COMPANY REGISTRATION NUMBER.. 03785551 CHARITY REGISTRATION NUMBER: 1076519 The Institute for Orthodox Christian Studies Company Limited by Guarantee Financial Statements Year Ended 31 August 2023
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directors, Reporti Year ended 31 August 2023 Page Trustees, annual report (incorporating the directors, report) Independent examinerfs report to the trustees stalement of financial activities (including income and expenditure account} Balance sheet 10 Notes to the financial statements 11
The Institute for Orthodox Christian Studies Company Limited by Guarantae Trustees, Annual Report (incorporating the Directors, Roport) Year ended 31 August 2023 Reference and administrative details Directors and Trustees H.E. Archbishop Nikilas of Thyaleira & Great Britain {co-opted on 22 February) H.E. Silouan Ionerl, Melropolilan of the British Isles and Ireland V Revd Archpriest Stephen T R Platt Ichairmanl Dr John R Binns (Vice Chairman) V Revd Archpriest David Lowell V Revd Archpriesl Dr John Jillions Revd Dr Demetrios Bathrellos Revd Dr Brandon Gallaher Dr Adrian Pabst Simon Jennings (Treasurer) Gladys K Bland Sebastian Koga Dr Michael Basham Dr Elizabeth Theokriloff V Revd Archpriesl Dr Samir T Gholam Irelired 15 March 20241 Revd Dr Christopher Knight (resigned 25 November 20221 Archpriest Raphael Armour (re-elected. deceased 25 July 20231 Secretary Dr Razvan Porumb Prlnclpal Father Dragos Herescu Representative of thè Cambridge Theological Federatio Vacant Company registered number 03785551 Charity registered number 1076519 Registered office Wesley House 31 Jesus Lane Cambridge C85 8BJ Accountants Bidwells LLP Bidwell House Trumpinglon Road Cambridge CB2 9LD Independent Examiner Geoff Mann FCIE Geoff Mann Limited, Dee House Highworth Avenue, Cambridge CB4 2BQ
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report {incorporating the Directors, Report) Year ended 31 August 2023 The Directors (who are also referred lo as "Trustees") Present their snnu81 report together with the financial statements of The Institute for Orthodox Christian Studies I'the Charity" or'the Instilule") for the year ended 31 August 2023. The comparatives show infomialion for the year endeL4 31 August 2022. Since the Charity qualifies as a small company under section 383, Companies Act 2006, the strategic report required of medium and large companies under The Companies Act 2006 Islralegic Report and Dire¢lors Report) Regulations 2013 is not required. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The Charity is incorporated as a Company limited by guarantee (Registered Number 037855511 whose Memorandum and Articles of Asso¢ialion were adopted on 2 Mah 1999. and have been amended subsequently, most recently on 20 May 2023. The Charity is registered as a charity WTih the Ch8rty Commission (Charity number 1076519}. The principal objects of the Charity are to adv8nce religious and theological education. especially for members of the Orthodox ChLJrch. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the Charity is the responsibility of the Board of Directors I'the Board,?. The Directors are appointed al General Meetings of the Charity, or co-opted during the course of the year. The office of President is ¢urrenlly vacant. There is also provision in the articles for two repre5enlalives lo be nominated by the Cambridge Theological Federation ICTFI, who would be entitled lo attend Board Meetings, bul not to vote. The CTF has not nominated any representstives for some years. ORGANISATIONAL STRUCTURE AND DECISION MAKING A Memorandum of Agreement adopted as part of the Articles of Association al an Annual General Meeting, held on 21 June 2008, provides for delegation of day-lo-day management lo the Prin¢ip81, supported by an Executive Committee Comprising the Chair. the Principal and the Treasurèr. During the period covered by these Accounts. the Executive Gommrtlee has functioned eflicienlly, largely by keeping in louch by email and over the telephone, consuKing each other and reaching decisions that way on an almost weekly basis. The organisalional structure of the Charity is regularty reviewed. Proposals for ¢hanges in structure may be proposed by a working party and considered by the Board in the course of the coming year. OBJECTIVES AND ACTIVITIES a. POLICIES AND OBJECTIVES The principal object of the Charity is to advance religious 8nd theological education, especially for members of the Orthodox Church. The Directors confirm that they have referred lo the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report {incorporating the Directors, Report> Year ended 31 August 2023 ACHIEVEMENTS AND PERFORMANCE FINANCIAL ASPECTS Income for the year amounted lo £158.379, a decrease of £36,454 from total receipts in the previous year lincome for 2022". £194,833). Income from donations decreased by £8,364 which is a slightly worrying sign. Concurrently, the overall salary costs increased by £13,940., this is partly due to the engagement of a part time Academic Administrator (see page 51 Fees for the Distance Learning Certificate decreased by £18,606. Postgraduate fees also decreased, bul fortunately, there are projections of a significant increase in the current year with a growing number of PhD students. Total Expenditure amounted lo £242.432 12022.. £242,917) giving rise to a delicil of £84,053 12022.. £48,084>. The Board recognises the Institute is unable lo cover rf(s C0515 through academic fees alone. and musl fund ils annLJal deficil on charitable activities Icurrenlly al around £1750001 through fundraising and voluntary donations. 11 is oonslantly reviewing its fundraising strategy and Is looking to identify new largels both lo increase sources of grant funding and lo identify a¢ademi¢ institutions with which the Charity might Co-operate to increase its revenue base or share costs. The Charity has continued the attempt to raise funds for the Saint Sophrony scholarship fund, as well as for the Lectureship in Orthodox and Ecumenic21 Studies. An application had been submilled lo the Niarchos Foundation for the Lectuieship, which was unfortunately declined although the Foundation did encourage further appli¢alions for funds. However, IOCS has been greatly encouraged by the award of a 3 year grant by the trustees of the Gerald Palmer Eling TrLJSt. who have agreed to provide the Charity with £50,000 pa for each of the next 3 years. This grant is unrestricted. As ever, particularly in anticipation of ils 251h anniversary in 2024. the Charity is keen lo widen its donor base and lo increase ils pool of regular donors, whose donations, of whatever amount, provide valuable regular income and who constitute an important group of supporters lor the work of the Institute. Efforts will also be made to Increase sludenl rècruitment. REVIEW OF ACTIVITIES CHARITABLE ACTIVITY The Charrty operates forthe purposes of promoting theological education and knowledge of the doctrines, history and practi8 of the Orthodox Church at all levels, from pre universty training, IhroLJgh Bachelors. and Master of Arts degrees, up lo doctoral qualtfi¢ations. Through its Distance Learning programmes il makes its teaching resources available in English lo students world-wide, who undertake two-year¢ourses laught via a web-based learning platfotm.11 en¢ourag¢s ils staff and visiting lecturers lo allow material lo be broadcast through the American internet Orthodox broadcaster, Ancient Faith Radio 11 promotes ils activrties and encourages ecumenical co-operation through membership of the Cambridge Theological Federation and offeis publi¢ lectures. which are generally free lo participants, as well as an annual international conference available lo participants at an acSsible cost. Through ils own website the Inslilule makes available worldwide, and again free of charge al present, videos of lectures on topics of general interest given by major Orthodox speakers at its conference and at study days throughout the year. The Gatechelical course which il has produced, THE WAY, is widely used by ¢hur¢hes in the English- speaking world, has been adopted for adult cate¢hesis throughout the Patriarchate of Romania. and Is currently being translated under episcopal sponsorship for use in Gree.
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directors, Report) Year ended 31 August 2023 The Inslilule was formed in 1999 arid formally recognised and blessed in May 2012 by the Pan-orthodox Episcopal Assembly Bishops for Great Britain and Ireland, who appointed the Inslilule's first President, MetroFX)lilan Kallistos of Diokleia. The Institute maintains its links lo Orthodox hierarchs. and we are pleased lo welcome to the board His Eminence Archbishop Nikitas of Thyateira and Great Britain. lo join HE MelTopolrtan Silouan. The Chairman, Fr Stephen Platt, represents His Grace Bishop Matthew of Sourozh, and the Prin¢ip818nd Vice Prin¢ip81 provide 8 ¢lose link lo the Romanian Patriarchate and the Charity aims lo offer opportunities lo all who are interested in the history, doctrine and Culture of the Orthodox Church. MAJOR DEVELOPMENTS AND CHALLENGES IOCS 25 years. A stralegr and urgent priority for IOCS has been lo plan for ils 25th annwersary in 2024. This was perceived as a unique opportunity for development and fundraising, and the Principal has worked with a Board-appoinled subcommittee to address the preparations, and - more genèrally- the inlensificalw)n of the publicity, fundraising and recruiting efforts of the Institute. A special ¢elebralion and reception. al the invitation of HE Archbishop Nikitas and His Gra Prof Rowan Williams is planned for 24 June at Westminsler Abbey by kind permission of the Dean. Polenlial departure of Ihe Inslilule from 31 Jesus Lane in 2025. IOCS has been given notice from Wesley House (WHI, the Melhodisl College from which il subleases the premises at 31 Jesus Lane, Ihal il may have lo terminate ils lease, with the consequence Ihal IOCS would have lo vacate the premises by Augus12025.11 is hoped that the Inslilule will be able lo work with other members of CTF to establish closer collaboration and - more importantly- options for allernalive accomrnodation. New member of sl8ff- Deacon Gregory Craveiro started his parl-lime job wtih IOCS as Academic Administralor. and his presence has already proved beneficial The recruilmenl of Dn Gregory for this role was made possible by the support of the Gerald Palmer Eling Trust, although their award of a grant is no longer restricted to that or any other specific purpose.. Fundraising help from Dr Katl?erine Kelaidis. Al the IOTA conference in Volos, The Principal and the Vice-Principal initiated a Conversation with Dr Kelaidis concerning ways in which the IOCS could capilalise belter on our international profile and history in Cambridge. She volunteered to assist with OLJr fundraising efforts, givèn her connections in the US and her good track record of securing grants. Since then, there have been several online meetings inclvding a meeting with the Hellenic Centre in London, a couple of Us-based organisations. as well general discussions for generating a plan for increasing our gUlar donor-base. To that effect, before Easter, IOCS is lo contact lin a groupspecific way) our alumni (both MA and Certrficalel, our current regular donors, and donors that have lapsed. Building a closer w0ng relalionship with the Ui)iversity of Cambridge. The academic staff have been in Contact with the Institute for Continuing Educalion IICEI of Ihe University of Cambridge to explore ways in which IOCS Can deliver again a Cambridge University v31idaled course. such as a Poslgraduale Diploma in Orthodox Theology. The first signs following the discussions wrf(h ICE have been very promising. Research Centres 31 IOCS. As e part of a wider campaign lo establish research centres within the Inslrtule contact was made with Dr Timothy Carroll (Fr Bonifa¢el (Principal Research Fellow in Anthropology at University College London) and subsequently a'cenlre for Anthropology and Ethnography of Orthodoxy, ICAEOI wsg gel up as a joint cross-inslilulional Centre beeen IOCS and UCL. Fr Bonifacè has also been made a Visiting Professor of IOCS and he has expressed a willingness to acl as a PhD supervisor should the Inslilule receive PhD applications
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directors, Report) Year ended 31 August 2023 in his field. Staff are looking at establishing other similar cenlres according to their respective specialisation. New staff at IOCS.. Prof AlexaffKlerLingas. The Institute has been pleased lo welcome Prof Alexander Lingas as a Slipendiary Visiting Professor for a seven-monlh period. Prof Lingas, salary has been financed by agreement with Capella Romana. EDUCATIONAL DEVELOPMENTS Anglia Ruskin Univgrsity.. MAS Following the revalidalion process for the two MA programmes Inow called MA in Spirituality East and West, and MA in Contemporary Faith and Belief in the Global Conl$xl- IOCS palhwayl whifjh resulted in some delays in being able lo advertise for ¢andidales. the Inslilule only admilled two new MA students in September 2022. Together with the six continuing students, the Inslilule has ha0* eight MA students in total. In order to attract rmore poslgraduale student5, the Institute needs lo improve Its advertising strategy. However. there are cert8inly other fa¢lors involved that are beyond the Inslilule's control, like the current economi¢ situation. the enèrgy crisis and the global political situation which have all contributed lo the decline in numbers. Anglia Ruskin University.. MPhil/PhD For the first time in the history of the Instilute, we have more PhD than MA students. Two new doctoral students were admitted in September 2022. which brings the total number to nine. The Institute is fortunate lo be able lo draw on the expertise of external supervisors from all over the world. Apart from IOCS core staff, the following h018[$ are supervising do¢toral students.. Dr Elizabeth Theokriloff IIOCSI, Prof James Ailken (University of Cambridge- who sadly passed lo the Lord in January 2023), Dr Ralph Lee ISOAS University of London & IOCS), Prof Bruce Foltz IE¢kerd College, USI, Dr Augustine Casiday, Revd Dr Michael Plekon, Dr Erica Hunter ISOAS University of London), Prof Paul Blowers Imilligan University, USI, Prol Caryl Emerson IPrincelon Universilyl, Revd Dr Joshua Garelh Lollar (University of Kansas). IOCS Certificate Distance Leaming Programme Iln-hoiise Programme) 33 students are enrolled for the IOCS Certificate. Currently more than half of these studenls are based in the UK. Online coursalmodule (poslgraduale level).. 5 May- 2 June 2023 Engagii?g with présai?t. An Orthodox palhway, taught by Revd Dr John Jillions, Dr Elizabeth Theokriloff, Fr Dragos Heres¢u, Dr Razvan Porumb, Dr Christoph Schneider This 10-session course was conceived as a module of the MA in Contemporary Faith and Belief, laughl by IOCS and the Cambridge Theological Federation, and awarded by Anglia Ruskin University. Guest students were able lo follow this module without being enrolled in the MA programme. EVENTS Inlemalional Conference.. Finding God in the everydsy. Faith, profession &nd vocslion, 11-72 September 2023 The Institute organised one of its most sucSsful Oudging by feedbackl summer'schools, in recent years entitled this lime a 'Summer Inslilule, which featured many distinguished speakers from the world over.. Sister Dr Vassa Larin, Revd Prof Brandon Gallaher, Dr Alexander Lingas, Dr Hermina Nedelescu, Aidan Hart. Dr Sebastian Koga. A novelty about this event was that many of the speakers were not theologians, bul belonged lo other spheres of vocation or profession. They brought their uniquè insights from the perspective of their work to their faith and theological vision.
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report Ilncorporating the Directors, Report) Year ended 31 August 2023 Lectu$ & book launches 15 February 2023.. A conversation on Church leadership, Fr David Lowell, Simon Jennings 3 May 2023.. Healthcare Chaplaincy, Dr Krastu Banev (Durham Universilyl & Svellana Vinogradova 26 June 2023.. bwk12unch - Marcus Plesled's 'Wisdom in Christian Trsdilion.. The Patristic Roots of Modern Russian Sophiology,. STAFF ACTIVITIES All three staff members continue to be inVoed in both leaching and administration aclivi118s for IOCS as well as in the CTF {teaching al both graduate and postgraduate level). TRUSTEES, POLICIES & RESPONSIBILITIES a. RESERVES POLICY The Institute estimates that IOCS needs lo raise Over £175,000 a year through voluntary donations, and grants. if il is lo preserve the resources derived from the sale of 'Palamas House, and the legacies from Jeanne Harper and Charles Jury. This Board recognises that this presents a challenge. bul the Directors are optimistic that the level of voluntary giving Icurrenlly in the region of £90,000) be increased 8nd the need lo encroach upon reserves contained. They have resolved lo maintain prudent liquid reserves lo cover al least one year'5 anticipated deficit Icurrenlly c 90,0001 and lo devote energy to expanding the regular base of supporters and donors. b RISK ASSESMENT The Trustees, carry out regular assessments ol risk. both financial and social They have reviewed their policies towards safeguarding and vulnerable students and believe that processes are adequate lo protect those with whom the Inslrtute comes into ¢onla¢t. They monrtor the financi81 position carefully and, 8$ noted, have established a reserves policy of maintaining sufficient lo cover a year's anticipated expenditure. They have reviewed and updated their policies on due diligence lor Significant donations. They are aware of the Institul8's need for secure long-lemi accommodation and are liaising with members of the Cambridge Theological Federation to ensure that allernalive arrangements for long-lerm and stable accommodation are idenlrfied in so far as that proves possible. 11 is acknowledged, however, that UnrtainlY over accommodation is the most serious issue currently facing the Inslilule.
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directors, Report Year ended 31 August 2023 TRUSTEES. RESPONSIBILITIES STATEMENT The Directors {who are also Trustees of Charity for the purposes of charity lawl are responsible for preparing the Directors, Report and the financisl slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Directors lo prepare financial slalemenls for each financial year. They musl not approve the financial statemenls unless they are satisfied that they give a true and fair view of the state of affairs of the Charty and of the incoming resources 8nd application of resour$, including the income and expendtiure. of the charitable company for that period. In preparing these financial statements, the Directors are required lo". select suitable accounting policies and then apply them consistently", observe the methods and principles in the Charit$ SORP", make judgments and accounting estimates that are reasonable and prudent. prepare the financial slalemenls on the going con¢ern basis unless il is inappropriate lo presume that the charitable company will continue in operation. The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain Ihe Charity's Iransactions and disclose with reasonable accuracy al any lime the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safaguarding thé assèts of thè Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible lor the maintenance and integrity of the cotporale and financial information included on the Charitable company's website. Legislation In the United Kingdom governing the preparation and dissemination of financial ststemenls may differ from legislation in olherjurisdiclions. In proparing this report, the Directors have taken advantage of the small companies, exemptions provided by section 415A of the Companies A¢t 2006. This 5eport was approved by the Directors on and signed on their behalf by.. nnings Treasurer
The Institute for Orthodox Christian Studies Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 31 August 2023 I report lo the charity trustees on my ex8minalion of the a¢¢ounls of the Company for the year ended 31 August 2023. Responsibilities and basis of report As the Gharity's trustees of the Company land also its directors for the purposes of Gorllpany lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'Ihe 2006 Acl'l. Having satisfied myself that the ac¢ounls of the Company a not qUired lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, l port in respecl of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 I'lhe Acl'l. In carrying out my examination I have followed the Dire¢titsns given by the Charity Commission under section 145151 {bl of the 2011 Act. Independent examiner's ststement I have completed my examination. I confirm that no matters have come lo my attention in connedion with the examination gNing me cause lo believe.. 1. accounting records were not kept in respect of the Company as required by seclKJn 386 of the 2006 Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting qUIrementS of section 396 of the 2008 Act other than any requirement that the accounts give a 'liue and fair view which 15 not a rnatter considered as part of an independent examination", or 4. the accounts have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities lapplicable lo charities preparing their accounts in 8¢¢ordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Signed.. Geoff Mann FCIE Geoff Mann Limited, Dee House Highworth Avenue. Cambridge Cambridge CB4 2BQ The notes on pag85 11 to 18 fom) part of these financial statement$.
The Institute for Orthodox Christian Studies Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 August 2023 2023 Restricted funds Total funds 2022 UnStride funds Total funds Note Income and endowments Donations and legacie5 Charitable activities Investment income 80,301 67,667 717 9,694 89,995 67,667 717 97.555 97,162 116 Total income 148,685 9,694 158,379 194,833 Expenditure Expenditure on charitable activities Total expenditure 242,432 242,432 242,917 242,432 242,432 242.917 Net expenditure and net movement in funds 193,7471 9,694 184,0531 148,084) Reconciliation of funds Total funds brought forward Total funds carried fomard 439,888 439,888 487,972 346.141 9,694 355,835 439,888 The slalemenl of fin8n¢ial activities includes all gains and losses re¢ognised in the year. All income and expenditure derive from continuing activities. The notes on pages 11 to 18 forni part of these financial statemènts.
The Institute for Orthodox Christian Studies Company Limited by Guarantee Statement of Financial Position 31 August 2023 2023 2022 Note Flxed assets Tangible fixed assets 12 238,794 261,178 Current assets Debtors Cash at bank and in hand 13 69,192 235,013 74,176 312,001 304,205 386,177 Creditors- amounts falling due within one year Ngt ¢urr&nt a$s&ts 14 34,066 42,202 270.139 343,975 Total assets less current liabilities 508,933 805,153 Creditors: amounts falling due after more than one year Net assets 15 153,098 165.265 355.835 439,888 Funds of the charity Restricted funds Unrestricted funds 9.694 346.141 439,888 Total charity funds 17 355,835 439,888 For the year ending 31 August 2023 the ch8rity was enlilled lo exemption from audit under section 477 of the Companies Act 20( relating lo small companies. Directors. responsibilities.. The members have not qUired the company to obtain an audit of its financial statements for the year in question in accordan with section 476". The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial stalemenls. These financial slalements have been prepared in accorclance with the provisions applicable lo companie5 subject lo the small CoMpans, regime. These fi ncial statements were approved by the board of trustees and authorised for issue on and are signed on behalf ol the board by". V Revd Archpriesl Stephen T R P12tt Chairman The not•s on pages 11 to 18 forni part of the8e financlal statements. 10
The Institute for Orthodox Christian Studies Company Llmited by Guarantee Notes to the Financial Statements Year ended 31 August 2023 General Infomiation The charity is a public benefit entity and a prNale company limited by guarantee. registered in England and Vvales and a registered chaiity in England and Wales. The address of the registered office Is 31-32 Jesus Lanè, Cambridge, Cambridgeshire, CB5 8BJ, England. Statement of compliance These financial slalemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in a¢¢ordan¢e with the Financial Reporting Standard applicable In the UK and Republi¢ of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Compan*s A¢1 2006 Accounting policies Basis of preparation The financial statement5 have been prepared on the historical c05t basis, as modified by the revaluation of certain financial assets and Iiabililies and Investment propertie5 measured at fair value through income or expenditure. The financial statements are prepared in sleiling, which is the functional currency of the enlily. Going concern 11 is recognised that. in common with many charities. the charity's ability to continue as a going concèrn in the medium tèrm is dependent on fund raising. In the immediate lerm, the directors believe there are sufficient fLJnds available lo ¢ontinue as a going concern. Disclosure exemptions The Charity ha5 taken advantage of the following disclosure exemptions in preparing these financial statements as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland (al No cash flow statement has been presented for the company. Judgements and key sources of estimation uncertainty Estimates and judgements are continually evaluated are based on hislori¢al experien¢e and other laclors. inclLJding expectations of future events that are believed lo be reasonable under the circumstances. 11
The Institute for Orthodox Christian Studies Company Llmited by Guarantee Notes to the Financial Statements (tontsnu Year ended 31 August 2023 Accounting policies itt>ltrfinu• Fund accounting General funds are unreslricled funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designatèd for other purposes. Restricted funds are funds which are lo be used in accordan with spe¢rfi¢ restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specrfic fund. The aim and use of each restricted fund is set out in the notes to the financial stalemenls. Incoming resources All income is recognised On the Charity has enlillemenl lo the income, il is probable that the income will be received and the amount of income receNable can be measured reliably. Donated services or facilities are recognised when the Charity has control over the item. any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Charity of the item is probable and that economic benefit can be measured reliably_ On reipl, donated professional servi$ and donated facilities are recognised on the basis of the value of the gift lo the Charity which is the amount the Charity would have been willing lo pay lo obtain services or facilities of equivalent economic benefit on the open market.. a corresponding amount is then recognised in expenditure in the period of reipt. It would nomally be the policy lo recognise Gift Aid recoverable on donations at the lime such donations are made. However. the decision has been taken lo recognise Gift Aid recoverable, when the Claims are finalised and submitted. Other income is recognised in the period in which il is receivable and to the extent the goods have b&n provided or on completion of the service. Resources expended Expenditure is recognised where there is 8 leg81 or conslruclive obligation to transfer economic benefrt to a third party, or where il is probable that such a transfer will be required and the amount quanlrfied with reasonable certainty. An exception is the amortisation of the lease which is done by a slraighl line depreciation although the terms of the lease provide specific break dales and detemine amounts recoverable if the lease Is lerminaled. A distinction is drawn between costs payable to third parties in respect of tuition or university fees. and the general adminislralion costs of the Institute (including staff salaries). No allempl has been made to attribute part of such salaries to the leaching a¢livilies of the staff. Governance costs are those incurr& in connection with compliance with conslitulional and stslulory requirement5. 12
The Institute for Orthodox Christian Studies Company Limited by Guarantee Notes to the Financial Statements Year ended 31 August 2023 Accounting policies (continued) Tangible assets All assets costing more than £1.000 are capilalised. Library acquisitions are seen as a resource and are shown as an expense as there is no caprtal value attributed. Dèpreciation Tangible fixed assets are carried at cost, nel of depreciation and any provision for impairment. Depreciation is provided at rates calculated lo write off the cost of fixed assets, less their estimated residual value. over their expected useful lives on the following bases.. Short leasehold propety Fixtures and fittings Slraighl line over 15 years 25°/o Straight line Impairment of fixed assets A review for impairment of a fixed asset is Carried out if events or Changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their iecoverable amounts are recognised as impaiments. Impairment losses are recognised in the Stslemenl of Financial AGlivilies Incorporating Income and Expenditure Account. Financial in$trumants The Charty only has financial assets and financial liabilities of a kind that qualify as basic financial instiurnenls. Basic financial instruments are initially recognised at transaction value and subsequently measurèd al their selllement value. Debtors Trade debtors and other debtors are recognised al their selllemenl amount due after any discounts. Prepaymenls are valued at the amount prepaid nel of any trade discount due. Creditors and Provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer ol funds to a Ihird party and the amount due to sellle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised al their settlement amount afler allowing for any trade discounts due. Dgfinèd contribution pension plans Contributions lo defined contribution plans are recognised as an expense in the period in which the related Servi is provided. Prepaid contributions are recognised as an asset lo the exlenl that the prepayment will lead lo a reduction in future payments or a cash refund. 13
The Institute for Orthodox Christian Studies Company Llmlted by Guarantee Notes to the Financial Statements (conlinuetQ Year ended 31 August 2023 Accounting policies {¢ontlnued) Limited by guarantee The Charity Is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. Donations and legacies Unreslricled Funds Restricted Total Funds Funds 2023 Donations Donations received Royalties 79,441 860 9.694 89,135 80.301 9,694 89,995 Unreslricled Funds Reslricled Total Funds Funds 2022 Donations Donations recewed Royalties 97,499 56 97,499 56 97,555 97,555 Invèstment incorne Unreslricled Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest re1vable 717 717 116 116 14
The Institute for Orthodox Christian Studies Company Limited by Guarantee Notes to the Financial Statements {¢oniAnued} Year ended 31 August 2023 Expenditure on charitable activities by activity type A¢livilies undertaken directly Support Total funds costs 2023 Tolal fund 2022 Direct theologal education Support staff Property and administration Govemance costs 34,112 149,661 58,047 34,112 149,661 58,047 612 54,298 135,721 52.287 611 612 241,820 612 242,432 242,917 Net expenditure Nel expendtture is slated after ¢hargingll¢reditingl'. 2023 2022 Depreciation of tangible fixed assets 22,384 22,383 Independent examination fees 2023 2022 Fees payable lo the independent examiner for". Independent examination of the financial statements 611 611 10. Staff costs The average head count of employees during the year was 412022.. 31. The average number of full-time equivalent employees during the year is analysed as follows.. 2023 2022 Number of staff No employee received employee benefits of more than £60,000 during the year12022". Nill. 11. Trustee fvmuneration and expenses During the yeai, no Trustee received remuneration 12022 £Nill for their services as Trustee. Payments were made to one12022 - two) Trustee for services as a Distance Learning Tutor, which totalled £1,89012022 - £4,510). During the year, no Truslee received reimbursement of expenses 12022- £Nil). 15
The Institute for Orthodox Christian Studies Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2023 12. Tangible fixed assets Short leasehold FixluTes and propety fittings Total Cost At 1 September 2022 and 31 August 2023 Depreciation Al 1 September 2022 Charge for the year At 31 August 2023 Carying amount At 31 August 2023 Al 31 August 2022 275.QOO 32,656 307,656 25,972 18,334 20.506 4,050 46,478 22,384 44,306 24,556 68,862 230,694 8,100 238,794 249,028 12,150 261,178 13. Debtors 2023 2022 Trade deblois Prepayments and accrued income Gift aid lax recoverable Advance ase payments 3,080 868 2,327 62.917 580 913 4,766 67,917 69,192 74,176 Included in advance lease payments is the sum of £62.917 12022 £67,917) relating lo the payment made to Wesley House, Cambridge lor the setvice charges of a 15 year lease commencing 1 sl April 2021. where the annual charge is £5,000 per year. 14. Creditors: amounts falling due within one year 2023 2022 Trade creditors Accrua15 and deferred income Social security and other taxes 1,102 29.334 3,630 6,071 32,481 3,650 34,066 42,202 15. CTrditors- arnounts falling due after more than on8 year 2023 2022 Deferred income- The Laing Charitable Trust 153,098 165,265 16
The Institute for Orthodox Christian Studies Company Limited by Guarantee Notes to the Financial Statements (¢orJtinuedJ Year ended 31 August 2023 15. Creditors: amounts falling du8 aftèr moro than one yoar {¢onUnue The balance of an initial granl of £182,501 advanced by The Maurice & Hilda Laing Charitable Trust towards the refurbishment of 31 Jesus Lane. The grant will be allocated as income in equal instslments over the term of the 15 year lease. which commenced 1 April 2021. 16. Pensions and other post-retirement benefits Defined contribution plans The amount recognised in incomè or expenditure as an expense in relation lo defined contribution plans was £7,26212022.. £8,2621. 17. Analysis of charitable funds Unrestricted funds At 1 September 2022 At 31 August 2 023 In¢ome Expenditure General funds 439,888 148,685 {242.4321 346,141 Al 1 September 2021 Al 31 August 20 22 Income Expenditure General funds 487,972 194,833 1242,9171 439,888 Restricted funds At 1 September 2022 At 31 August 2 023 Income Expendilure Orthodox and Ecumenical Studies Lectureship 9.694 9.694 17
The Institute for Orthodox Christian Studies Company Llmlted by Guarantee Notes to the Financial Statements (¢OlJfin(ye Year ended 31 August 2023 Orthodox and Ecumenical Studies Lectureship Durin9 the year the Charity laun¢hed an appeal for funds lo endow a lectureship in Orthodox and Ecumenical Studies. £9,694 was iaksed in response lo this appeal in the period 1 September 2022 31 August 2023. 18. Analysis of net assets beeen funds Unrestricted Funds Restricted Total Funds Funds 2023 Tanglble fixed assets Current assets Creditors less than 1 year Nèt assÈts 238.794 294.511 134.0681 499.239 238,794 304,205 134.0681 508,933 9,694 9,694 Unre51ricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Credilois less than 1 year Net assets 261,178 386,177 142.2021 343,975 261,178 386,177 142.2021 605,153 19. Related parties There are no rèlated paty transactions in the year that required disclosure. 18