THE FOUNDATION OF ST MArrHIAS REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2025 Regi8tered Charity No 311696 THE FOUNDATION OF ST MAThHIAS REPORT OF THE TRUSTEES For the year ended 31 December 2025 The Trustees present their report and financial statements ts the year ended 31 De￿mber 2025. The financial ststements have been prepared In accor(lance vrith the atX￿untlng wliues set out In Note 1 to the accounts and comply ￿rith the Charity's trust deed. the Charities Act 2011 and A￿UntIng and Reporting by Charities.. Stalementof Re(x)mmended Practice appli(3ble to (tsrities preparing their accounts in accordance with the Finanual Rew)rting Standard apTAic3ble in the UK and Republic of Ireland (FRS102} leffedNe 1 January 2019). Ob"ectlv8 and Actlvltl Objective The subsistiThJ object of the Foundation of Sl Malthias is the adVar￿Mefit of education in the area of benefit, in part￿lar the Dioceses of Bath and Wells. Bristol and GIOu￿ter but extending to the whole of the Untted Kingdom, wlh a preference for hyher or further educalK)n', such education contributing to the advan￿ment of the mission and ministy of the Church of England. Grant-maklng Pollcy The Trustees pursue this objective by gwing grants towards the educakn.on of surtable applicants according 10 8 sel of guidelines. Crtteria for making grants are contained in Clause 411-6} of the Charty CommiSs￿)nerS, Scheme of 22 August 2011, vthh arnendrner￿ on 3 November 2011. 11 November 2015, 16 hAarch 2021 and 9 April 2025.The Trustees have a Projects Commrttee, which examines applications ag8inst these criteria and makes grdnts to suitable applicants. Public Bonefft The Trustees consider that they have c4)rnplieLI wrth the duty in sectK)n 17 of the Charities Act 201 1 to have due regard to public benefftguidance published bythe Charity CommissK)n. TheTnJstees believe th8t the objective and the actwibes undertaken to pursue IL detailed aiK)ve, fvifil the cri18ria for derrK)nstrating public benefit. Achlevemenl and Perfomian¢e- ReNYew of rfomian¢e In 2025 In April 2024 the Trustees reviewed and agreed to the 2025 budget levels. In the 2025 calendar year. the Trustee5 rewewed 74 grant applications (excluding scholarships, which are detailed below). Addilwjnally, 8 applicants who were unsuccessfvl in securing a scholarship were awarded a personal grant. Of these applic8t￿n5, 55 were for indNidual grants and 12 were requests for further funding. A 10181 of 53 granis were awardad" 40 of these were £1,000 or rnore, with the remainder ranging from £￿0 to t￿0. The majority of funded studies focused on Iheow 8nd ￿Unselling. However. support was 81s0 provided for other ¢ourses that mel the lemis of the Trust deed and were consiLfered deserving by the Trustees, induding educat￿n, youth work. chaplainLy. vocal perf0M￿nce. L4w. and the arts. 14 applicants did not receNe a granL 1 wthdrew p￿r lo al￿￿tiOn, and 1 was unable to take up their grant due lo insufficient funds to Commence study. 6 corporate applications were reviewed. of which 2 were awarded gryants, one for £500 and the other for £2.000. In addition. 1 further funding corporate grant w85 LyJnsKiered and approved for £1,750. Grants of £57,600 to each of the 3 DK)cesan Boards of Education for Bath & Wells, Bfistol and Gloucester were confimied.. this funding supports the three diocesan staffing tean￿ to prowde adw'sers and strategic leads for Christian character and RE. Grants totsling £22,500 were also rnade lo the 3 Di0￿san Boards of Educ*tion.' this funding supports the important work of raising the profile of chapLHincae5 in FE College5 and is re￿aW$d by the Trustéès. THE FOUNDATION OF ST MA￿HlAs REPORT OF THE TRUSTEES For the year ended 31 December 2025 cholarshl $ forthe 202512028 academ1¢ During 2025. the Trustees consKJered 19 sth)larship appliCAtK￿s. FNe candidales were shortlisted for interview, and one scholarship was awarded. As noted above. eight applicanls who were unsuccessful in securing a scholarship re￿iVed personal grants ranging from £2.000 to £3.5CN). Payments totalling £49,617 continued for 5 ongoing part-time scholars., Final payments tolalling £17.750 are lo be m8de lo 2 Scholars ox)mpleting sludies in April 2026,. The totsl of grants awarded in 2025 15 shown in Note 7 on page 16. Financial Review Financial Review of the Foundation The Balan￿ Sheet on page 12 shows the financial position of the Foundation as at 31 December 2025. in accordance with the accA)unting policies oullined in Ihe notes to the accounts. With effect from 1 January 2018 the Tnjslees adopted the Total Retum Investment approach consistent with the provisk)ns of Section 4 of the Trusts (Capital and Income) Act 2013. Consequentty, an Un2ppIEd Total Relurn Fund of£1 m was eslablished with the remaining £6.424rn allocated to Funds for Investment tracking CPI each year. The Foundation's investmerrt portfol￿ is hekj wtth CCLA Investmenl M8n8gemenl Ltd ICCLAI. The Tlustees recewe quarterly retx)rts from the investment manager and conduct an annual perfomiance review meeting at the Trust￿ meeting in November. The value of the totsl investh)ent portfolio decreased by £378,343 during 2025. after allowing for wthdrawal of £397,110 from the Investment Fund ae£ount to fund activities. The Trustees follow the guidelines on ethical investment adopted by the General Sync*J ofthe Church of England and revised by them from time to time. Raserves olic 2025 It is the FoUndat￿n'S wlicy not to maintsin ary unrestricted reserves. as ongoing working ¢apit31 is 8V8ilable from the endowment under the Totsl Retum poltcy adopted. The endowment stood al £8,369.238 al 31 December 2025, including £Nil in the Unapplied Totsl Retum. Thi% is considered an adequate sum for the ￿ntr"nued expendrture planned. The Reserves pr(Mdes for 3 months off0re￿I operakn.ng costs. induding redundancy cc6ts, the remaining temi of schoLerships were committed the outstsnding Diocesan Alocation 2nd FE Funding for the cUr￿nt finanual year. based on a pre agreed budget and after forecast income streams have been accounted for. As at Ihe 31 December 2025 the ReseNe required was £236,216. A review of the reserves will te undertaken cfft an annual basis to ensure Ihe level of re￿ve is appropriale based on fijture pbns arKI kn(wn risk fa¢JThs. Plans for Future Periods In September 2024 the Tntstees hekl an Away Day at which they rÉ￿eWed the outcomes from a similar workshop in 2023 considering how thè actiVit￿S of the FoundatK)n might devekjp to maximise its potential impact. A StralegiG Plan in the form of a r08d rnap has been develope(18fKI has been updated as a result of the work (￿M￿ete(l in Seplemt*r 2024. In April 2025 the Trustees ¢onsKJered the Budgei for 2025 to 2028 agreed that Grants should broadly be a5 follows for 2026." Diocesan Allocations £57.600 (per diocese)" FE £7,500 (per dM)c£se)'. and THE FOUNDATION OF ST MA￿HlAs REPORT OF THE TRUSTEES For the year ended 31 December2025 Grants and scholarship budgel £156.7(￿. Structura Govèrnancé and Mana ement Constltution of the Foundatlon The Foundation of St Matthias is a charity established by a Scheme of the Charity Commissioners for England and Wales dated 8 October 1979, following the ck)sure and sale of the College of Sl Matthias, Fishtx)nds, Bristol. The net Sa￿ pn)ceeds from the pern)anent endowment of the Charity, which is registered wth the Charity CommsssK)ners under number 311696. The founding scheme was changed to acknowledge that there is no longer any interest in prO￿ty and to ease the govemance of the Foundation. The new scheme was appmved by the Charity Commission on 22 August 2011 and adopted by the Twstees in November 2011. Subsequent amendments to the scheme have been approved by the ChaTty Commission. Trustees. respon$lbllltles The Truste&s. who are appointed in a¢cordan¢e with the Fotjndation (as listed above). meet ce a year. The Trustees hav& committe8s." a Pmjects Committee and the Finance, Audit and Risk Management (FARMI Commrttee. Some rx)wers are de￿gated to commrttees as fdlows: The Projects Commrttee awards grants and scholarships to appli￿nIS, subiect to budgetary cA)llstraints agreed by the Trustees. . The FARM Cornmittee ccnshkn ￿rnar12310￿ aTrJ offr￿ FcMJndth recomn7endations are ratrfied by the Tfuslees. In addition lo the Trustees t)oard's iwce-yearty meetirMJs. the Projects Commitiee and the FARM Committee meet 3 limes per year. The Charity CommissK)ners' Scheme and Trust law require the Trustees lo prepare finan￿81 ststements for each finanual year which gNe a true and fair wew of the Foundation's affairs and of the incoming and outgoing resour￿ of the Foundakn"on for that period. In preparing those financial ststements. the Trustees are wuired to.. select Surtab￿ accounting policies arKI then appty them consislenty.. observe the melhods and principles in the Charities SORP", makejudgements and estimales that are reasonable and pnjdent state whether appliCat￿e accounb.ng standards have been followed. 5ubJ"ectto any material departures disclosed armj explained in the financial statements., and prepare the financial statements on a going cOr￿M basis. unless it is inappropriate lo p￿SuMe that the Foundation wll continue to exist. The Trustees are responsibfe for keeping Proper accounting records. which disclose with wsonable accuracy at any time the financial posthon of the Found81ion, and lo enable them to ensure that the financial ststements comply wlh the Charities Act 2011. They are also responsible for safeguarding the assets of the Foundab'on and hen￿ fortaking reasonab￿ step3 for the prevention and detects.on of ft8ud and other irreguLgrtties. Charity Governance Code In April 2025 the inttial Charrty Govemance Code rewew was finalised and approved by the Board and is reViev￿￿ annualty. Rgcruitment and Induction of Trustees Recruitment for the Founda160n is carried out quadrennvalty rrember5 appointed as nominative Trustees by the Boards of Education for the Dioceses of Bath & Wells. Bristol and Gloucester, and THE FOUNDATION OF ST MArrHIAS REPORT OF THE TRUSTEES For the year ended 31 December 2025 the National Society Iprewously the Board of Education of tha Archbishops. Council}. Members are aL%o appointed by the Bishop for each of the three Dioceses and. Un￿.1 rts demise in 2013. by the Sl Matthias ScKiety. In addition, the Trustees have the option to co-opt three Trustees. New Trustees are gwen a Trustee Inductk)n Pack and associated papers. which indude copies of the goveming dixument {schemel, recent Trustee. FARM Committee and Projects Committee minutes including the dales oflhe next meeth"ngs, the TTuslees' Rephjrt and AccA)unls for the prevv)us year, infomalKJn on the histrjry of the Foundation. objects of the Foundation, stnjclure of the Foundation including staff, infom)ation atKJut the Trustees. role, job des￿pIlons and person specifications of Trustees and honorary officws, conlact det8i15, administratwe forms and a copy of the Charity Commission publiGalion The Essential Tnistee." Whatyou need to know.. Upon appointment, new Trustees are also assKJned a mentorfrom amongst the exisb.ng Trustees, lo uide them through the in￿"31 stages of their Trusteeship. Connected Charity The Bristol Diocesan B08rd of Finance {BDBF), charity number 248502, whose ￿gIStered address is Hillside House, 1500 Parkw8y North, Newb￿￿& Road. Stok8 Gifford, Bristol, BS34 8YU, provkles IT Services to the Found8tion under a serv[￿ Level Ag￿eMent. The majorty of Trustees are nominated or co-opled from the three benefikn.ng Dioceses. Rlsk Assessment The Trustees operate a risk management policy and. as part of a review process by the FARM Committee and annual review by the Trustees, make appropriate amendments to the Risk Register. Trustees wnsider intemal and exlemal risks and ensure that those over which they have control. such as having policies to secure the Foundation's assets, are ck>sety followed. The most synificAnt risk is thé decline in Totsl Retum. During 2025 an Invéstmènt Polity was 8grèèd by thé Tnjstees and a5 part of this wjlicy the Trustees have ensured Ihal reputable managers have been 8ppointÈd to manage the investments that rnake up the Permanent Endowment and monitor their perforrn8nce regularfy by re￿ivIng and reviewng quarterty perforrnance rewrts ar￿ annual attendance al the Trustees meeting. As part of the Inveslmenl Poliy a review of the Investment Managers on a trl annual basis is required. which will next take pla￿ in 2026. Reference and Admlnlstratlon Deta118 The Foundation of Sl Matthias is registered wth the Charity Commission. charity number 311696.lts principal Offi￿ is al Diocesan Office. Hillside House. 15LKI Parkway North, Newbrick Road. Stoke Gifford, Bristol, BS34 8YU. Key Management Personnel and Remuneratlon In October 2022 Ihe Foundation became an employer. It currently amploys 2 pefsonnel, aquating to 1.2 Full Time Equivalents12 personnel. 1.2 ￿- 20241.. the Chief Operating Officer ICOOI and Clerk lo the Trustees. The Finan￿ Manager is an external contraclor. The key management personnel are paid an annual salary of £42.984 and empbyers. perksion of £4.499. Twst•¢s The Trustees of the Charity are in ¢haF¥Je of directing 8nd controlling the Charity. The COO, and Finance Manager have reSpC￿Sibility for the daY-t￿daY running of the Charrty. All Trustees gwe oftheir time freely and no Trustee ren￿nerat￿W3S paid in the year. DetaiLs of Tnjstee expenses are disclck%8d in Not8 2 to thè accnunts. The Trustees who served during the peric#J from 1 January 2025 to the dale of this report was approved were as follows.. THE FOUNDATION OF ST MATTHIAS REPORT OF THE TRUSTEES For the ear ended 31 December 2025 Role Name The Rt Revd N WaNck Bisho of Swndon Mr E Gregory Mrs P Cosh Nominat Dales if part year Chair Bishop of Bristol Vice Chair Bath & Wells DBE Bath & Wells DBE Nominated Dr P Smith Bristol DBE Revd A Everitt Bristol DBE Mrs E Townend Revd Dr S Taylor Bristol DBE Bkshop of Bristol Resuned 12th November 2025 Mrs J Borgeaud Mrs B Gkich Gkjucesler DBE Gknucesler DBE Ms L Gardner Gkjucesler DBF Resgnetl ￿ Apri 2025 Mr Leonard Browne Bishop of Gk)ucester Bishop of Gk)uc4sler Mrs Karen Czapi8wski Appointed ￿ April 2025 Appointed 12th November 2025 Rev'd Prebendary Noel Hector Revd Sharon Roberts Bi8hop of Bath & WelLs Bath & Wells DBE Mrs M Lomas Natsonal Socaety (prevKJusly Board of EducAlion of Ihe Archbis s, Council c(￿Pted. Ms K Owen-Jor Resigned 8th May 2025 Appointed ￿ April 2025 Mr Richard Wheeler THE FOUNDATION OF ST MAThHIAS REPORT OF THE TRUSTEES For the year ended 31 December 2025 Officers and Advrsors of the Foundatlon Chief Operations Officer Caroline Mcconnell DIO￿an Office. Hillside House. 1500 Paikway North, Nevbrick Road, Stoke Gtfford. Bristol. BS34 8YU Sarah Haughan Diocesan Offi(E, HilL%ide House, 1500 Parkway North. Newbrick Road, Stoke Grfford, BrTslol. BS34 8YU Elizabeth Britton D￿San Offu, Hillside House. 1500 Parf(way North, Nes*JrieJ( Road, Stoke Gtfford. Bristol. BS34 8YU Clerk to the Trustees Finance Mawer Auditors TC GrDUP First Fthr Premier House. 127 Duckmoor Road, Ashton Gats, Bristol, BS3 2BJ Sol￿rtors Harris & Harris 14 Market Pla￿, We115. Somerset, BA5 2RE Investment Adviser5 CCLA Investment Management Ltmiled Senator House. 85 Queen Vthria Street, LoThkn. EC4V 4ET N8ts"onal Weslminster Bank Pl¢ 45 to 49 Broadmead. Bris￿1, BS1 3EU Banker5 This report was approved by the Trustees on the 26th March 2026 and signed on its behalf by, The Rl Revd N Warwc*, Acting Bishop of Chair. THE FOUNDATION OF ST MArrHIAS INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES For the year ended 31 December 2025 Oplnlon We have audited the financial statements of The Foundation of St Mathias (the 'ChariVI for the year ended 31 December 2025, which ￿>MpriSe the Statement of Financial Activities. the Balance Sheet and notes lo Ihe financk81 ststements. induding a summary of signtficanl accounting pOI￿leS. The financial reporting framework that has been appl￿d in their preparalion is applicable law and United Kingdom Accounting Standards, including Financial RepO￿Thj Standard 102= The Financial Reporting Standard applicab￿ in the UK arKI Republi¢ of IrelarKI (United lfjngdorn GenerallyActrpted Accounting Practice). In our opinion, the finanual statements.. gThie a true and fair view of the state of the Charitys affairs at 31 DecEmber 2025 and of its incA)me and exrEnditure for the year then ended.. have been properly prepared in accordance the United lfjngdom Gener81 Accepted Accounts"ng Practs"ce: have been prepared in accordance the requirements of the Charities Acl 2011. Basls of oplnlon We conducted our audié in accordance wrth Intemalional Standards on Auditing (UK} (ISAS IUKII and applicabl8 law. Our responsibilities under those standards are fvrther described in the Auditorfs responsibilvcies for the audi( of the finanryal ststements sert￿n of our reÈy)rt. We are independent of the Charity in accordance with the ethi(21 reqltiremenls that are relevant to our audit of the financial stslements in the UK, including Ihe FRC'S Ethical Standard. and we Iiave fU￿ll￿d our other ethical responsibilities in aC(X)rdan￿ with these requiiemenls. We believe thal the au¢Jit eviden￿ we have obtsined is sufficient and appropriate to prwde a basis for our opinion. Conclusions relating to going conc8m In auditing the financial statements, we have concluded that the Truste&%' use of the going concem basis of accounting in the prepar*ion of the finan(ial ststements * appropriate. Based on the work we have performed. we have not wJenlTfied any material uncertainties relating lo events or corKlitions that, indmdually or CA)IleclNely. may cast signtficant doubt on the chartty'8 ability lo continue as a going C￿nCeM for a period of al least tsve￿8 months from when Ihe financial stsl8ments are aulhorised for issue. Our reswnsibilities and the responsibilitEs of the Truslees with respect to going concem are described in the relevant sections of this report. Other infomiation The Tnjstees are responsible for the other infomiation. The other information cornprises the information included in the annual reF7.1101 infund5 foTtheJpw 127,427 127.427 FL4id tA&nces br￿h1frmrd at 1 4911.746 4g)1.746 &774.319 8,774.319 Fund bglancucorvled fonwdAt31 Decerrl>er 8￿.238 8.￿.238 a￿1.74$ 8.W1.746 11 THE FOUNDATION OF ST MAThHIAS BALANCE SHEET For Iha year ended 31 December 2025 Fixed assets Invegtn%nts C8F Fun 8.424.C65 8,947,408 8.424. 8.947.408 Current assets Cash St bank 11 74.315 74.315 71.452 71,452 Current liabllltles ants awarded paK Creditors 12 13 116.133 13,(KJg 129.142 103,2S) 13,864 117,114 Not ￿TTent liabilities IS4,82n 14&6621 Net a55ets 8.369238 8,gJ1,746 Funds Perrn?￿nt er￿owMÈnt furwts unappI￿d totsl retsm Unrestr￿t￿ fund 15 15 15 8,369238 8.292.466 609.280 8.369238 8,￿1,746 These acc4)unls were approved and authorised for issue by the Trustees on 26th March 2026. The Rt Revd N waTh¥￿k, Ath"ng Bishop of Bri5toJ. Cha The mtes 8t page 1310 21 form part ofthese accounts. 12 THE FOUNDATION OF ST MAThHIAS Notes lo the accounts For the year ended 31 December 2025 Accounting policies {al Genernl information These financial statements comprising the Slatefflenl of Finan￿31 Acts"vrties, the Balance Sheet and the related notes 1 to 15 conskntule the indNidual finanaal statements of The Foundation of St Matthias for the financial year ended 31 December 2025. The financpl statements have been presented in Pounds Sterfing as this is the fvncthjnal ojrrency of the Charity and all values are to the nearest pound. The Foundation of St Matthias is a charity. registered in England & Wales wrth registeren on this attribution refer to note (il below. (h) Invèstment Management Costs Investments managed by CCLA are not subject lo a spwfic management cnsl. this being reflected in the market value of the investments. Grants Ci) All expenditure is charged to the irwme reserve in the year in whth the grant has been communiG3ted to the recipient. Although the scholarship awards are generalty for the whole of a 3-year full lime course of studyoron a part time basis agreed by the Trustees. lunding for each year of the scholarship i8 condib'onal on an annual presentstion to the Trustees. for their revwi and approval of the CXTrnlinuab"on of the award. Therefor8. scholarships are not accwed for beyond Ihe end of the academic year. Support Costs As notéd in the Trustees, Rewrt, the FourKlab"on¥ day lo day operatK)ns are administared by the St Matthias Management Team. It is estimated that 76/0 of expendiiure represents the day-to-day administration and the remaining 24°h represents costs relating to the g0vema￿e of the FOUndat￿n. being c))sts in respect of the strategic and constitutional matters of the Charity. Fixed Assèt Investments Investments are a fomi of basic finanaal instrument and are inrtialty rec(yJnised at their transaclK)n value and subsequenty measured at their fair value as at the balance sheet dale using the dosing quoted market pri(%. The statement of finan￿al activities includes the net gains and losses arisirwj on revaluation and disposals throughout the year. The Foundation not a(x]uire put options, (lerivabves or other complex finanual inStnJE￿nts. o) (k} The main form of financial risk faced by Ihe Charity is Ihat of volatility in equity markets and investsment markets due to wider economic u>ndttions, the attitLEde of investors to investment risk, and changes in sentiment Con￿mIng equitses and wthin particular sectors or sub sectors. Gains and L￿se5 on investments Gains or losses on investments are tsken direclty to the Unapplied Total Retum. Such gains or losses ￿present the drfterence belween the opening market value and the market value at the date of di8pos81 or 31 December 2025. (m) Flnancial Instruments The Chanty only has finanual assets and fin8ncAal liabilrties of a kind that qualfy as basic finan(yal inslrumerrts. All of the Charity's basic ffnana31 inslwments are measured initially at cost and then subsequenly measured at arnO￿$ed cost with the exception of the frxed asset investments whKh are measured al fairvalue through the profrt and bss. Area$ of judgement The preparation of the finanaal statements requlres m8n8gement lo Make some judgements and a&sumptsons that affèct thè amounls reported for assets and liabilities as at the balance sheet date and the arrwjunls reported for inc£)me and expendf(ure. The key area ofjudgement is whether scholarship grants should be accrued for at year end. (n) Judgement has been applied to the recoupment of the Unapplied Totsl Retum in this financial year. Due to the perf0mlan￿ of the Trust's investrnent portfolio over the 12 months ènding 31st DÈrAmber 2025, there is a negats.ve wsrtion for the Unapplied Total Retum after tsking account of Inve51rnenl Income, Investment Losses, Transfer to Unrestricted Fund for activibes and operations of the Trust and Tiansfer lo Fund for Investment to maintain the underlw.ng investment fund taking 14 account of inflation. For the Trust, this is calculated by using CPI over the 12 months. (o) Accountlng Poll¢Fes: Employse beneffts The cost of any unused holiday entillemenl is recLwJntsed in Ihe perio(l in which the services are received. Terniination benefits are recognised immediately as an expense when the charity is demonstrabty committed to terniinate the employmenl of an employee or to prowde terniination benefits. (p) Accounting Policies: Retirement beneffts As set out in Note 4. pension ￿￿errtS to staff employed by the FoundatK)n are promded through the Pension Builder Scheme section of CWPF for lay stsff. CWPF is administered by the Church of England Pensions B08rd, hokls Ihe CWPF assets separately from those of the Empbyer and other participating employers. Thi8 scheme i8 8 defined benefit scheme. The scheme is considered to be a muttiomployer scheme as described in Section 28 of FRS 102. This is bÈcAusè it is not possib￿ to attribute the Pension Builder Scheme's assets and labilities to specrfi¢ émployers and means that cA)ntrÉbutions are accounted for as if the Scheme were a defined contribution scheme. The pensions costs Charg￿ to the SOFA in the year are the contributions P8yabl8 2025." £4.49912024.' £5.244). The last actuarial ValUat￿n of the scheme was completed on the 31 It Decemb8r 2022 and all sections of the scheme are in surplus. Payments to the sthemes a￿ charged as an exp8n$8 as they fall du8. Trustoas rnmunaratltsn and expansos The Trustees re￿1ve no remuneralKJn from the FoundatKJn. Travelling and oul of pocket expenses are reimbursed as necessary, and these amounted lo £574 paid to 6 T￿￿teeS in 202512024- £848 paid to 7 Trusteesl. Investment Income 2025 CBF In￿try￿￿t F￿1 d￿ld Bank Acco￿1 interest 242,314 631 242.945 240, 637 241,225 Staff Costs 2025 Wages 8rKJ s*ries Social Security Costs Pensi 42.984 4.499 5,244 47.483 55,279 For the Pension Builder 2014 section, the valuatron reveakd a surplus of £8.5m on Ihe ongoing assumptrons used. There is no requiremenl for deficit payments at the current time. The next valualion is being (xrried out as al 31 December 2025. The legal struthre of the scheme is such that rf another empknyer fails. The Foundation of si Matthias could become responsib￿ for p8ytng a share of the f8iled employerfs pertsion 1ti4bilities. 15 2024 No. No. Number of E Pension ¢ommltments The charity operates a defined wntribubon pension scheme. The assets ofthe scheme are held in sepamtety administered fund. The pensK)n cost tharge repr&sents contributions payable ty the charity to the furKI amounted to £4,499 12024: £5,244). Penslon scheme membershlp No. AIErage N￿rrkner of staff wilhin the Perrion Related Party Transactions The Dioceses of Balh & Wells. Bristol and Gloucester are related parties lo the Charity. Grants awarded to the Dio¢eses ale shcbwn in Note 7. The amounts outstanding to Bristol Diocese at the year-erKJ wa5 £2.33412024 - £2,268) for IT &Jpport ServKxs. Expendlture on Charitable Activltle$ 2025 Educab"onal ￿h.)Iti￿￿ Ihbk71 SuprKJrt CcK8ts (We 81 323.2(K) ￿.846 73,910 ).517 397,110 367.363 Grants 2025 2024 In 2025, the truslees made the following ¢orwTate grants= Gt3nts to InStitut￿nS.. To Bristol. Bath & Wdls and Gloucesler D￿￿88. £57.600 e8C 172.8 150.0( for Diocesan Gr8nts (2024: £50.(￿ 8￿) To Bristol. Bath & Wells and Gloucester D￿SeS £7,5(K> for Further Education (Yfficers12024: £5,0(X) 8athl 1 corpor8te grants of less than £1.000 2 corporate grants of £1.CQO or more 22,500 15,000 500 3,750 199.550 12,500 177,5tK> Grnnts to 1nd￿￿u81s.' 13 personal grants of less than £1.000 40 personal grants of £1.000 or more 7 stholarships Scholarship travel Previous year grants not tsken up 2.5(YO 71.095 49,617 438 2,500 51,560 55,000 123,650 109.346 323,2 286,846 16 All grants award￿1 ar8 for the thnlxnent Ofed￿8110n. Th8 Charity has made gr8nls where the fcdkn*irwJ trustees have or an interest during the current year. Mr E Gregory Mrs Jane BorgeaLKI Mrs E Townend The Rl Revd N WaThvic* Acting 8i%hop of Bristol Revd Sharon Roberts DK￿ of Bath & Wells D￿￿e$an ￿'rectOr of Education Dirxese of Gloucester DI￿esan DI￿tOr of Education of Bristol Diowan Director of Education Di¢xese of Brist Acting Bishop of Bristrjl Oictese of Bath & WelL8 SSM Curate in Bristol I)l￿eSe Support Costs 2024 Wages and saaries 47.483 872 55.279 703 IT seNces Trustee tra￿ 8rn1 cakriTr3 7,188 14 15.157 6,930 10 11,￿8 1,625 80,517 Bank charges n.910 Flxfjd As$ot Invostmwts rket vakje iKought frJ%vd at 1 Ajd addifrcK6 at c(&%t disrKE* 8.S17.4(B 8.844.344 {145.(KKJ) I1￿).￿K)) 378.343 8,424.(f)5 8,947.408 orket Vakne carried f(rnrd as * 31 Investn*nts- CBF Funds CBF I￿￿t Fu￿1 sh¥ CBF lknal Eq￿ty FurKI knres 7.117.514 7.563, 1,3C6.551 1.383.802 8.424.C65 8.917,408 10 Debtors There were no Debt0￿ as at 31st Dec￿￿ 2025 £NIl {2tr24- Nill. 17 11 Cash at Bank est Bank 74.315 74,315 71,452 71,452 12 Grants Awarded not yet pald 2024 CorrAir*e & per￿ &8nis 75.1 27.2 103.2 Sch)lars 21.233 116.133 13 Creditors 2024 Audit fees IT SeNces nagenpnt faès Profe&si(xw] f 7.188 4.1S3 6,930 4,Sfj6 13,¢J 13.864 14 Comrnitm•nts The scwrship SJJW b s811sf￿￿ re4&ie•V, Mil LE ￿ld as fckn6". Witrmn 1 year (ort term of ￿ade￿iC yw 3)25126) 21,233 BeycNK£ 1 year TMO tem￿ of xadwric yew 202ed27 Ac*rric year 2027128 A¢&tsnic year 2 Ac&*nic year 2 27,￿) 32.117 26,116 14.4￿) 40,167 16,666 5.(MJO 82,6&3 18 15 Thg Funds of tho Charlty The fund of the Chartty arose mainty from the sale of the College of St Malthias. following ils closure, plus the proceeds of the SubS￿u8nI sale of assets. The original cost or valuation al the date of the Charity ComMiss￿n Scheme {Octr)ber 1979) was £1.648,417, and the value of the Fund for Investh)ent as at 31 December 2025 reflects the gain in the value of the investments since then. uslng CPI as a refere￿ polnt. The Unrestricted IncA)me Reserve retffesents Ihe operalional mst of the Foundation. the total of which ￿ Covered by a transfer from the Unapplied Total Retum Fund at the end of the year. With effect from 1 January 2018 the Trustees adopted a lotsl retum approach to investment. On transition to this approach an Unapplied Total Return Fund of £1,000,000 (one million wjunds) was crealed. The Unapplied Total Retum Fund enmprises that part of the totsl retum on the Charitys permanent endowrnent investrnents which has notyel been all0¥2t￿l by the Trustees to the Permanent Endowment Fund. At the end of financial year a transfer is usually made lo the Fund for Investment equating to the growth of the funds in line wtth CPI. A further transfer is made to the Unrestricted Income Reserve to cover the operational costs of the Foundation for the year. The Truslees. in previous years have carried forward the baknce on the fund as it has not been required in the year. Forthe year ended 31 De￿rnber 2025 £397.110 was transferred from the Unapplied Total Return Fund to the Unrestricted Inu)me Reserve to cover activities and operations of the Trust. The value ofthe remainder ofthe Permanent Endowmentvnukj normalty be preserved by transfer based on CPI (of 3.4°A in 20251 of £281.944 from the Unapplied Tolal Retum to the Fund lor Investment. However due to reduction of£378,343 in the value of investments during in the 12 months ending 31st December 2025, Ihis would result in a negative UTR of £205,172. The Truslees have approved a Iransfer to Unapplied Tolal Relum to recoup the losses due to investment Ihe Fund for Investment as at Ihe 31sI December 2025. therefore giving a zero baL4nce on the Unapplied Total Return. It is estimated the recoupment of the tra￿fer to the Pemianenl Endowment will be made over a 3 year period. This timeframe is consKlered realistic gNÈn geo-politicxl uncefiainty at)d Ma￿e1 volalilty. Despite a challenging period for perfomance. we have been reassured by CCLA of their full Confiden￿ in a long-term. qualNy-focus&l investment approach. CCLA are enhancing their processes, as gre*er attention to eamings momentum and increased flexibiltty ￿￿thIn the qualrtyframework. These adjustments strengthen, rather than replace, the core process. They believe this disuplined approach leaves our portfolio well wsilioned for the next phase of the market wle and conlinues to offer the best route to hJng4em7. Sustainable relums. Of the balance of the P8mianent Endowment Reserve as 8t 31 December 2025 £3,253,949 12024 £3,777,292) represented the drfference between market vallse al that date and the cost of the investments pre5entty held. 19 Fund for unappI￿d Total InvestTr*nt Total Return Endowment At the1 JanLOry 2025.. 8.292.466 EA)9.2￿ 8.￿)1.746 In￿Str￿￿t Inco￿￿.. DiMderMJs arml Intwest 242.945 242.945 In￿trEnt L(￿eS (378.3431 1378.3431 Transfer fo Trusl for In￿$th￿nt for CPI Recoup frcm Twst for In￿5th￿nt k)sses in ts year 281.944 . {205.172) 1281.9441 205.172 Transfer to lthrestrickny FuThJ {397,1101 1397,1101 As at 31 Decembor 2025 8.369,238 8,369,238 Fund Unapplled Total stmènt Tt)tal Return Endowment Cony)arative Figures At the1 January 2024: 8,CPa),211 684,108 . 8,774,319 241.226 ' 241,226 In￿Sts￿nt &ir 253.564 ' TraTrSf￿ to Trust for In¥esbYent 202,255 (202,255)" Trar￿fer to Lknresln"cted Fund (367.363)" {367.3S3) .As at 31 DeC￿r 2024 8.292,466 609,280 8.gJ1.746 Represented by 2025 2024 CBF Funds 8.424,(￿5 8.947.408 CAher W Current Assets 54,827 45,662 8.369,238 8,￿1,746 16 Post Balance Sheet Events Subsequentlo the reportyng date. gbbal fi￿ar￿la1 markets have experienced increased volatilty arising from ongoing gèorKJlitical tensions, changes in rbKJnetary policy. and broader economic uncertainty. 20 This has resulted in a $￿Jn￿¢anI fluctuation in the market value of the investments held by the Charty- As these conditions did not exist lo this extent at the rewjrting date, the decline represents a non- adjusting event, therefore no adjuslmerhts have been made to the carying amounts of investments as at Ihe reporting date. The Trustee5 and management continue to monitor market devebpments and assess any potential impluth?ns for the charity's financial position and perfornian￿. The Rt Revd N Warwid(, Acting Bishop of Brisld. Bishop of Swindon and Chair 21 Dale..