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 Ma￿h 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 practi￿8 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 ac￿Ssible 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 w0￿￿ng 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 be￿een
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 suc￿Ssful 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 inVo￿ed 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
Un￿rtainlY 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
Un￿Stride￿
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 CoMpan￿s, 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 re￿ipl, 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 re￿ipt.
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 re￿1vable
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 theolog￿al 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 be￿een 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