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Dave F[_2_] Dave F[_2_] is offline

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using OFFSET(INDEX(MATCH)))

I have the following formula:

=OFFSET(INDEX('Capital Summary'!F$25:F$28,MATCH(A4,'Capital Summary'!F
$25:F$28,0)),,1)

This works fine, however, when I remove the OFFSET(...) part and just
have

=INDEX('Capital Summary'!F$25:F$28,MATCH(A4,'Capital Summary'!F$25:F
$28,0))

the matched value is returned, not its cell address. How does OFFSET
pick up the cell address?

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