCE SHEET AS AT 30 JUNE 2025 2025 2025 2024 2024 Note Fixed assets Tangible assets Investments 12 1,389,525 559.855 1,371,799 578.562 14 1,949,380 1,950,361 Current assets Stocks Debtors Investments 15 16 17 5,556 110,367 2.825 1,536,155 6,415 91,328 2,954 928.605 Cash at bank and in hand 1.654,903 1,029,302 Current Ilablllties Credrtors= amounts falling due wilhin one year 18 (683,495) (409,971) Net current assets 971,408 619,331 Total assets less current liabilities 2,920,788 2,569,692 Creditors.. amounts falling due after more than one year 19 (33,411) (33,411) Total net assets 2,887,377 2,536,281 Charity funds Endowment funds ReStr￿ted funds Unrestricted funds 20 20 20 532,578 1,239,871 1.114.928 550,000 925,867 1,060.414 Total funds 2.887,377 2,536,281 The Charty was enlttled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the entily to obtain an audrt for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with section 151 ofthe Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirernents of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable lo entities subject to the small companies regime. Page 20

SARUM COLLEGE IA company limited by guaranteel REGISTERED NUMBER: 09510356 CONSOLIDATED BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The financial statements Y￿re appfoved and authorised for issue by the Trustees on 3 202 ts- and signed on their behalf by.. Rt Revd Dr Alastair Redfern The notes on pages 25 to 51 form part of these financial statements. Page 21

SARUM COLLEGE (A company limited by guarantee) REGISTERED NUMBER.. 09510356 CHARITY BALANCE SHEET AS AT 30 JUNE 2025 2025 2024 Note Flxed assets Tangible assets Investments 12 14 1,389,525 559,865 1,371.614 578,572 1,949,390 1,950,186 Current assets Stocks Debtors Investments Cash at bank and in hand 15 16 17 5,556 280.646 2,825 1.298,199 6,415 151,867 2,954 817,495 1.587,226 978,731 Current Ilabllitles Creditors.. amounts falling due within one year 18 {619,150) (362,7301 Net current assets 968.076 616,001 Total assets less Currenl liabillties 2,917,466 2,566,187 Creditors.. amounts falling due after more than one year 19 (33,411) (33,411) Total not assets 2,884.055 2.532.776 Charity funds Endowment funds Restricted funds Unrestricted funds 20 20 20 532,578 1,541.871 809.606 550,000 925,867 1,056,909 Total funds 2.884,055 2,532,776 The Chartys net movement in funds for the year was £351.279 (2024 - £96,260). The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have nol required the enlity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. However, an audit is required in accordance with sedion 151 oflhe Charities Act 2011. The Trustees acknowledge their responsibilities for complying wrth the requirements of the Act with respect to accounting records and preparation of financial statements. Page 22

SARUM COLLEGE (A company limited by guarantee REGISTERED NUMBER: 09510356 CHARITY BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2025 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial stalemenls were approved and authorised for issue by the Trustees on and signed on Iheir behalf by: 3A ZOI& Rt Revd Dr Alastair Redfern The notes on pages 25 to 51 form part of these financial slalements. Page 23

SARUM COLLEGE (A company limited by guarantee) CONSOLIDATED STATEMENTOF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2026 2025 2024 Cash flows from operating activities Net cash used in operating adivities 667.786 294,824 Cash flow3 from investing activities Dividends, interests and rents from investments Purchase of tangible fixed asset$ 21.434 {81,670) 8,646 (71,854) Net cash used In Investlng actlvlties (60,236) (63,208) Cash flows from Ilnanclng actlvStle$ Repayments of borrowing 409 Net cash provlded by financlng actlvltles 409 Change in cash and cash equivalents in the year Cash and cash equivalent5 at the beginning of the year 607.550 232,025 928,605 696,580 Cash and cash equlvalonts at the end of the year 1,536,155 928,605 The notes on pages 25 to 51 form part of these financial statements Page 24

SARUM COLLEGE IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 General Infomiation The charity is a company limited by guarantee incorporated in England and Wales. The registered office is 19 The Close, Salisbury. The members of the company are the Trustees named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity Accounting policles 2.1 Basis of preparatlon of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charrties preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Sarum College meets the definition of a public benefit enlrty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olherwise slated in the relevant accounting policy. The Consolidated statement of financial activities (SOFA) and Consolidated balance sheel consolidate the financial statements of the Charity and its Subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements. 2.2 Golng concern The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concerrb. Page 25

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policies (continued) 2.3 Income All income is recognised once the Charity has entitlement to the income, rt is probable that the income will be received and the amount of income receivable can be measured reliabty. Income is shown net of VAT. The re¢ognilion of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor Is satisfied Ihat the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the.fair value of the amount receivable, which will generally be the expected cash amount lo be distributed to the Charity. can be reliably measured. Grants are included in the Consolidated statement of financial activities on a recelvable basis. The balance of income received for specific purposes bul not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt. its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income 15 received. the income is accrued. Where Ihe donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure Ihis reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies. On receipt, donated professional services and facilities are recognised on the basis of the value of Ihe gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefil on the open market,. a corresponding amount is then recognised in expenditure in the period of receipt. Income tax recoverable in relation to donalions received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in felation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditure Expendrture is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, rt is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is Classified by activity- The costs of each actiwty are made up of the total of direct costs and shared costs, including support cost5 involved in undertaking each activity. Direct cost5 attributable to a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not attributable to a single activity are apportioned behveen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation Charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non<harilable trading. Expendilure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs. Page 26

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policles (conllnued) 2.4 Expendlture (continued) All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated statement of financial activities upon the completion of the relevant perfomiance- related conditions. Other grants that are nol subject to perfomance-relaled conditions are credited to the Consolidated statement of financial activities as the grant proceeds are received. Granls received prior lo the revenue recognition criteria being satisfied are recognised as a liability. 2.6 Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group.. this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tanglble fixed assets and depreclatlon Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses, All ¢osts incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following bases.. Freehold property other fixed assets 20/ts per annum on cost 40/0 to 33 113Q/• per annum on cost 2.8 Heritage assets Heritage assets are not capitalised due to unavailability of cost or valuation infomiation, with such information not being obtainable at a cost commensurate with the benefit to the users of the accounts and to the Charity, As a result, no value is attributed lo heritage assets in the Balance Sheet. Depreciation is provided on the following bases.. 2.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised al their Iransaction cost and subsequently measured at fair value at the Balance sheel date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised. are combined and presented as 'Gainsl(Losses) on investments. in the Consolidated statement of financial activities. Investments in subsidiaries are valued at Cost less provision for impaimient. Page 27

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policies {continued) 2.10 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolele and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.11 Debtors Trade and other debtors afe recognised at the settlement amount afler any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.12 Cash at bank and In hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the dep051t or similar account. 2.13 Llabllltle$ and provlslons Liabilrties ale recognised when there is an obligation at.the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidaled stalemenl of financial activities as a finance cost. 2.14 Flnanclal Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instrument5 are inilialty recognised at transaction value and subsequenlly measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.15 Pensions The charity operates a defined Contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. The charity operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 31 December 2016. The charty operates a defined benefits pension scheme. The scheme is a multi*mployer scheme where il is not possible, in the nomial course of events. to identify on a consistent and reasonable basis, the share of underlying assets and liabilrties belonging to individual participating employers. Therefore. as required by FRS17 'Retirement benefits,. the charity accoun15 for this scheme as rf il was a defined Contribution scheme. The amount charged to the Statement of financial activities represents contributions payable to the scheme in respect of the accounting period. Page 28

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Accounting policies (continued) 2.16 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Truslees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restflctions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the notes lo the financial statements. Endowment funds are permanent trusts whose income is intended either for the benefit of the College or for students attending the College. Incoming resources from endowment funds are restricted. Investment income, gains and losses are allocated to the appropriate fund. Page 29

. SARUM COLLEGE IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Income from donatlons and legacies Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Donatlons Friends subscriptions Capital granls and donations Educational & promotional grants and donations Unrestricted grants and donations 8,806 8,806 68.565 659,436 7,500 68.S65 659,436 7,500 16.306 728.001 744,307 Donations (302,000) {302,000) Total 2025 16,306 426,001 442,307 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Donatlons Friends subscriptions Capital granls and donations Educational & promotional grants and donations Unrestricted grants and donations 9,104 9,104 510 238,111 1,069 510 238,111 1,069 Total 2024 10.173 238.621 248.794 In¢ome from charitable activities Unrestricted funds 2025 Total funds 2025 Educational programmes Library Charitable Hospitalty RSCM Licence fee Other Charitable Activities 827,078 23,531 233,731 38.250 827.078 23,531 233,731 38,250 Total 2025 1,122,590 1,122,590 Page 30

SARUM COLLEGE (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Income from ¢haritabl• activities {continuod) Unrestricted funds 2024 Total funds 2024 Educational programmes Library Charitable Hospitality RSCM Licence fee other Charitablè Activities 813,008 26,690 220,738 38,250 15,892 813,008 26,690 220,738 38.250 15.892 Total 2024 1,114,578 1,114,578 Income from other tradlng actlvltles Income from fundralslng events Unrestricted funds 2025 Total funds 2025 Income from property 64,331 64,331 Unrestricted funds 2024 Total funds 2024 Income from propety 65,967 65.967 Income from non charltable tradlng activltles Unrestricted funds 2025 Total funds 2025 Trading subsidiary turnover 767,586 767.586 Page 31

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Income from other trading activities (continued Income from non charitable trading activltles (contlnued) Unrestricted funds 2024 Total funds 2024 Trading subsidiary turnover 666,782 666,782 Inve$trnent Income Unrestricted funds 2025 Restricted funds 2025 Total funds 2025 Income from local listed investments Interest on bank deposits 80 12,626 8,728 8,808 12,626 Total 2025 12,706 8,728 21,434 Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Income from local listed investments Interesl on bank deposits 8,562 8.562 84 Total 2024 8,562 8.646 Expenditure on ralslng funds Costs of ralslng voluntary Income Unrestricted funds 2025 Total funds 2025 Costs of raising voluntary income 9.874 9.874 Page 32

SARUM COLLEGE (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Expendlture on raising funds (contlnued) Costs of raising voluntary Income (continued) Unrestricted funds 2024 Total funds 2024 Costs of raising voluntsry income 10,038 10,038 Fundraising trading expenses Unrestricted funds 2025 Total funds 2025 Costs re property income Allocated support costs 32,558 33,363 32.558 33,363 Total 2025 65,921 6S.921 Fundra5slng tradlng expenses (contlnuedl Unrestricted funds 2024 Restricted funds 2024 Total funds 2024 Costs re property income Allocated support costs 33,497 118,614 33.497 129.998 11,384 Total 2024 152.111 11,384 163,495 Other trading expenses Unrestricted funds 2025 Total funds 2025 Trading subsidiary expenses 500,850 SOO,850 Page 33

SARUM COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS "FOR THE YEAR ENDED 30 JUNE 2025 Expenditure on raising funds (continued) other trading expenses (contlnued) Unrestricted funds 2024 Total funds 2024 Trading subsidiary expenses 394,867 394,867 Analysls of expendlture on charltable actlvltles Summary by fund typ• Unrestricted funds 2025 Restricted funds 2025 Total 2025 Educational programme5 Library Charitable Hospitalty RSCM Licence fee 932,864 56,559 346.026 16,681 114,132 5,409 1.046.998 61,968 346.026 16.681 Totsl 2025 1,352,130 119.541 1,471,671 Unrestricled funds 2024 Restricted funds 2024 Total 2024 Educational programmes Library Charitable Hospitalty RSCM Licence fee Other Charitable Activities 843,859 87,195 415,200 30,921 4,380 78,658 5.381 25,572 3,437 34 922,517 92,576 440.772 34,358 4,414 Total 2024 1,381,555 113,082 1,494.637 Page 34

SARUM COLLEGE IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Totsl funds 2025 Educational programmes Library Charitable Hospitality RSCM Licence lee 657,765 50,847 240,377 389.231 11,121 105,649 16,681 1,046,996 61,968 346.026 16,681 948,989 522,682 1,471,671 Adivilies undertaken directly 2024 Support costs 2024 Total funds 2024 Educational programmes Library Charitable Hospitality RSCM Licen￿ fee Other Charitable Activities 632,357 49.643 240,010 290,160 42,933 200,762 34,358 4,414 922,S17 92,576 440,772 34.358 4,414 922,010 572,627 1,494,637 Analysis of support costs Educational programmes 2025 Charitable RSCM Hospitality Licence fee 2025 2025 Library 2025 Central management Overheads Premises Depreciation Governance 159,849 70,706 93,843 57,705 7,128 4,567 2,020 2,681 1,649 204 43,387 19,192 25,472 15,663 1,935 6,851 3,030 4.022 2,473 305 389.231 11,121 105,649 16,681 Page 35

SARUM COLLEGE (A company limiled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Analysis of expendlture by activities l¢ontlnuedl Analysis of support costs (continued) Olher Charitable A¢livitie$ 2025 Total funds 2025 Central management Overheads Premises Depreciation Governance 214,654 94,948 126,018 77,490 9,572 522.682 Educational programmes 2024 Charitable RSCM Hospitalty Licence fee 2024 2024 Library 2024 Central management Overheads Premises Depreciation Governance 157,432 66,158 41,756 18.689 6.125 4,998 2,100 27,305 8,336 194 42,482 17,852 98,053 40,722 1,653 7,049 2,962 18,368 5,705 274 .290,160 42,933 200,762 34,358 Other Charitable Activities 2024 Total funds 2024 Central management Overheads Premises Depreciation Govemance 2,947 1,238 214,908 90,310 185,482 73.566 8,361 114 115 4,414 572,627 Page 36

SARUM COLLEGE (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Analysls of expenditure by activttles (Continued) Expenditure on central management, overheads, premises and governance which could not be directly allocated to an operating activity have been apportioned on the basis ol the gross income of the activity pre consolidation adjustments. Central management costs include administrative staff salaries, travel and meals, recruitment costs, finance charges, professional fees and irrecoverable VAT. Overheads comprise marketing, office costs such as telephone, stationery. photocopying and computer costs. Premises costs comprise repairs, ulililies and insurance of the buildings al 19 The Close. Governance costs comprise truslee and council expenses and auditorfs fees (see note 10). Depreciation and loss on disposal of assets has been allocated on the following basis-. a) Music equipment- to educational programmes bj Computers- as overheads c) Property and other equipment- as premises dl Catering equipment - to charitable hospitalty 10. Governance costs During the year, no Trustees received any remuneration or other benefits for acting as trustees (2024 - £NIL). During the year ended 30 June 2025, expenses totalling £188 were reimbursed or paid directly to 1 Trustee (2024 - £172 10 1 Trustee).Trustees expenses paid related to travel expenses. No Trustees received payment for providing services to the College The auditor's fees for 2025 lotalled £10,145 comprising audit fees of £5.985 and £4,160 relating to accounts preparation and other Se￿iceS (2024: Total £9,700, audit fees £4,250, accounts preparation and other services £5.450). Page JI

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 11. Group 2025 Group 2024 Wages and salaries Social security costs Contributions to defined contribution pension schemes 918.954 85,228 73,359 944,439 72,999 75.154 1,077,541 1,092,592 Group 2025 Group 2024 Average number of employees 43 46 43 46 There were no employees with emoluments over £60,000 in erther year. The executive management of the charity is delegated by the Trustees lo the Principal and Directors and Managers listed on page 1. The total paid to the key management personnel during the year (including pension contributions) was £263,369 (2024.. £256,094). Page 38

SARUM COLLEGE (A company Ilmlted by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 12. Tanglble fixed assets Group Freehold property other fixed assets Total Cost or valuatlon At 1 July 2024 Additions Disposals 2,023,456 30.155 612,361 70,193 (18.194) 2,635,817 100,348 (18.194) At 30 June 2025 2,053,611 664,360 2,717,971 Depreclation At 1 July 2024 Charge lor the year On disposals 774,987 44,049 489,031 35,351 {14.972) 1,264,018 79,400 (14,972) AI 30 June 2025 819,036 509.410 1,328,446 Net book value At 30 June 2025 1,234.575 154.950 1,389,525 At 30 June 2024 1,248,469 123,330 1,371,799 Hage 39

SARUM COLLEGE (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 12. Tanglble flxed assets (contlnued) Charity Freehold property Other fixed assets Cost or valuation At 1 Juty 2024 Addilions Disposals 2,023.456 30,155 605,720 70,193 {18.194) At 30 June 2025 2,053,611 657,719 Depreclatlon At 1 July 2024 Charge for Ihe year On disposals 774,987 44,049 482.575 35,166 (14,972) At 30 June 2025 819,036 502,769 Net book value AI 30 June 2025 1.234.575 154,950 At 30 June 2024 1,248,469 123,145 The Salisbury property at 19 Tha Close is included at original cost, subject to an adjuslm•nt for the depreciation of the dining hall, library and chapel block tolalling £37,499 while it was owned by the Central Board of Finance. Since 1998 major improvements have been carried out to the College buildings and Ihe open market value is considered to be substantially in excess of cost. No value had been placed on the playing field at Stratford-sub-castle in respect of which a lease of 99 years was granted to a third party in 1995. 13. Herltago Assets During the year ended 30 June 2024 the Charity received a "Heritage Edition" of the St John's Bible. a gift from St John's Abbey and University of Minnesola through a private donor. The St John's Bible is a handwritten illuminated Bible in large format. in seven volumes. Page 40

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 14. Fixed asset investments Listed investments Group Cost or valuation At 1 July 2024 Revaluations 578,562 (18,707) At 30 June 2025 559,855 Net book valuo AI 30 June 2025 559.855 At 30 June 2024 578.562 Investment5 in subsidiary Listed companies investments Total Charity Cost or valuatlon At 1 July 2024 Revaluations 10 578,562 (18,707) 578,572 {18,707) At 30 June 2025 10 559.855 559,865 Net book value At 30 June 2025 10 559,855 559.865 At 30 June 2024 10 578,562 578.572 Page 41

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 Principal subsidiaries The following was a subsidiary undertaking of the Charty: Name Company number Reglslered office or prlnclpal Prlnclpal activlty place of business Sarum College Ser4ices Limited 01931038 19 The Close Salisbury Trading company Class of shar•s Holding Included in consolidatlon Ordinary 100•/0 Yes The financial results of the subsidiary for the year were.. Name Income Expenditure ProfiV{Loss)I Surplusl (Deficit) for the year Net assets Sarum Collega Services Limited 767,586 500,850 266,736 3,322 15. Stocks Group 2025 Group 2024 Charity 2025 Charity 2024 Raw materials and consumables 5,556 6,415 5,556 6,415 16. Debtors Group 2025 Group 2024 Charity 2025 Charity 2024 Due wlthin one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 68,505 63,889 12,844 226,815 1.957 39,030 17,785 110,443 1.139 22,500 1,957 39,905 1,139 26,300 110,367 91,328 280,646 151,867 Page 42

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 17. Current asset investments Group 2025 Group 2024 Charity 2025 Charity 2024 Listed investments 2,825 2,954 2.825 2.954 18. Creditors: Amounts falling due within one year Group 2025 Group 2024 Charity 2025 Charity 2024 Trade creditors Other taxation and social security Other creditors Accruals and deferred income 86.102 55,186 98.859 443,348 77,634 54,000 99,323 179,014 86,097 34,513 59,040 439,500 77,134 35.688 74,775 175.133 683,495 409,971 619,150 362,730 Group 2025 Group 2024 Chanty 2025 Charity 2024 Deferred income at 1 July 2024 Resources deferred during the year Amounts released from previous periods 107,063 393,487 (107,063) 89,659 107,063 {89,659) 107,063 88.109 107,063 <88.109) 393,487 107,063 107,063 107.063 Page 43

SARUM COLLEGE (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 19. Creditors: Amounts falling due after more than one year Group 2025 Group 2024 Charity 2025 Charity 2024 Other creditors - concessionary loan 33.411 33,411 33.411 33,411 Grants from the Central Board of Flnance (concessionary loan Conditional grants of £19,497 and £13,914 were paid lo the Colleges of Salisbury and Wells respectively by the Central Board of Finance of the Church of England during the period 196110 1964. On the merger of the Iwo colleges in 1971, both grants were fomally withdrawn and re-issued to the Salisbury and Wells Theological College subject to a condition contained in an agreemenl dated the 29th December 1978, namely that if the college ceased to be a theological college recognised by the House of Bishops, then the grants would be repayable. The original agreement was varied in 2005 and 2015 to recognise the evolution in the College's activities, mostly recently the merger with the Southern Theological Training Scheme in 2015 and the subsequent transfer of the College's activities to the incorporated entity Sarum College. The position at the balance sheet date (as agreed with the Central Board of Finan¢e) 1$ that.. 1. The grants are repayable in the event that Sarum College ceases to be recognised for ordination training by the House of Bishops bul not otherwi$e', 2. The grants are therefore shown as liabilities in Ihe financial statements- 3. No interest is charged. Page 44

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 20. Statement of funds Statement of funds - current year Balance at 30 June 2025 Balance at 1 July 2024 Gainsl {Losses) Income Expenditure Unrestricted funds Deslgnated funds Dickinson & Philp legacies 50,100 50.100 General funds General Funds General funds - Fair value serve 1,004,841 1,983.519 {1,928,775) 1,059.385 5,873 (230) 5.443 1,010,314 1,983,519 (1,928,775) (230) 1,064.828 Total Unrestricted funds 1,060,414 1,983,519 (1,928,775) (230) 1,114.928 Endowment funds Pemanent Endowments Pemianent Endowments- Fair value reserve Other charities in connection with The Sarum College Trust Other charities - Fair value reserve 17,141 17.141 94,404 94,404 38,257 38,257 400,198 (17,422) 382.776 550.000 {17,422) 532,578 Restricted funds Capital funds Education and promotion funds Education and promotion funds- Fair value reseprfe 553,280 349,426 118.565 316,164 (37,591) (81,950) 634.254 583,640 23,161 <1,184) 21.977 925,867 434,729 (119,541) (1,184) 1,239.871 Totsl of funds 2,536,281 2,418,248 {2,048,316) (18,836) 2,887.377 Page 45

SARUM COLLEGE (A company limited by guaranteè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 20. Statement of funds (continued Statement of funds - prlor year Balance at 30 June 2024 Balance at 1 July 2023 Gainsl (Losses) Income Expenditure Unrestrlcted funds Deslgnated funds Designated Funds 2 50,100 50,100 General funds General Funds General funds- Fair value reserve 1.085,628 1,857,584 (1,938,571) 1,004,641 4,873 800 5,673 1.090.501 1,857,584 (1,938,571) 800 1,010,314 Total Unrestrlcted funds 1,140,601 1,857,584 (1,938,571) 800 1,060,414 Endowment funds Pennanent Endowmenls Permanent Endowments - Fair value reserve Other charities in connection with The Sarum College Trust Other charities - Fair value reseNe 17,141 17,141 94,404 94,404 38,257 38.257 350,747 49,451 400,198 500,549 49,451 550,000 Page 46

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 20. Statement of funds (continued Balance at 30 June 2024 Balance at 1 July 2023 Gainsl (Losses) Income Expendrture Restricted funds Capital funds Education and promotion funds Education and promotion funds- Fair value resenie 654,923 125,066 508 246,675 {102,151) (22.315) 553,280 349,426 20,911 2,250 23,161 800,900 247,183 (124.466) 2,250 925,867 Total of funds 2,442,050 2,104,767 (2,063,037) 52,501 2,536,281 21. Summary of funds Summary of funds- current year Balance at 30 June 2025 Balance at 1 July 2024 Gainsl (Losses) Income Expenditure Designated funds General funds Endowment funds Restricted funds 50,100 1,010,314 550,000 925,867 50,100 1230> 1.064,828 (17,422) 532,578 {1,184) 1,239,871 1,983,519 (1,928,775) 434.729. (119,541) 2,536,281 2,418,248 (2,048,316) (18.836) 2,887,377 Summary of funds - prior year Balance at 30 June 2024 Balance at 1 July 2023 Gainsl (Losses} Income Expenditure Designated funds General funds Endolwnent funds Restricted funds 50,100 1,090,501 500,549 800,900 50,100 1.010.314 550.000 925,867 1,857,584 {1,938.571) 800 49,451 2.250 247,183 (124,466) 2,442,050 2,104,767 (2,063,037) 52,501 2,536,281 Page 47

SARUM COLLEGE (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 22. Material funds Brought forward Carried Expenditure Gainsl(kJsses)forward Income Restricted funds Garfield Weston 88.945 49,324 50,350 92,915 52,392 69,971 71.000 80,135 (7,550) (4,780) {1,553> <2.382) (3,188) (1.560) 81,395 44,544 48,797 90,603 49,205 68.412 71,000 71,049 Lfft Attic bedroom appeal General appeal Kitchen & refectory appeal Haverstock building access Haverstock educational project Sealon- IT and building Pershore Nashdom 70 (9,086) {50.000> (5,288) 50,000 Friday Charitable Trust Community of St Denis.. lrnmediale building repairs Learning and spiritual development Endowment funds.. Mrs Mary Flelcher Trust 185,381 180,093 65,000 65,000 273,000 13,984) 269,018 116,753 {5,101) 111,652 Purposes imposed (and trust law restrictions) on material funds.. Designated funds include the legacy from Ann Philp which are to be used for pu￿Ose3 that refiect her interests in the life of the college. Restricted Capital funds Garfield Weston. to be applied to capttal projects Lrft.. lo enable building work to create a lift Attic bedroom appeal.. to enable the college to create Ihe S en-suite attic bedrooms General appeal.. to be applied to capital projects Krtchen & refectory appeal.. to upgrade the kitchen and refectory Haverslock building access.. to improve access for those with physical impaimenls Haverstock educational project.. lo fund a theological learning and outreach programme Seaton - IT and building.. to fund IT expenditure and interior and exterior building work Friday Charitable Trust. to support the work of theological education. including Ihe provision of bursaries Persh0￿ Nashdom and Elmore Trust:to support the work of Christian Spirituality at Sarum College Community of Sl Denys.. to create a lasting legacy for the Comrnunity of St Denys through the work of Sarum College as a place of renewal and leaming for spiritual and theological growth.. specifically by establishing a bursary fund to support academic learning and spintual development, and developing the College's facilities and learning programmes. During the year ended 30 June 2025. in addition to the income shown above, the College received a further £302,000 to fund activities in specified future years which has been treated as deferred income. Endowment funds Mrs Mary Fletcher TTUSt.' to assist a student or students who would not otherwise be able to pay for their training at the College Page 48

SARUM COLLEGE (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 23. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2025 Restricted Endowment funds funds 2025 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors du• within one year Creditors due in more than one year 856,983 5,576 667,275 (381,495) (33,411) 532,542 26,701 982,628 (302,000) 1,389,525 559.855 1,654,903 1683,495) (33,411) 527,578 5,000 Total 1.114,928 1,239,871 532,578 2.887,377 Analysis of n•t assels between funds- prlor year Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year Credtlors due in more than one yèar 924,695 5,677 573,424 (409,971) {33.411) 447,104 27,885 450,878 1,371,799 578,562 1,029,302 {409,971) (33,411> 545,000 5,000 Total 1.060.414 925,867 550,000 2,536.281 Page 49

SARUM COLLEGE (A company limlled by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 24. Reconciliatlon of nel movement In fund$ to net cash flow from operating a¢tlvltle8 Group 2025 Group 2024 Net income for the year (as per Statement of Financial Activities) 351,096 94,231 Adjustments for: Depreciation charges Gainsl{losses) on inveslments Dividends. interests and rents from investments Loss on the sale of fixed assets De¢reasel{in¢rease) in stocks Decreasel(increase) in debtors Increase in creditors Non-cash donation 79,400 18,836 {21,434) 3,222 859 (8,499) 269,264 {24,958) 93,412 (52,501) (8,646) (1,572) 54,235 115,665 Net cash provided by operating activlties 667,786 294,824 25. Analysls of cash and cash equlvalents Group 2025 Group 2024 Cash in hand Bank accounts 150 1,536,005 150 928,455 Total cash and cash equlvalents 1,536,155 928,605 26. Analysis of Changes In net debt other non- cash At 30 June changes 2025 At 1 July 2024 Cash flows Cash at bank and in hand Liquid investments 928,605 2,954 607,550 1,536,155 2,825 (129) 931,559 607,550 (129) 1,538.980 Page 50

SARUM COLLEGE (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025 27. Llbrary Sarum College houses a theological library of some 37,000 volumes. For many years the accounting policy has been lo write off the cost of acquisitions in the year of purchase and therefore no value for Ihe library appears in the Balance Sheet. 28. Pension commStments Defined Contribution Pension Scheme Sarum College participates in the Church of England Defined Contributions Scheme Section of the Church Workers Pension Fund and as at 30 June 2025 had 39 aclive members in that Scheme. During the year to 30 June 2025 the contributions were £73,359 (2024 - £63,440). Contributions of £2,143 were outstanding at the balance sheet date in respect of active scheme members (2024 £8,014). £nil of contributions were held by the charity for employees that are due to join the scheme (2023- £nil). Defined Benefit Pension Schemes.(Multi-employer schemes) Sarum College participates in the Pension Builder Scheffle Church of England Funded Pensions Scheme for clergy bul at 30 June 2025 had no active member in that Scheme. No contributions were made in 2024 or 2023 and no contributions were outstanding at the balance sheet date. The Church of England Funded Pensions Scheme is a defined benefil scheme but Sarum College is unable lo identify its share of the underlying assets and liabilities of the scheme each employer in the scheme pays a common contribution rate. The Scheme was subject to an acluarial valuation in December 2013, which showed a deficit on the scheme. In the light of the report received from the actuary the Pensions Board concluded that the contribution rale from 1 January 2015 onwards should be 39.9 % of the National Minimum Stipend for the preceding year. Sarum College also participated in the Church of England Defined Benefits Scheme Section of the Church Workers Pension Fund. There were no aclive members in that Scheme and no contributions were made in 2025 or 2024. Sarum College is unable to idents'fy its share of the underlying assets and liabilities as each employer is exposed to actuarial risks associated with the current and former employees of other entities participating in the scheme. The Scheme was subject to an actuarial valuation in December 2016, which showed a deficit of £6,800 on the scheme. A deficiency payment was paid from 1 April 2018 to 31 December 2018 to eliminate the deficit on the fund. 29. R•lat•d party transactions In 2024 the following transactions took place between the charity and its wholly owned subsidiary, Sarum College Sep4ices Limited- Charges for use of the charity premises of £110,030 (2024 - £105,907). The transfer under gift aid of the taxable profits of Sarum College Services Limited to the charity of £275,04412024 - £168,037). At 30 June 2025 the subsidiary owed £226,815 to the charity (2024 - £110,443). Page 51

The Sarum College Trust Appendix to the financial statements For the year ended 30th June 2025 Restrlcted funds Transfers and investmgnl Balance Balance al Capital Capital Projects.. Garfiekl Weston Cellars". Pilgfim Trust Bookshop Exlen5ion.' Esrnee Fairburn Foundalion Organ Practsce Room.. Hymns Anctenl & Modefn Residential Facilities.. Laing Foundation Music.. Victorian Era Organ - Taber Lift Attic Bedroom Appe81 Libiary environment Library- Matthews Lega Sarum Cr055 . Sophie Hacker Window Appeal Mercers . Common Room Sealon - IT, front & Sn5ide bullding Sealon building Capilal 4opeal- General Kitchen & Refectory Aopeal Capital Appeal- Chapellleclure room Tindall Charitable Tiusl - Chapel floor Tindall Chaiilable Trust - Refectory Tindall Charitable Trusl-IT Project Oickinson - Chai H8veislocK- Buildlng access Curtains in the Common Room Community of Sl Denls - Mmmediale building work Kilch8n fife canopy 88.944 2.517 3.049 (7.5501 81.394 2,517 3,049 2,396 5.172 1901 {1941 2,306 4,978 518 49,325 50,350 1781 {4,780) {1,553) 440 44.545 48.797 300 11,348 11.930 88 12.698 21,582 80,135 23.957 92,915 52,393 500 337 13,S42 2,084 18.12S 89.972 455 {5821 {2941 11,0691 19.0861 {5001 12,3821 13.1881 12,404 20,513 71,049 23.457 90,603 49,205 soo 337 12,316 70 {1.2261 {2.084) {1,2SO} {1.560) 16.875 68.412 1.450 65.000 2.375 634,258 995 8S,000 125 37,591 603,284 68,565 bl Educatlonal and Prornotlon•l Music.. Church MLtsic Resoufce Library Chrlslian Spiriluality Programme.. General Donations Principal's Oi$¢retionary Fund Des Quartiei Trust Fund Organ Lessons - Tindall Tfust Tony Palmei Essay Prize PNET Salisbury Field Educalional purpeses Gosling library journa15 Libr8ry - Sovrter,'Elm9ranl'.LFO Library - Sowter Rural Ministry Missionary Association Dawson legacy Haverslock educlional project Art & Sècfed Pla￿$ Cobbold - educational bursary Video conlerencin9 Friday Charitable Trust Pershore Nashdom and Elrnore Trust Community of St Denis MA programme Spiritual direction Relreavsludy Learning SUPPOrt Tea¢hing and learnlng pro9ammes VAT on import of Sl Johns Bible Other charities in connection with The Sarum College TIu51 187 187 so 31,546 4,882 soo 570 1,000 7,375 100 1.585 91 6.580 5.530 71,000 2,260 1.16S 2,781 185,381 250 649 11SO) 150 31.153 4.382 500 420 1,000 6.875 100 387 71 6,594 2.730 71,000 2,260 1,165 2,781 180.093 {1.042) 1500} 1150} 15001 11001 15.2891 1201 100 4,091 157 11431 12.8001 (5,2881 {50.000) 50,000 40,000 10.000 16,000 s,000 202,000 29.949 40,000 7,181 14.83S 5,000 202,000 24.749 12.8191 11.1651 (5.200) 7.968 366.164 7.968 81.949 322,583 1.185 605,613 925.867 £434,729 119.540 1.185 £ 1,239,871 Pagg 52