The Foundation of St Matthias is a trust, formed following the closure and sale of the College of St Matthias in 1979.  The College was a Church of England College of Education but following a decline in the birth-rate and a reduction in the number of teachers required for training, the then Secretary of State for Education and Science requested that the college be closed.  The assets were sold and the income invested to form a trust fund.

The Foundation's primary objective is the advancement of education in the Dioceses of Bath & Wells, Bristol and Gloucester, and in particular education in accordance with the doctrines of the Church of England.  Preference is given to higher, further and continuing education.