2025-12-31-accounts

Sion College Annual Report and Accounts 31 December 2025 Charity RegBtratlJrs Number 306142

Contsnts R•ports Reference and administrative Infom)al*)n Annual Report of ihe Court of Govemors Independent examinerfs report Accounts Statement of fmancial aclivities 12 Balance sheet 13 Principal acwjnling policies 14 Notes to the accounts 19 Appendices A- Grant Making Poli 24 Sion College

Reference and admlnistrative inforniation Year to 31 December 2025 Govèrnors David Banks The Revd Graham Buckle {elected 15 May 20251 The Revd Matthew Catteriek leleeted 15 May 20251 The Revd Dave Chesney The Revd Philip Chester Iresigned 15 May 2025) The Revd Mae Christie (President to 15 May 2025, resIgr￿d 30 Jun8 20251 The Revd Sam Cross Paul Double CVO Th8 Revd Matthew Ouckett (elected 15 May 20251 The Revd Canon Roxanne Eversley Tho Revd James Heard The Revd Dr Alison Joyce (resigned 15 May 20251 The Revd Jonathan Kester The Revd Christopher Trundle (President from 15 May 2025) The Revd Gil￿an Craig Honorary Llbrarlan Finance Committ David Banks Th8 Revd Dave Chesney The Revd Matthew Duckgtt The Rev(1 Canon Roxanne Everslèy (Chairl The Revd Eileen M¢Grggor The Revd Pater Wcrflon Grants Committee David Banks The Revd Dave Chesney The Revd James Heard (Chair) The Revd Jonathan Kesler Honorary Treasurer The Revd Canon Roxanne Ev8rsley Honor•ry Curator The Revd Philip Chester Reglstered office Faith House 7 Tufton Street London SW1P 3QB Charlty roglstrallon numb 306142 Sion Colleg8 1

Reference and administrative information Year to 31 December 2025 Independent examlner V￿ncheSter Boume Limited Sullsvan Court Wessex Parf( Colden Common Winchester S021 1WP Bankers Unity Trust Bank PIC 4 Brindley Plac& BThiingham 81 28J Investrnont managers Rathbones Incowating Inve5tec Wealth & Investment Limited 30 Gresham Street London EC2V 7QN CCLA Investmenl Managemenl Limited One AThJel Lane London EC4R 3AB Sion College 2

Annual Report of the Court of Govemors Year to 31 December 2025 The Court of G0vem0￿. who are also the trustges of the tharily. present their statulory report together with the accounts of Sion Colleg8 for the year to 31 December 2025. The accounts have been prepared in aCCordar￿e wth the accounting policies set out on pages 14 to 18 of the allached accounts and comply with Accounting and Reporting by Charities.. Statement of Recommend6d Practice applicable lo charities preparing their 8¢counts in accordance with the Financial Reporb"ng Standard applicable in the Unitgd Kingdom and Republic of Ireland {FRS 102). effective from accounting periods commenang 1 January 2015 or later. ACTMTIES. SPECIFIC OBJECTIVES AND RELEVANT POUCIES Charitablfj objoctlves and actlvltles The College's ¢haritslJe ot4'ectives as expressed in its Constilution are as follows.. a. The charilable purposes of the Churth of EnglaThJ. b. Leaming. in particular among Fellows and Members of the College. In furtheranc of these objects th8 College has the power under an AMertd￿g Order in Counal dated 26 June I9￿.. a. to promote fellowship among Fellows aTrJ Members of the College. b. lo provide instruction and to do such other things. induding the holding and sponsoring of lectures and discussions, as shall promote le8ming-, and c. to provKle. equip aTrY maintan pr8mis8S. The College makes granls to a range of eharilies and charitable activities in accordance with the College's grant making policies. as set out below. In selling the College's objeetNes and planning ils actNities, the govemors have given Considerat￿ to the Charity Commission's general guidanc8 on public benefit. Grant maklng pollcy A priority for the College is the personal development and refreshment of the dergy by our grant-making programme whth is open to clergy in active ministry within the M25 who are Fellows or Members of Sion College. Currently the maximum grant available to indNiduals is £1.200 and is awarded to fund study leave, courses. research and Qthgr imovative projects. Applicants must complete an applIca￿On fom. and grants are not nom)ally made to an indivhlual more than oncg n a tr￿year p8rithJ and are not made for cwrses already underway. ApplKations are considered by the Grants Committee al its meetings which oecur three times a year and members of ￿ Grants Committee may ask to meet with applicants lo discuss their proposals. Sion College 3

Annual Report of the Court of Governors Year to 31 December 2025 ACTIVITIES. SPECIFIC OBJECTIVES AND RELEVANT POLICIES (continued) Grant maklng pollcy (continued) In addiknon, we offer a sUbsryt￿M to a number of central LC￿dOn libr8ri8s, including thg library at King's CoSlege. Further details ol tt19 Coll8g8's grant making 15 induded in Appendix A lo the accounts. Investmenl policy The objectives of the policy are lo ensure the Creat￿ of sufficient income and capital growth to enable the charity to cary out ils puwes consistently year by year with due and proper consNJeralion for fulure needs and the maintenan¢8 of and. if possible. enhancement of the ¥a￿e of invested funds while they are retained. Both eapital and income may be used at any time for the furtheran￿ of Ihe tharity's aim5. We generally f￿loW the ethical policy of the Churth of England. ACHIEVEMENTS AND PERFORMANCE Revlew of actlvltles Presldent's Report for the Year 2025 (the Revd Chrlstopher Trundle) It is a prrvilege lo present report on the life of Sion College over the past year. As evèr. we remain gurded by the vision of our founder. Thomas While. whose dèsire lo "mainlaine love... in conversing logethef contfftues to animate our fellowship and lewThng nearly four centuries later. Actlvltles In 2025 2025 presented another rith and varied calendar of events, spanning thedogy, culture. history, and contemporary issues. The year began, as is cHJr custom. with the theatre visit lo the pantomime at Wilton's Music Halwa joyful staple of the College's programme. drawng together young and young at heart. A number of dislinguished speakers joined us during the year. In January. Archbishop Stephen Cottrell ddNered Ihe sewnd lecture in our ecclesiology series. and In February we enpyed a memorabb gveniThJ with Iwo L￿don Mudlarks. March brought an insightful session wth 8arone5s Hale on religion and human rhJhls, followed in May by a r8ftectFve lecture from Jane Shaw on th8 spirituality of Evetyn Underhill. Our summer events induded a seminar with Chine McDcffiald on faith and SOc￿ty. visits to Ihe Chapel Royal marking the 400th annN9rsary of the ￿ronatIOn of King Charfes l. and an engaging conversathjn with Peter Selby on Iho role of bishops. In Sepl8mb8r, Jeremy Morris addressed Ihe legacy of our shared NicA8ne faiih; laler that month Duncan Domier offered a moving and challenging explOra￿n of USPG'S hksloric links with slovery in Barbados aThJ the presenl w(Yk of the Co(trington ProigGL Sion College 4

Annual Report of the Court of Governors Year to 31 De￿rnber 2025 October saw a joumalisl's peTsp8cfive on rn￿archy and politKs from Valentine Low. and our Founder's Day was marked by a profoundly moving address from Nazanin Zaghari-Ratdiffe, joined by her husb8fKJ Richard. reflecting on her imprisonmersl in Iran and on the resilience she and her family had found through that experience. We concluded the year with Diarmaid Macculloch's characteristically stimulating ref￿¢110n8 on sex and religion. Taken together. these events offered an excepl&?nal breadth of inslght and leaming. and once again demonslratad the appetite arrnng our members for serious engagement with the Church. society. culture. and history. The Wofk of the Court The Court has continued lo guide the Cdlege wth generosty. diligence. and goo(J humour. I remain enormously grateful lo all its members for the time and expertise they give so freely. This year we were especially pleased to mark len years since our Adminislralor. Jeremy Smith, came to work for the College. His attention to detail. patience, and indefatigable commilm8nt underpin the smooth running of every aspect of our work. The College is deeply indebted to him for a decade of exeM￿ary seThica. Alongside the regular responsibilities of govemance, Ihe Court has 81so given carefvl consi(Jeralion to our financial planning and the long-term sustainability of our programme. I am profoundly grateful for their wllingness to address difficult questions whilg keeping the College's mission frnily in view. 2026 Wo look ahead to the rest of 2026 with great ant￿patiOn. Spring has already seen events with Rupert Shortt on the contern￿rary Church and Paula Byme on Jong Austen and the clergy. Bishop Mariann Budde of Washington DC will be speaking to members in June. and Caroline Cramplon will speak on Agalha Chrislie and the remarkable number of clergy who appear in detective r￿tion. A visit to Bames Wetlands is also ￿anned for June. and further &venls-bolh in-petson and online￿are in development. The AGM and Feast will take plac8 at Apothecaiies. Hall on Thursday 7th May. with Andrew Carwood mbe. Direelor of Music at St Paul's Cathedral. as our after4inner speaker. Founderfs Day. in November. will featvre Gisela Stuart as our lecturer. Concludlng Reflectlons Looking still further ahead. 2030 will mark the 400th anniversary of the foundation of the College-an extraordinary milestone in the lrfe of our instttution. rcolod as il is in fellowship, leaming, and service. While the dètailed planning lies in the hands of those who will Succeed rne, l encourage all Fellthvs and Members to reacquaint themselves with OUT history, especially E. H. Pearce's Sion Col￿ge and Library. available onling. 11 has been an extraordinary privilege to serve as Presidgnt. The vitality of Sion Cdlege lie5 in the commilment of ils fdlows and members. the wisdom of the Court. and the friendships that gnrich our common life. My sincere thanks go to all who contribute to the flourishing of Sion College S

Annual Report of the Court of Governors Year to 31 December 2025 our College. Nearly four centuries (m, we continu8 not onty lo preserve but lo ￿￿OdY the vi$lon entrusted to us. Grants Committèè Roport 2025 (th• R•vd Dr James Heard) The Grants Committee cOntir￿eS lo be impressed and en￿uraged by the high Quality and variety of applicalions recewed for sabbatical grants. Each proposal reflects careful preparation and often builds on long-standing areas of nleresl whth applicants are ablg 10 pursue more fully duriThJ a sabbatical p8rtod. I sabbatical grant intervi8ws are conducted via Zwm. DuriThJ these conversations we also seek feedback a￿ul Sion College. whith provides valuable insight as we refine and develop our annual programme of events. Many applicants Speak warmfy of the sense of belonging that Sion fosters - something akin to an extended Deanery Chapter - where the struggles and joys of ministy can be shared. There is particular appreciaticffi for the combination of friendship. intelledual stimulation. and thwghttul yet respectful challenge thal Sion evenls provide. We were pleased to award 11 grants for Gladstone L)rary and Sheldon Retreats during the year. and il is encouraging to see Fellows and Members continuing lo make use of this opportunity. I would like lo express my sincere gratitude to the members of the Grants Committee - The Revd Jonathan Kesler. David Banks. and The Revd Dave Chesney - for their dedication and Ihcyjghtful contributions. Special thanks 81s0 to our hardworking administrator, Jeremy Smith. for his careful oversJhl of the ￿dget. cwrdination of grant applications, and the many logstical detals involvod ￿ arTaTrJing inte￿IeWS and PTc¢essing awards. The Rovd Dr James Heard Gra)ts Committee Cha FINANCIAL REVIEW Results for the year A summary of the yearfs results can t found on page 12 of this report and accounts. The acwunts fLY 2025 show a net increase in funds 01 £266,702 12024 £203,967). This irKease include(l a net gain on investments of £283.10412024 £208,309). The tolal net a￿ets in the balance sheet of £4.786.715 12024 £4.520.0131 are staled at market value and all funds are unrestricted. Treasurerfs Rgport IRg¥d Canon Roxanne Everslèy) S￿n College's I(￿lungS arg dependent on the long-term rgtums of our investment5. The market value of the CcAlege's investments inc*eased to £4.747.133 at 31 December 2025 (£4.472.001 at 31 De¢orrtJer 2024). Sion College 6

Annual Report of the Court of Governors Year to 31 December 2025 Our principal prytfolio 15 managed by Rathbone Investment Management whiGh had a value of £4.511.320 al 31 December 20251£4.204.435 at 31 December 2024). The College. in line vthh many olher endowment funds. operates a total rèlum (income and apital growth) investrnenl policy. The total Tetum {nel of fees) for FY 2025 for t1￿ Rathbong p(xtlolio was 10.2Q/o. This compares 8.6% lor the ARC {Assel Risk Consultants) Charity Steady Growth benthmark of ¢omparable funds. The estimated income yietd on the Rathbone portfolio as at 31 Decemb8r 2025 was 2.7%. The College also has a hdding in the CBF Church of England Investment Fund (managed by CCLAI which had a value of £236.028 at 31 December 2025 {£245.857 al 31 December 20241. giving a total relum of -1.2%. The Finance Committee has k8Pt ovr investsnent policies under review, including considering where our investment holdings are managed. The investment policy has tilled the pcrftfolio in recent years to investments yielding a lower income in retum for higher capital growth. and thus h￿h￿r total returns. Sion College's operations generally fall txoadly into th￿e catewies.. events. grant making and administration. There is an operating defKil shown In the 2025 accounts of £16.402. principally due lo $mall reduction income from investm8nls {£126.003 conwared to £133.782 in 20241 and an inryease in the cost of events. The Court projects a small defiett in 2026 of £5.C(iO. We bdieve our current finanaal holdings and long-tem financial prosp8¢ts will address the deficit leading to ils removal as we conb'nue to provide for the needs of the fellowship of the clergy. The Court. in c4)nsultation with the Fin8nce Comm5ttee. has tsken steps in planning the budget for 2026 to boost incx)me and to reduce non-core expenditure {primarily affecting grants) to enable the College to maintaii the core events programme. We will corbtinue to monitor this over the year, as well as in planning the events programme 2026. A number of new event formals have been developed over the recent years that help in managing the costs of this programme. On a personal notg. I would like lo extend my gratitude to our lotslly LX)mmitted Finance Committee and adminislralor this year, l)oth due lo the continuing challenging times we face arKI in thankfulness for their thoughtful stewardship of the College's finances. Reserves Pollcy It is the policy of th8 College to minlain unrestricted funds th81 are at18ast enough to generate suffiuenl income for planned activities in the eoming year and lo produce annually a budget basgd upon the forecast income. Currently. the College's projects are both in line with its Charter as well as being short tenn. The required funds are always spent in th8 budget year wilh some funds carried fO￿ard into future years to fund specific projects. A Sion College 7

Annual Report of the Court of Govemors Year to 31 December 2025 contingency reservo is also induded in the annual tMAget to meet any unforeseen expenditure. At 31 December 2025. the net current assets of the Cdleg8. thal is those unrestricted funds not designated for speufic purp￿￿e$ ￿ held as asset investments. amounted to £39,58212024 £48.012)- Investments are excluded from the free reseryes balance due lo their intended use b8ing for the long-lem viability of the College and are therefore not d8em8d to be immediately realisable although in addibon to the main investment portlolio the College has units in a CCLA Fun(5 lo the value of £236.028 at 31 December 2025. This investsmenl is intended to be available for usè at short notice tr required. GOVERNANCE, STRUCTURE AND MANAGEMENT Sion College is registered on the Central Register of Charities maintained by the Charity Corrisslon for England and Wales. under regislratkin number 306142. The Cdlege received a Royal Chwtgr from KirwJ Charles I n Jufy 1630. modifTr8d by Charlers, Acts aNI Orders in Council over the subsequent centuries. Organlsatlon and Governance names of the governors who served dumg the peTiCMJ are sel out as part of ihe reference administrative inlwnation on pa￿ 1. Th8 govemmenl ol the Ccdlege is vested in the Court ol Govemors. Court ol GovemoTS contrds manages the affaws of the Colleg8 and may exerclse on behalf of the College all powers vested in the College and adminisler ils property and in¢ome. The Court of Govemors meets on a regU￿r basis; during 2025 eNJhl 12024 - nin8) Court meetings were held. Recrnltment and appolntment The Court of Govemors is elected annually at eath Annual G8n8ral M8gting from amongst the Fellows of the Colleg8. Indu¢tlon and training The College recognises that new and current g)vemors should be aware of the College's tharitable purposes. mod8 of operation, ￿an$, policaes and costs. The govemors are provided *ilh appropriate updates r81ating to matters impacting upon charity law and the nJnning and admini8tralion of the College Irom their professional advisefs. They also attend extgmal trair￿r¥j events where appropriate. Sion Coll8g8 8

Annual Report of the Court of Governors Year to 31 December 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT {￿ntinUed) Govemorn. responslbllltles statement The goverrrf)rs are responsible for preparing the Court of Govemots. report and accounts in accordanc8 With applicable law and United Kingdom ALxounling Stsndards (United Kingdom G8nerally A￿pted AccwnlvJ PractThl. The law applicabl8 lo charities in England and Wales requires thg governors to prepare accounts for each financial year which give 8 true and fair view of the state of affairs of the College and of the income and expendsbjre of the Colle98 for that period. In preparing these accounts, govemors are required lo.. • selecl suitable at￿Unting poI￿leS and then apply them consistently. observe the methods and principl8s in Accwnting and Rewting by Chartties: ststemenl of Recommended Practice applicable to charities preparing their accounts in accordance wsih the Financial Reporting Standard applicable to the Unit8d Kingdom and Republic of 5reland IFRS 102). make judgements and estimates that are reasonable and prudent. • slate whether appluble United Kingdom accounting stsndards have been followed, 5ubiecl to any material departures disclosed and explained in the accounts. and • prepare the acL(NJnts on the 9)ing conwi basis unless il is inappropriale lo presume that the College wll o)ntinue in operation. The Govemors ar8 r8spons)le f(ff keeping proper accounting records that disclose with reasonable a(xuracy al any time the finanryal position of the Colleg8 and enable them to ensure that the accounts comply with the Charili8s Act 2011. applicable Charity (Accounts and RepoTtsl Regulations and the provisi¢)ns of the governing documents. They are also responsible for safeguarding the assets of the College and hence for taking reasonable steps for Ihe prevenlion and detecttin of fraud and other Irregularit￿S. The Govemors are responsib￿ for the manlenance and integrity of the charity and financi81 infom)ation induded on the College's website. Legislation in the United Kingdom goveming the preparation and di5seminaticfft of accounts may differ from legislation in other juriSd￿t￿n8. Key management personnel The members of the Court of Govamors consider that they comprise the key management of the College in charge of directing and o)ntrolling. running and operating thg charity on a day-lo-day basis. The memb8rs of the Cwrt of Govemors recgNe no remuneralion in connection with thalr dulie$. Sion College 9

Annual Roport of the Court of Governors Year to 31 December 2025 GOVERNANCE, STRUCTURE AND MANAGEMENT {C£￿tinUed) Rlsl( managem•nt The trustees have examined tt18 major risks vlhich the College fac8s, in particular those related lo the opefations and fInar￿￿$ of the Cdlege and wnfirm that syslem5 are in plaGo to mitigate Ihe Collgg8's exposure lo the major risks. In accordan￿ ￿1th Charity Commission guidarte. risks a￿ reviewed under the following hea(Jings: Govemance. indu(Jing m8mbership of the Court and the skills sel of Felh)ws & Mernbers" and succession ￿anning. Extemal risks. indudHw the Influ￿ce and repulation of the College.. and the importance of a well-received proLYamme of events. Regulatory ￿ comp1k￿ce. ojmpiiance with wveming d(Kumgnts and Iggislation, induding Safeguarding and Data Protectton. Financial risks: appropriate fwoncial Manage￿￿nI arKI investment policy.. keeping vAlhin t&Jdget. Operational risks: College management and adminlstratK)n. In particular reliance on a single member ol stafl {our Admini51rator). Regular (mostly monlhlyl meetings of the Court enable the trustees to review these risk5 regulady. Fe¢ example. the programme of events as well as individual events are reviewed al each meetin9" and there is a regular revi8w of expenditure again at meeting against a detailed budget. The Colleg8 inveslmgnt pcrfolwj is professionally managed by Investec Ltd and CCLA Invesknent Managem8nt Lrniied. arKI a cautiws approach to investrnent has been endorsed by the Court arNJ its Finance Commiite8. Th8 Court has agreed to rtivièw the risks sat atx)ve at its regular annual Rasid6nlial meeting in June. Signed on behall of the CiyJrt of Govemors: Govemor Approved by the Court of G¢)veM0￿ on: Sion College 10

Independont examinerfs report Year ended at 31 Decernber 2025 Independent examlnerfs report to the Court of Governors of Slon College We report on the accounts of Sion College for Ihe year ended 31 December 2025, whlch are sel out on pages 12 to 13 Responsibiliti•¥ and basis of report As the charity trustees of the Trust, you are responsible for the preparathTh of the accounts in acmrdance wilh Ihe requirements of Ihe Charities Act 2011 I'the Ael'l. We report in r&sF*d of our examination of the Trust's accounts carrie(J out under sectlon 145 of the 2011 Act and in carrwng out our examination we have folowed all the applicable Dirgcbons given by the Charity Commissb)n under section 14515)Ibl of thg Act. Independent exarnlnerfs statemenl We have completed our examination. We confirm that no material matters have come to our attention in ￿nn￿tion the examination giving us cause to believe that in any malerial respect.. accounting records were not kept in respect of the Trust as required by 58dion 130 of the Act.. or the accc4Jnts Th)t accord those r￿Or{l5.. or the accounts do not ¢cryty with lh8 applKable requirements conc£ming th8 form and (￿nIent of aecounls set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts gwe a 'true and fair whieh is not a matter considered as part of an independenl examination. We have no concems and have come across no Other mallers in Connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to b8 reached. Vikki6 Che g FCCA Senior Accounts Manager SiJned on behalf of Winchgsler Boume Limited Sullivan Court Wessex Park Colden Common Winchester S021 1WP Dale: /+_ S- loL6 Sion Coll8g8 11

Statement of financial actlvltles Year ended at 31 December 2025 Unrè8trict•d funds Total Totèl fund5 funds 2025 2024 Noles InMme from: Donabons Chacitabl8 aclmties . FUnC￿On5. edUCat￿n ¥ists db￿ r￿Ipts Tradiro activitie5 . Subscxipticffis Other incorr Inv￿lMents Total Income 118 157 14,327 15. 133 10,998 10,565 126,693 152.174 133,782 159.637 E¥p•ndlttrro on: Rasing CharitaNè Sctl￿tieS . Prornotion ol learrung and fekA¥ship anxryst the dergy of the Church of En&4and Total txpendllwe 42,919 42.736 125.6S7 168,576 121,243 163,979 14gt lexpendfturel Incom• bèfore galns and losses on Inv•stments Net gains Qossesl on investments N•t Income {expondhture) and net mov•m•nt In funds forth• y•ar 116,4021 283,104 266,702 (4,342) 208,309 203.967 10 Rèeondlta￿0n ol funds: Total funds brought forward Tolal funds ￿rTred lorvrdrd 4.520.013 4,786.715 4,316.046 4.520.013 All of the CLllege's aclivibes derived from conlinving Opera￿nS during the above two financial periods. AJI gains and losses recogyised in the yew are induded in the above statement of financial activilw. Sion Col￿ge 12

Balance sheet as at 31 December 2025 2025 2025 2Q24 2024 Note5 Fix•d a55ets: Inv&s¢m¢nts 10 4.747,133 4,472,001 rrnnt *s¥•ts: Débtors Short twn deposils Cash at bank and in h￿d 11 13.337 2S 37,547 50.909 11,659 25 47.018 58,702 Cmditor5= amounts folling due viithin ong yoar 12 111.3271 (10,690) Ngt current ￿se¢S 39,582 48.012 Total 88sèts IBSS currvrtt IlabSlltl•s 4.780,71S 4.520.013 Cr•dltors'. amunts fallir¥J after more than one year 13 Total n•t ass•ts 4,786,715 4,520,013 Tho funds ofth• charfty: Unrestricl&S inccrfne funds 4.786.715 4,786,715 4,520,013 4,520.013 Approved by the Court of Govemors and signed on their behalf by.. Govemor Approved on: Sion College 13

Prfncipal accounting policies 31 De￿fflber 2025 The principd accounting pdicies adopted. judgements and key sources of 8slimation uncertainty in the pr&paralicffi of the acu)unts are latd out below. Basis of preparatlon The acwjnts have been prepared under the historical cost convention with item5 recognised al ￿st or trdnsaction value unless olherwise stsled in the relev￿1 accounting policies below or the notes to these accounts. The accounts have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Rec(￿meTrded Praclice aprAicable lo Charit￿$ preparing their accounts in accordance with the Ftnancaal Rep￿tI￿j Standard applicable in the United Kingdwi and Republic of Ireland (FRS 1021 (Chariknes SORP FRS 1021. the Financial Reporting Standard applicable in Ihe UK aThJ Republ￿ of Ireland (FRS 102) and the Charities Act 2011. The charity constitutes a public benefit enltty as defined by FRS 102. The ac￿)unIS are presented in slerfing aThJ are rounded to the n8argSt pound. Critical accounting estimates and areas of ludgement Preparation of the accounts the govemors to make signrficanl judgements and eslmnales. The items in the accounts where these judgements and estimates have been made indude the ￿locatIon of support costs. Assessment of golng Concem The govemors have assessed whether the use of the going con￿rn assumption is appropriate in preparing these accounts. The govemors have made this as$8ssm8nl in respect to a period of at least one year from the dale of approval of these financial slalements. The govemors of the tharity have ￿nduded that there are no material ur￿erta1ntieS related to events or condI￿OnS Ihal may cast significant doubt on the ability of the charity to conlinue as a going concgrn. Wrth regard to the n&xl accounting F>eric*J. Ihe year erKling 31 De￿rnber 2026. the most signifunt areas that affect the ¢aff￿ng value of the assets held by the charity are the level of inveslmenl retum and th8 perf0m￿nCe of the investment markets {s88 the investment pdiGy and tho risk managemenl sedws of the trustegs. report lor more infom)alion ￿ notg 10 to these accounts). This is refiected in the College's reserves pdicy, arKI the govemors are therefore of the oF4n1C￿ thal the charity wll have sufficient resources to meel Its liabilslies as they fall due. Sion College 14

Prlnclpal accountlng pollcles 31 December 2025 Income recognftlon All income is recognised in the period kn whith the charity has entitlement lo the income, Ihe amount of income can be measured reliably. and it is probable that the income will be receNed. Income comprises donations. inc4)me from charitable aclivities. income from other trading adivities, investment income and other miscellaneous incx)me. DonalM)ns are reco9nised when the ha$ ¢onfimiation of both the amount and settlement date. In the event of donations pledged bul not received. the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of perfomance before the charity is enlttled to the funds. the income is deferred and not rec¢)3nised until either those conditions are fully met. or the fulfilment of those conditions is %tholty writhin the control of the charity and il is probable Ihal those conditions will be fvifilled in the reporting peri¢xl. Income ftom funcfions and educatKinal visits is recc>Jnised when the charity ha$ entiuement to the income.. this is usually when the function or vis¢l has taken place. Income from subscriplhjis is recognised in the peri¢)d into wh￿h the subscription relalgs. Dividends are recognised once the dr￿dertd has been dedared and notif￿lion has b88n received of the dividend due. Int8fesl on funds held on deposit is induded when receivable and the amount can be measured reliably by the charity.. this is nonnally upon notifutron of the inlgrest paid or pay*￿e by the bank. Expendlture recognitlon Liabilities are recJ)gnised as expenditu￿ as soon as there is a legal or tnn$lru¢tive obligation committing the charity lo make a payment to a third party. il is probable that transfer of economtc benefrts will be required in setuernenl and the amount of the obligalton can be measured reliably. All expenditure is accounted for on an aeerual's basis. Expenditure comprises dir9Ct costs and support costs. All expenses. including support costs. a￿ allocated or apporboned to the applicable expenditure headings. The Classif￿tIOn belween activities is as follows.. • Raising funds inelud8s all expenditure associated with raising funds for the chwity. This includes investment management fees and an allocation of support ￿￿15. • Expenditure on charitable activities includes all costs associated with furthering the charitable purpose5 of the charity through the provision of ils charitable aclivilies. Such costs indude charitable grants and donations. the costs of fvnctions, educational visits and othèr evènts. an allocathjn of $upport ￿￿1$. Sion Colleg8 15

Principal accounting policies 31 De￿mber 2025 Expendltur• rewiution l¢onlinu8(1) Charitsble grants and donations are made where lh8 trustees consider there is real need following a review of the detals of each partujlar case and comprise single year payments rather than mulli-year grants. Grants and donations are induded in the ststement of financial aclivilies when approved for payment. Provision is made for grants and donations approved tsjl unpaid at the peri￿1 end. Expenditure Is stsled inclusive of any attI￿table VAT whth cannot be recovered. Alloutlon of support and governance costs Support costs represent indirect charitable expeNJiture. In order to carry out the primary purposes of the charity. it is necessary lo provide SUp￿rt in the fomi of personnel develoW￿L finanL7al wc¢edures, aThJ a suilable wothing environment. Govemance costs comprise Ihe cosls the public accountability of the charity linduding independenl examination costs} and costs in respect to its compliancfr with regulation aThJ best wactice. Where possiblg. supwt and governan( Costs are charged lo a specifi¢ activity and the balance is allocated on the basis of estimates attributable to that aclivity in the year. Fixed asset investments Listed investments are a forni of bas￿ financial wistrument and are initially reccgnised at Iheir transaction value and subsequentty measured at th6ir fair valué as at the balance sheet date using the dosing qL￿ted market price. The charity does not acquire wt optb)ns. derivatives or other complex financial 5truments. Realised gains (or losses) on investment assets are calculated as the difference between disposal proceeds and their opening canwng value or their purchase value is acqvired subsequent to the first day of the financial ygar. Unrealised gains and losses are calculated as the differen¢a be￿aen the fair value at the year end and their carrying valug al that dale. Realised and unfealised investsnent gaw)s lor losses) are combined in the statament of financial ￿tly[lIeS and are credited (Of debited) in the year in which they arise. Herltage assets Heritsge assets have historic. artist￿. scientific, lechnologKal, geophysical or en￿ronMental qualities and are held and maintained prwKipally for ils contribution lo knowledge and wllure. The College h)Ids a number of historic assets. induding 8 unique collection of paintings. tcgether bwlh books. manuscripts and other artefacts. These assets are hel¢J on trust in perpetuity as a pemianent reu)ftl of the College's history. They are irreplaceable originals. whose intrinsic value is also t￿￿nd LIP in the College's history. There is no market for these items and so no reliat4e cost or value can be attributed to them. and a¢￿inglY they have not been induded on th8 balance shg8L Sion College 16

Prlnclpal accountlng policies 31 December 2025 Debtors Debtors are recognised at their settlement amount. less any provision for non- recoverability. Prepayments are valued al the amount prepaid. Cash at bank and In hand and short4em) deposlts Cash al bank and in hand represents such accounts and instruments that are available on demand or have a maturriy of less than thre8 months from the date of acqulsition. Deposits for more than Ihree months bul less Ihan one year have been disclosed as short temi deposits. CredltOTS and provlslons Creditors and provisi￿S ar8 recognised when there is an obligation at the balance sheet dale as a result of a past event. it 15 probable that a transfer of economic benefrt wll be required in settlement. and the amount of the settlement can be eslimateos reliably. Creditors and provisions are recognised at the amount the tharity anticipates it will pay to settle the debt. Flnanclal Instruments The College only holds basic financial instrunEnls as defmed in FRS 102. The finandal assets and finanual liabilities of the College and their measurement basis ar8 as follows.. Financial assets tradg and other deblors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not fmancial instruments. Cash at bank and short-term deposits - dassrfied as a basic f￿anCIal instrument and is measured al face value. Financi81 l18bil￿eS- trade creditors. accruals and other crgditors are financial instruments, and are measured at amortised cost. Taxation and social security are nol included in the financial instrument's disdosure definition. Deferred income is not deemed lo be financial liability. as the cash 5etUement has already tsken place and Ihere is an obligation to delNer semces rather than cash or another financial instrument. Fund structure The unreslricted income funds represent funds available for th8 general charitable purposes of the charity at the discretion of the Court of Governors. Restricted funds comprise monies raised for, or Iher us8 restricted to a specific purpose or Contributions subigcl to donor4mposed c(￿ditI)n8. Leased assets Rentals applicable to operating leases where substantially all of the beneffts and risks of ownership remain with the lessor are charged to the slalem8nl of financial activities on a $lrabJFrt-line basis over the terni of the lease. Sion College 17

Prlnclpal accountlng policies 31 December 2025 Statement of cash flows The financial statements do not indude a statement of cash fk)ws because the charity is exempt from the requirement to Pfep8r8 suth a statement under the Charities SORP IFRS 1021 Update Bulletm 1. Sion College 18

Notes to the accounts 31 De￿mber 2025 1 Investment in¢om¢ Unr8strict8d 2025 2024 Divid0Nl$ and interest from investments Interest short term deF*Aits 119.789 6,904 126,693 127,079 6.703 133,782 2 Expend￿￿￿ on raising funds T¢)lal Support Un- costs r•strlct•d {nole 6} 2025 Total Un- restricted 2024 Support cosls (note 6) Direct )sts Dir8Ct costs M8mbets' 8ubscripbor Investment managemenl c05tS 11.339 11.339 11,757 11,757 30.383 30.383 1.197 12,536 31,580 42.919 29,730 29,730 1,249 13,006 30,979 42.736 3 Expendltuie on Charltable actlvities Tot•1 Support Un. 1)5ts r•strlcted (l￿t& 61 2025 Total Un- rostri¢ted 2024 Support costs (not& 6) Direct costs Dir8Ct costs Promotion of learning aThJ felbwship amwost the clwgy of th& Chwch ol Erylaftd . &anls paya￿& Inole 41 . FUr￿lIc￿S aThJ educatKmal visits and dgbaie5 . Annual feast Total lunds 15.582 3.282 18.864 18,803 3.402 22,205 ￿￿.591 16.667 92.840 24,613 4.923 32.818 85.204 21.$90 125.658 55.232 13. 189 87,224 25.514 5. 103 34.019 80.746 18.292 121,243 Sion Colleg8 19

Notes to the accounts 31 December 2025 4 Grants payable 2025 2024 Re$•arch and Sundry grants ALMA Retr8al study grdnts- 11 awardad12024- 15 R8seatth and edkKat¢LY￿ grants- 3 awan1￿(2o24- rw)no} 1.000 2.903 1.963 1.219 3.182 3,903 Grants for study leave Study k8ave- 11 awardad {2024- 13) Total grants payable Support costs 12,400 15.582 3,282 18.864 14,900 18,803 3.402 22,205 Granls pay*Jle to: InsbtutH￿s Individuals 1.000 17.803 18,803 15,582 15.582 5 Staff costs and remuneration of key management personnel 2025 2024 sala￿85 wag85 Pen5wJn costs 25,302 1,451 26,753 25.302 1.399 26,701 The charity employed one rnember of staff during the Year(202￿ one). No employee earngd more th￿ £60.000 per annum in 2025 {2024 - none). The members of the Court of Govemors eonsider that they eomwise the key management of the College in tharge of directing and l￿trOll￿￿), runniNJ and operalw the charity on day-to-day basis. The membw5 of the Cwrt of Govemors receNe no remunerakn n conneclion with their duties. Sion College 20

Notes to the accounts 31 De￿rnber 2025 6 Support costs Th8 breakdown of yjpport costs how these are allocated are shown below.. Raising fvnds DonatN)ns Inv8stm8nt nd manag sul m8rit Charitable scripts.orns costs activitie (note 21 (not8 21 Inole 31 2025 tgtsl P￿MiseS Admlnistrativè Admini51rator (note Sl . Ggnoral #dmini5trativg expersg5 Goveman￿ costs Inote 71 General . Other expenses Total 2024 funds 6.085 8.223 803 13 135 19.262 300 3.236 26,T53 417 4,498 104 1,125 1,366 11.339 164 1.197 3.932 32.817 5,462 4S,353 Raistsw funds Investfn8nl manag8- ment Charitabl• costs 8ctiviEies Donat￿$ 8nd sub- ryjtions 2024 tot81 (note 2) (not• 3) 2.023 81 5.986 8.090 Administrètsve . Adminislrnlor (nole 5J . Ggn8raladministratwe expenses Govem8nGe costs (nolg 7) General . Otherexpenses Tolal 2023 fU￿S 6.675 147 1.517 19.225 423 4,368 26,701 588 6,06T 18 182 1,395 11,757 167 1,249 4,017 34,019 5.579 47,025 Cost allo¢ation indudes an dement of judgement. and the College has had to consid&r the ¢ost benefit of detailed calculation and reccffd keeping. Where possible. support costs are charged lo a speafic adivity. and the balance has been alk)cat6d on the basis of estimates attributable to Ihat actyvity in the year. 7 Govemance costs 2025 2024 Court •xp8ns8S IndepèrK18nt 8xaminerfs reM￿erat* Indopendent ex8minab.on fee . Other services Accountsry fees 1.625 3,385 2.073 1.907 800 4.498 6.067 Sion College 21

Notes to Ihe accounts 31 D￿rnber 2025 8 Trustees. remuneration and related party trnn$a¢tions Members of the Court of Govemors recer¥ed no remunerallon (2024 - nill. No members of lh8 Court were reimlyjrsed for direcuy incjjrred expenses (2024 - nil). 9 Taxatlon Sion College is a registered chaiity and therefore is not liable to income tax or corporation tax on income derived from rts tharrtable activities. as il falls within th8 various exemptions available to registered charities. 10 Investmènts 2025 2024 Market value of li*d inves1m￿ts at 1 Janu Acquisi￿On$ at cost Disposals at mafket value (w￿e8￿S £241259.. reali58d b55es £19.928} Net gains Ik)ssesl on ￿valUat￿)n at 31 De￿rnber Market Value of listed •nve51ments as at 31 D•c•M￿r Cash held lor investment Totsl mwk•t ¥￿u• of Investments at 31 00￿mber 4.470,517 87.239 4,236.284 307,570 1261.1871 (262,716) 302,610 189,378 4.599,179 4.470.516 147,954 1.484 4.747.133 4.472.001 Hlstorlcal cost of Ilsted lTrvestments as ?131 Decernber 3,43B,519 3,596,982 Listed inveslments held al 31 December comprised the following: 2025 2024 UK equities Fixed interest seujrilies Propety uTrt tru Overseas equitEs ternatN? assets 717.956 869.772 270.799 2.2511.650 490.002 4.599.179 797,862 846,238 336,886 2.033,248 456,283 4.470.517 All listed investments hekl are dealt a r8cognised stock exchange. No investments indiwdually e¥nwnted to over 5% of Ihe pcwtlolio as al 31 December 2025. The fdlowing invesknents individually ¥m(￿nIed lo over 5% of thè portfolro at 31 December 2024. 2024 The CBF Chvrch ol EnglaThJ Inv95trr￿t FurvJ- Incomè sharns 5.5% 245,881 Sion College 22

Notes to the accounts 31 December 2025 10 Investmgnts lo)ntinuedl The lolal unrealised gains as at 31 December constitiJte movéments on revaluation and arg as foll¢)ws.' 2025 2024 Re¢on¢lllatlon ol mov•m•nts In unr•alis•d gaifis Un￿aliSed gains at 1 January L8ss'. in respeci to disposals in lh& ￿ar Add.. net {loss8sl gains arfsing on revaluati￿ ￿ th¥ ￿ar Total unr•atÈsed gains at 31 December 873.535 115,485) 302,610 1.160.660 657.523 26.634 189,378 873,535 11 Debtors 2025 2024 Accruad incom$ Prèpayments other debttrs VAT 1.762 10,886 6B9 3,990 7.669 13.337 11,659 12 Creditors: amounts falllng due wlthln one year 2025 2024 AccnJal$ and d¢fvrro<1 inw VAT 11.327 10,485 205 10,690 11.327 13 Operating leasg ¢ommitmenls As al 31 December the College had Ihe following future minimum commitments in respect of non4ancellable operating leases on land and buildings.. 2025 2024 PayaWe within= On8 year On8 and five Ov&r fNe yows S,S98 5.598 4598 12.098 Sion College 23

Appendlx A- Grant maklng pollcy Course and Sabbatlcal Grants Following careful review. the Court has agreed a tthased adjuslment lo the grants Ixjdgel over the next three years. Retreat grants wdl be reduced in number, and study leave grants in value, with trxjth schemes concluding in 2028. The Court recognises that this will be disapFKxnling to some who have benefited previously or had hoped to apply. However, it has (Jiscemed Ihat the College can better serve its core purposes and members. needs by focusing resources on ils cwporale programme. thereby sustaining tho quality of its core aclmties and Strengthen1￿ its long-terni f￿anc￿lI posttion. The College supports the personal and rninisterial development of London clergy, maklng granls lo I￿nsed or beneficed dergy who are Felk>ws or Members of the Colleg8 and who reside within the boundaries of the M25. ApplI￿nIS for Sion College grnnts must be Fellows or Members of the College and havo been a Fellow or Member for at least tr•0 years before the date of application. With limited funding. we look pa￿cularlY to support Ihose who are active members of the College. The Grants Committee meets three times a year lo dlscvss appllcalbns and make deosions based on the funds available. Members applying for study leave grants are inwted lo meet the Grants Committee to discuss their proposal. Please note that these meetings usually take place in Faith House. on the first flwr h￿th no lift. If you have any diffKulty with this. please let U5 know. The considerations which the Grants Conmnbttee will lake inlo account when assessing application5. and the policie5 wlith the Conmniltee will follow, are set out below. The Administrator would be pleased to give any further inf0m)at￿n you need. If you believe you may be eligible. please ccmplete an(1 retum the grant application forrn. along with any rel&vanl links or infom7ab￿ al)oul thg proposed course of study. Two grant application fomis are now used.. for slLKly leave grants and the olh8r for course grants. Please ensure that you select and submit the correct fom. Applications are consKlered by the Grants Committee at its meetings i) February. May and October. We are r￿t able lo cons¥Jer applications which do nol meet Ihe deadlines ndicAled in the tatAe below: Successful applicants may reapply a furlher granl aftgr two years have elapsed: however. pri(vity will be gNen to those have rnt preWC￿S1Y received a grant. • Grants are not m&Je for courses or work already in progress. • Study leave gTants are considered only where studylgave ha5 been approved by the applicant's diocese. + Grants are no kxvjer avalable Icff fomial p)stgraduate academic study. • The decision of the Grants Crmmittee is fmal. no corresporKlence will be entered into. Sion Collège 24

Appendlx A - Grant maklng pollcy Last date for appllcatlon Coursel study beglnnlng Committee meets 3161 Decernber May to August February 3151 March September to December May 31$1 August January to April October Gladstone'$ Library and thè Society of Mary and Martha Members eligible for grants may apply on a bi-annual basis for an up lo four-nighl residential stay at Gladstone's Library or the s(￿lety of Mary and Martha al Sheldon. Please subrnit a grant form to the College Administrator. Once you have received nolificalion from the Administrator that a grant will be awarded, please contact Gladslone's Library or th8 Society of Mary and Martha direcuy will invoice Sion College once the dales are confirmed. Please note that members will be responsible for any additional costs above the level of the grant. Grants Cornmitt•e: Sabbatical or sludy leave grants When applications for sabbatical or sludy leave grdnls are considered by the Sion Collega Grants Commtitee, aecount wll be taken of: • The 18vel of ervJagemenl with. and contritroJtion to. the wider life of the Coll8ge. shown by applicants. The educational value of the proposed activities. i.e. in what ways the proposed programme will benefrt the applicant and their ministry • Financi81 need and whether Ihe activity to b& funded represents reasonable value for money. The rat￿nale for this policy is thal: One of the two Central aims of Sion College is lo promote fellowship amongst ils members. 11 is the￿lOre assumed that members of the College will play their part in contributing to the College by takin9 part in tts events. In order lo facilitate access to events. the College has a F()licy of varying the days and the limes of day when ils events take place. to gNe maximum opportunity for all members to attend at least some of its aclivitigs throughout the year. • The other central aim is to support the oducation ol clergy with a view to the development of their ministry for the benefrt of the church and its missbon and ministry in the broadest le￿$. including mini8lerial development and sabbatical refreshment Funtls are limited and to bo used frK the wider public benefrt requwing some assessment of benefit. need and value. Sion College 25

Appondix A- Grant maklng pollcy Grants Committee: Ubrary Grants The Grants Committee can receive applications for library grants from Sion College members for theologic31 study. Sion College Fellows and Members can apply for such grants from the stsrt of their me￿￿h[p. In Ihe event of the number of applications exceeding the budget set for thrs purpose in any one calendar year. awards will normally be made on a fwsl come, first served basis. Sion College 26