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 overs*Jhl 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
irK*ease 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 Accwnl*vJ 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 d*b￿ 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