COMPANY REGISTRATION NUMBER: 03785551 CHARITY REGISTRATION NUMBER: 1076519 The Institute for Orthodox Christian Studies Company Limited by Guarantee Financial Statements Year Ended 31 August 2024
The Institute for Orthodox Christian Studies Company Limltsd by Guarantee Trustses, Annual Report (incorporating the Director8, Report) Year ended 31 August 2024 Paga Trustees, annual report (incorporating the directors, report) Independent examineffs report to the trustses Statement of financial activities (including income and expenditure account) Balance sheet 10 11 Notes to the financial statements 12
The Institute for Orthodox Christian Studles Company Llmitad by Guarantee Trustees, Annual Report (incorporatlng the Dlrectors, Report) Year ended 31 August 2024 Reference and adminlstratlve details Dlrectors and Trusteès H.E. Archbishop Nikitas of Thy8teira & Great Britain (co-opted on 22 February) H.E. Silouan (Oner), Metropolitan of the Britistt Isles and Ireland V Revd Archpriest stephen T R Platt (Chairman) Dr John R Binns (Vice Chairman) V Revd Archpriest David Lowell V Revd Archpriest Dr John Jillions Revd Dr Demetrios Bathrellos Revd Dr Brandon Gallaher Dr Adrian Pabst Simon Jennings (Treasurer) Gladys K Bland Sebastian Kcga Dr Michael Basham Dr Elizabeth Theokritoff Secretary Dr Razvan Porumb Prlnclpal Father Dragcs Herescu Represenlatlve of the Cambridge Theological Fedemtion Vacant Cornpany registered number 03785551 Charity registered number 1076519 Registered office Wesley Hcuse 31 Jesus Lane Cambridge CB5 8BJ Accountants Bidwells LLP Bidwell House Trumpington Road Cambridge CB2 9LD Independent Examlner lan W Shipley FCCA Prentis and Co LLP 115c Milton Road Cambridge. CB4 1XE
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directorsy Report) Year onded 31 August 2024 The Directors (who are also referred to as "Trustees") present their annual report together with the financial statements of The Institute for Orthodox Christian Studies ("the Charity or the I nstitute ) for the year ended 31 August 2023, The comparatives show information for the year ended 31 August 2022. Since the Charity qualifies as a small company under sectlon 383, Companles Act 2Q06, the strategic report required of medium and large companies under The Companles Act 2006 (strateglc Report and Directors Report) Regulations 2013 is not required. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION The Charity is inccrporated as a company limited by guarantse (Reglstered Number 03785551) whose Memorandum and Articles of Assoclation were adopted on 2 March 1999, and have been amended subsequently, most recently cn 20 May 2Q23. The Charity is registered as a charity with the Charity Commission (Charity number 1076519) The principal objects of the Charity are to advance religious and theological education, especially for members ofthe Orthodox Church. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the Charity is the responsibility ofthe Board of Directors ( the Board ). The Directors are appolnted at General Meetings of the Charlty, or co-opted during the course of the year, The office of Presldent is currently vacant. There is also provision in the articles for two representatives to be nominated by the Cambridge Theological Federation (CTF), who would be entitled to attend Board Meetings, but not to vote. The CTF has not nominated any representatives for some years. ORGANISATIONAL STRUCTURE AND DECISION MAKING A Memorandum of Agreement adopted as part of the Articles of Association at an Annual General Meeting, held on 21 June 2008, provides for delegation of day-to4ay management to the Principal, supported by an Executive Committee comprising the Chair, the Principal and the Treasurer. During the period covered by these Accounts, the Executive Committee has functioned efficiently, largely by keeping in touch by email and over the telephone, consulting each other and reaching decisions that way on an almost weekly basis. The organisational structure of the Charity is regularly reviewed. Proposa15 for changes in structure may be proposed by a working paty and considered by the Board in the course of the comlng year. OBJECTIVES AND ACTIVITIES . POLICIES AND OBJECTIVES The principal object of the Charity is to advance religlous and theological education, especially for members of the Orthodox Church. The Directors confirm that they have referred to the Charity Commission's general guidan on public benefit when reviewing the Charity's aims and objectives and in planning future activities.
The Institute for Orthodox Christian Studies Company Limitsd by Guarantee Tru8ts08' Annual Report (incorporatlng the Dlrectors, Report) Year ended 31 August 2024 ACHIEVEMENTS AND PERFORMANCE FINANCIAL ASPECTS The charity had a surplus of £10,893 for the year (2023.. deficit of £84,0531- At the end of the year the reserves of the charity stood at £366,728 comprising unrestricted reserves of £330,034 and restricted reseNes of £36.694 {2023', total reserves £355,835 comprising restricted reserves of £9694 an unrestricted reserves of£346,141) The institute has been significantly more active in the past year organislng three events geared towards ftjndraising and increased visibility of IOCS. Consequently, it has achieved greater fundraising success- raising £215,051 in the past year compared to £90,000 the year before. Fundralsing remains a priority for IOCS, and the directors realise that the future of the Institute depends on increasing the base of both regular and exceptional donor8, With the alm of eradicating the annual deficit and instead building up an endowment to enable future growth. Increasing the level of donations goes hand in hand with increasing the number of students Although finances have been stabillzing, the most pressing concern remains accommodation. Wth the lease agreement with to be terminated in June 2025 (followlng Wesley House moving out of their traditlonal premises on Jesus Lane, an effort needs to be made to relocate the Institute to another 'hub' in the Federation le.g Wesffield House, Ridley Hall etc) but one that would be both academically and financially viable. The Institute will get back from Wesley (under the terms of the Lease) the amount due on early termination (c £153,000 plus a part of the advance seNice charge) and that will provlde some funds towards funding our future accommodation needs. REVIEW OF ACTIVITIES CHARITABLE ACTIVITY Tre Institute was formed in 1999 and formally recognised and blessed in May 2012 by the Pan-orthodox Episcopal Assernbly Bishops for Great Britain and Ireland, whc appointed the Institute's first President, Metropolitan Kallistos of Diokleia. The Instite maintains its links to Orthodox hierarchs, and we are pleased to welcome to the board His Eminence Archbishop Nikitas of Thyateira and Great Britain, to join HE Metropolitan Silouan. The Chairman, Fr Stephen Platt, represents His Grace Bishop M8tthew of Sourozh, and the Principal and Vice Principal provide a close link to the Romanian Patriarchate and the Charity aims to offer opportunities to all who are interested in the history, doctrine and culture of the orthodox Church. The Charity operates for the purposes of promoting theological education and knowledge of the doctrines, history and practices of the Orthodox Church at all levels, from pre university training, through Bachelors, and Master of Arts degrees, up to doctoral qualifications. Through its Distance Leaming programmes it makes its teaching resources available in English to students world-wide, who undertake 0-year courses taught via a web-based leaming platform. It encourages Its staff 8nd visiting lecturers to allow material to be broadcast through the American internet Orthodox broadcaster, Ancient Faith Radio, It promotes its activities and encourages ecumenical co-operation through membership of the Cambridge Theological Federation and offers public lectures, which are generally free to participants, as well as an annual international Conferen available to participants at an accessible cost. Through its own website the Institute makes available worldwide, and again free of charge at present, videos of lectures on topics of general interest given by majar Orthodox speakers at its Conferen and at study days throughout the year. The catechetical course which it has produceé, THE WAY, is widely used by churches in the English-
The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directors, Report) Year ended 31 August 2024 speaking world, has been adopted for adult catechesis throughout the Patriarchate of Romania, and is currently being translated under episcopal sponsorship for use in Greece, MAJOR DEVELOPMENTS AND CHALLENGES Relocation cf the Institute frcm 31 Jesus Lane in 2025. The departure of the I nstitute from 31 Jesus Lane in 2025 is now certain as VVH have sent an official notice. WH will vacate their current premises on Jesus Lane by the end of June 2025. However, the bursar of Jesus College (the new owner of the premises) has told the Principal that IOCS will not have to move out so quickly (or at all) as the building at 31 Jesus Lane is not currently useful to Jesus College. Even so, efforts have been made to find a new location at one of the colleges in the Federation, so that the Institute secures a place to go, should Jesus College change their mind. The obvious options are Wesffield House {the Methodist College) and Ridley Hall (one of the Anglican colleges), with the former currently more attractive due to the affordable pricing. However, negotiations are still tsking place with Ridley Hall. Sub5tBnt181 support from the Gerald Palm8r Eling Trust. The Institute has received £25.000 from Gerald Palmer Eling Trust who have committed to a further £25,000 in 2025. Mr James Gardiner. the Trusvs Chair, reiteratsd in conversation with the Principal the Trusys cornmitment trj continuing their financial support of IOCS in the coming years. Support from Westminst8r Abbey. The Dean and Chapter of Westminster agreed a grant of £25,000 towards the IOCS 25th anniversary lectureship appeal (amount which will be shown in next year's accounts). This has been received as a rnajor endorsement for the Institute and for its ecumenical mission, and it come5 With the promise of continued collaboration and connection with the Abbey in the future. IOCS 25 y6ars, IOCS organised three Successful events to celebrate its 25th annlversary. Celebrations started with a fundraising event at Westminstsr Abbey on , by kind pemiission of the Dean. This event was hosted by HE Archbishop Nikitas and His Grace Prof Rowan Williams. The second event took place at Southwark Cathedral in London on 3 August, on the theme of 'Experience the Christian Orthodox Tradition.. An Ecumenical Encounter,. This was a joint event with Southwark Cathedral lebrating the activity and ecumenical contribution of IOCS, and speakers included His Eminence Archbishop Angaelos, Father Dragos Herescu, Revd Dr John Binns (Visiting Professor IOCS), and renowned iconographer Aidan Hart. The third event celebrating our anniversary was entitled '25yrs of Generous Orthodoxy, and took place at Westminster College in Cambridge on 30 November 2024. This event attracted more than 70 people, with featured guests and speakers.. renowned actor Sir David Suchet, Archbishop Angaelos, IOCS founding Principal Revd Prof John Jillions and doctoral alumnus Jeremy Ingpen. Judging by the increased level of donations these three events had an impact, although perhaps not quite as high as expected. Renewed str8tegic thinking about the future of IOCS. As the I nstitute celebrated 25 years of existence. the Directors have recognised the need for retlection on the question 'Vthat is IOCS going to look like I be in the next 25 years?, Issues like Board composition, purpose of IOCS, strategy for fundraising and recruitment need to be addressed, so the Directors decided to meet physically for a retreat to discuss these issues in a spirit of prayer and cooperation. His Eminence Archbishop Nikitss, one of the DireGtors, has kindly offered to host such a retreat in London In March 2025.
The Institute for Orthodox Christian Studies Company Limited by Guarantae Trustees, Annual Report (incorporating the Directors, Report) Year ended 31 August 2024 EDUCATIONAL DEVELOPMENTS Anglia Ruskin Llniversity.. MAS In September IOCS admitted five new MA students, while seven students continue thelr studies and will complete their degrees in Septsmber 2025. However, one of them is cUentlY inter-mittlng due to health issues and another one will probably withdraw from the course because of his work situation. This means that we currently have ten students actively studying on post%raduate level. Two students are enrolled for the MA in Contemporary Faith and Belief in the Global Context, nine for the MA in Spirituality East and West, and one for the MA in Ghaplaincy and Pastoral Csre. On the Principal's initiative, the Institute is planning to contribute an Orthodox module to the MA in Chaplaincy and Pastoral Care in 2025126, called Looking East. Chap18incy and pastoRI theology in the orthodox tradition. The new module proposal first needs to be approved by the Federatlon and Anglia Ruskin University. Dr Razvan Porumb will be the module leader. There is evidence that both ordained and non4)rdained Orthodox Christians may be interested in this course. not least because this degree is aGcredited by the UK Board of Healthcare Chaplains (www.ukbhc.org.uk). The course will be of great value for Orthodox Christians worklng as chaplains in hospitals or prisons. Anglia Ruskin Univer8fy." MPhiVPhD Eight IOCS students are enrolled for doctoral studies. The Institute also holds regular online PhD seminars. Three IOCS PhD students have rentlY been awarded their doctoral degree: Joseph Matlak, The Eucharist and the Married Priest in the Eastern Christian TraditlDn' supervised by Razvan Porumb and Augustine Caslday., Jeremy Ingpen, Olivier Clément's Theology af the Face. The Human Face as Opening to the Kingdom; supervlsed by Elizabeth Theckritoff and Fr Michael Plekon., Calum Samuelson, superwised by Dr Ralph Lee and Dr Daniel Assefa. IOCS Certificate Distance Learning Programm8 (In-house Pmgrdrnme) 59 students are enrolled for the IOCS in-house course, but 18 of them are currently intermitting. Online course/module (postgrdduats level)." IOCS is planning to alsc offer some of its MA modules to 'external' students who can follow an parlicip8te in the MA modules without being enrolled in one of the MA Programmes. These modules are part of the Institute's MA in Spirituality East and West and the MA in Contemporary F8ith and Eelief in the Global Context {taught by IOCS and the Cambridge Theological Federation and awarded by Anglia Ruskin University). The modules offered as stand-alone courses will be.. Myst8ry of Love, Chnstianity and Ecolcgy and Life in Liturgy.. The Spiritual Traditions of the Chnsti&n East. ACADEMIC I FUNDRAISING EVENTS 24th June 2024." 25th Anniverssry Celebration, Westminster Abbey, London. To celebrate its 25th anniversary the Institute for Orthodox Christian Studies in Cambridge organized fundraising event at Westminster Abbey in London, courtesy of the Dean and Chapter of the Abbey. We are very grateful for the support and involvement of the Very Reverend Dr David Hoyle KCVO MBE, Dean of Westminster and of the Reverend Dr James Haw-key, Canon Theologian and Almoner. The lebratiOn was kindly hosted by Archbishop Nikitas of Thyateira and Great Britain (Trustee of IOCS) and The Rt Rev'd and Rt Hon Dr Rowan Williams, Baron of Oystermouth (former Archbishop of Canterbury)
The Institute for Orthodox Christian Studies Company Limitsd by Guarantee Trustees, Annual Report (incorporating the Directors, Report) Year ended 31 August 2024 3rd August 2Q24.' IOCS Outreach Event at Southwark Cathedral, London. Experience the Christian Orthodox Tradi(ion.' An Ecumenical Encounter. Speakers: His Eminence Archbishop Angaelos (Coptic Archbishop cf London), Revd Dr John Binns (Visiting Professor IOCS), Aidan Hart (iconographer and Research Associate of our Institute) and Father Dragos Herescu (Principal IOCS). Collaboration between IOCS and St Andrews Encyclopaedia of Theology fSAET). A gocd encyclopaedic coverage of Eastem Orthodoxy within the SAET will create an open ac-cess resource of considerable value tc Orthodox educational initiatives around the logical traditions end in our current rouné of ccmmissioning, we intend to provide greater depth to the representation of distinctively Eastern Orthodox theological perspectives. Dr Christoph Schneider and Dr Razvan Porumb contributsd two articles.. Divine Energies, Christoph Schneider., Orthodox Pastoral Theology, Razvan Porumb 16th October 2024.. Dr Jeremy Ingpen, Th8 Face as Icon, the Face as Encounter with the Divine Pr8sence.' Olivler Clément'8 theology of the f8ce, Wesley Houselzoom 23rd October 2Q24.' Dr Christine Chaillot, Vvhat future for the dialogue between the East6rn orthodox and Oriental Orthodox Chuhes? Wesley Houselzoom 25th-29th November 2024: Iconography 5-Day Workshop, led by Joseph Craveiro, Wesely House 30th November 2024.. IOCS 25th Anniversary Celebration.. 25 yrs of Generous Orthodoxy - Cambridge event. Speakers.. Revd Dr John Jillions, His Eminence Archbishop Nikitas of Thyateira and Great Britain, Sir David Suchet, Archbishop Angaelos of the Coptic ArGhdioce8e in London, Mosaic Choir, Westminster Ccllege, Cambridge 1 December 2024: Publication of Nicolae Steinhardys, The Joumal of Joy. Thls is the first authorized English translation of an important work of Romanian theology and literature, This English verslon, whlch features over 1,400 ft)ctnotes is the product of a large team of enthusiastic people. IOCS Vice-Principal, Dr Razvan Porumb, wrote the Foreword as well as contrlbuting substantially to scme of the footnotes and occasional revisions. PhD online Seminars 2024/25 Wednesday 9th October 5-6 pm (BST) Tyler Shattuck (PhD candidate, IOCS) Aquinas, Athos, and Adam.. An Eastern Ascetical Reading of Thomas Aquin8s' Life Thursday 7th November 5-6 prn (GMTI.. Dr Razvan Porumb (Vice-Principal, IOCS), Existential Ecumenism Thursday 5th December 5-6 prn (GMTI.. Jenny Palmer (PhD candidate, IOCS), Armenian Chuth History. Glan and Gountry," Shaping the Am7enian Church STAFF ACTIVITIES All three staff members continue to be Involved In both teachlng and administration activities for IOCS as well as in the CTF (teaching at both graduate and pcstgraduate level).
The Institute for Orthodox Christian Studies Company Limited by Guarant88 Trustees, Annual Report (Incorporating the Directors, Report) Year ended 31 August 2024 TRUSTEES, POLICIES & RESPONSIBILITIES . RESERVES POLICY The Institute recognlses that income form course fees is inadequate to fund the Costs, and an inherent deficit will always need to be covered by fundrdising, It is grateful to its base of regular donors and grant making trusts, which allow it some assurance of donatlons of c 150,000, and is encouraged by the increased financial support it has reIVed over the last year. It will maintain its efforts to increase the range and total of donations and grants. It recognises the need for a reseNe policy and is committed to maintaining free reserves of no less than 6 Months expenditure on stsff and education costs equating to £113,000. b RISK ASSESMENT The Trustees, Garry out regular assessments of risk, both financial and social. They have reviewed their policies towards safeguardlng and vulnerable students and believe that processes are adequate to protect those with whom the Institute comes into contsct. They monitor the financial position carefully and, as noted, have established a reserves pollcy cf maintaining sufficient to cover a ye8r's antlClP8ted expenditure. They have reviewed and updated thelr policies on due diligence for significant donations. They are aware of the Institute's need forsecure Song-term accommodation and are liaislng with members of the Cambridge Theological Federation to ensure that alternative arrangements for long-tem and stable accommodation are identified in so far as that proves possible. It is recognised that the need to secure stable accommodation is, alongside the ever present need to fund the Institute's aGtivities, the most serious issues facing the Institute.
The Institute for Orthodox Christlan Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directors, Report) Year ended 31 August 2024 TRUSTEES, RESPONSIBILITIES STATEMENT The Directors (who are also Trustees of Charity for the purposes of charity law) are responsible for preparing the Directors, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Cornpany law requires the Directors to prepare financial staternents for each financlal year. They must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period, In preparing these financial statements, the Directors are required to. select suitable accounting policies and then apply them consistently,, cbserve the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inapprcpriate to presume that the charitable company will continue in operation. The Directors are responsible for keeping aéequate accounting e0rdS that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company ané enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hen for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In preparing this report, the Directors have taken advantage of the small companies, exemptions provided by section 415A of the Companies Act 2006. eport was approved by the Directors on and signed on their behalf by.. i Y Thi on Paul nings Treasurer
The Institute for Orthodox Christian Studies Company Llmited by Guarantee Staternent of Financial ACvItieS (including Income and expenditure account) Year 8nded 31 August 2024 I report to the charity trustees cn my examination of the accounts of the Company for the year ended 31 August 2024. Responsibilities and basls of report As the charity's trustees of the Company (and also its directors for the purposes of ccmpany lawl you are responsible for the preparation of the accounts in accord8nce with the requirements of the Companies Act 2006 {'the 2006 Act'i. Having satisfied myself that the accounts of the Company are not required to be audlted undgr Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity'5 accounts as carried out under section 145 of the Charlties Act 2011 {'the Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Indepandent examlnevs statement sIn the charitable company's gross income exeded £250,000 your examiner must be a memb6r of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Accountants, whiGh 18 one of the listed bodies I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving rne Gause to believe". 1. accounting records were not kept in respect of the Company as required by section 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 requirements of section 396 of the 2006 Act other than any requirement that the accounts glve a 'true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordan with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have na concerns and have come across no other rnatters 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.. ) Gkn.f* lan W Shipley FCCA Prentis and Co LLP 115c Milton Road Cambridge, CB4 1XE iY"T-- The notos on page9 12 10 21 fomi part of these Ilnanclal statèments.
The Institute for Orthodox Christian Studies Company Lirnited by Guarantee statement of Financial Activities (including income and expendituro account) Year ended 31 August 2024 2024 Restricted funds Total fund8 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activitles Investment income 123,816 115,598 752 S1,235 215,051 115,596 752 89,995 67,667 717 Total Income 24D,164 S1,235 331,399 158,379 Expendlture Expenditure on charitable activities Total expenditure 254,244 66,262 32Q,506 242,432 254,244 86,262 320,506 242,432 Net incomo11oxpenditure (14,080) 24,973 10,893 (84,053) Transfers between funds (2,027) 2,027 Net movement in fund8 (16,107) 27,000 10,893 (84,053) Reconciliation of funds Total funds brought forw8rd Total funds carried fonKard 346.141 9,694 36,694 355,835 439,888 330.034 366,728 355,835 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tho not88 on pagos 12 to 21 fomi part of these financial Statomgnts. 10
The Institute for Orthodox Christian Studies Company Lirnited by Guarantee statement of Financial Position (continued) 31 August 2024 2024 2C23 Nota Fixed assets Tangible fixed assets 12 216,411 238,794 Current assets Debtors Cash at bank and in hand 13 164,178 183,792 347,970 69,192 235,013 304,205 Credltors: amounts falllng dua wllhin one year Net current a58et8 14 56,722 291,248 507,659 34,oe6 270,139 Total assets1888 curront Ilabllltle8 508,933 Creditors: amounts falling due afler mor8 than one year Nat assets 15 140,931 153,098 366,728 355,835 Funds of Ihe charily Restricted funds Unrestricted funds 36,694 330,034 366,728 9,694 346,141 355,835 Total charlty funds 17 For the year ending 31 August 2024 the chanty was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit cf its financial statements for the year in question in accordance with section 476, The directors acknowledge their responsibilities for complying with the requirements of the Actwith respect to accounting records and the preparation of financial statements. These financial ststements have been prepared in accordance with the provisions appllcable to companies subject to the small companies, regime. hese financyi statements were approved by the board of trustee5 and authorised for Issue on and are signed on behalf of the board by.. VRev Archpriest stephen T R Platt Chairman The notes on pages 12 to 21 fomi part of those financial 8tstements. 11
The Institute for Orthodox Christian Studies Company Llmlted by Guarantee Notes to the Flnancial Statements Year ended 31 August 2024 General Informallon The charity is a publlc benefit entity and a private company limited by guarantee, registered in England and Wales and a registered Charity in England and Wales. The adéress cf the registered office is 31-32 Jesus Lane, Cambridge, Cambridgeshire, CB5 8BJ, England. statement of compllance These financlal statements have been prepared in Complian with FRS 102, 'The FinanGial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 1Q2)) and the Companies Act 2006. Accountlng poll¢Ses Basls of preparatlon The financial statements have been prepared on the historical cost basis, as modified by the revaluation of rtain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the ftjnctional currency of the entity. Going concern It is recognised that, in common with many charities, the charity's ability to continue as a going canrn in the mediurn term is dependent on fund raising. In the immediate term, the directors believe there are sufficient funds available to continue as a going COnrn. Disclosure exemptions The Charity has taken advantsge of the following disclosure exemptions in preparing these fin8ncial statements a5 permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of IreSand (a) No cash flow statement has been presented for the company Judgements and kgy sources of estlmation uncertainty Estimates and Judgements are continually evaluated are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 12
The Institute for Orthodox Christian Studies Company Limited by Guarantee Notss to the Financial Statsments (cgntinued) Year ended 31 August 2024 Accounting pollcles (continued) Fund accountlng General funds are unrestricted fijnds which are available for use at the discretlon of the Trustees in fijrtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific 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 specific fund. The aim and use of each restrlcted fund is set out in the notss to the financial statements. Incornlng re8ource8 All incorne is recognised once the Ch8rity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Donated services or facilities are recognised when the Charity has control cver the item, any conditions associated with the donated item have been met, the recelpt of economic benefit from the use of the Charity of the ifiem is probable and that economic benefit can be measured reliably. On reipt, donated professiona1 ServIS and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services Dr facilities of equivalent economic benefit on the open marl(et', a corresponding amount is then recognised in expenditure in the period of receipt. It would normally be the policy to recognise Gift Aid reGoverable on donations at the time such donations are made. However, the decision has been taken to recognise Glft Aid recoverable, when the claims are finalised and submitted. Other Income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the se1. R8source8 expended Expenditure is recognised where there is a legal or constructive obligation to transfer economic benefit to a third party, or where it is probable that such a transfer will be required and the amount quantified with reasonable rtainty. An exception is the amortisation of the lease which is done by a slraight line depreciation although the tems of the lease provide specific break dat88 and deterrnine amounts recoverable if the lease is terrninated. A distinction is drawn between costs payable to third parties in respect of tuition or university fees, and the general administration costs of the Institute (including staff salaries). No attempt has been made to attribute part of such salaries to the teaching activities of the staff. Govemance costs are those incurred in connection with compliance with constitutional and statutory requirernents. 13
The Institute for Orthodox Christian Studies Company Llmlted by Guarantee Not88 to the Flnancial Statements fcontlnuod) Year ended 31 August 2024 Accountlng pollcies (cDntlnuedJ Tangible a8set8 All assets costing rnore than £1,000 are capitalised. Llbrary acquisitions are seen as a resource and are shown as an expense as there is no capital value attributed. Depreclatlon Tangible fixed assets are carried at cost, net of depreciaticn and any provision for Impairment, Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases.. Short leasehold property Fixtures and fittings straight line over 15 years 250k straight line Impairment of fixed as8et8 A review ft)r 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 beiween the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losse8 are recognlsed in the Statement of Financial Activities Incorporating Income and Expenditure Account. Flnancial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments, Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Debtors Trade debtors and otherdebtors are recagnised at their settlement amount due aflerany discounts. Prepayments are valued at the amount prepaid net of any trade discount due. Creditors and Provisions Credltcrs and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of fvnds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Defined contrlbutlon penslon plans Contrlbutions to defined ccntribution plans are recognised as an expense in the period in which the related is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refuné. 14
The Institute for Orthodox Christian Studies Company Llmited by Guarantee Notes to the Financlal Statements (continued) Year ended 31 August 2024 Accountlng pollcl68 (contlnuedj Limited by guarantee The Charity is a cornpany 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. Donatlons and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donatlons Donations received Rcyalties 123,5g4 222 91,235 214,829 222 123,816 91,235 215,051 Unrestricte Funds Restricted Total Funds Funds 2023 Donations Donations received Royalties 79,441 9,694 89,135 860 80,301 S,694 89,995 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 B8nk interest receivable 752 752 717 717 q5
The Institute for Orthodox Chrlstlan Studies Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 August 2024 Expendlture on charltable actlvltles by actlvlty type Activities undertaken dlrectly Support Total lund8 costs 2024 Total ftjnd 2Q23 Direct theological education Support staff Property, adminlstration and publicity Research ané events Govemance costs 61,666 141,303 53,821 63,031 61,666 141,303 53,821 63,031 685 34,112 14g,e61 58,047 685 612 319,821 685 320,506 242,432 Net Incomel(expendlture) Net Incomel(expenditurel is ststed after chargingl(crediting)'. 2024 2023 Depreclation of tangible fixed assets 22,383 22,384 Independent examlnatlon fees 2024 2023 Fees payable to the independent examlner for., Independent examination of the financial stalements 685 611 10. Staff costs The average head count of employees during the year was 5 (2023.. 4). The average number of full-time equivalent employees during the year is analysed as follows- 2024 No. 2023 No. Number of staff Nc employee received employee benefits of mcre than £60,000 during the year {2023.' Nil). 11. Trustee remuneration and expensos During the year, no Trustee received remuneration (2023 - £Nil) for their services as Trustee, Payments were made to one Trustee {2023 - one) for services as Distance Learning Tutor, which totalled £2,790 (2023-£1,890). During the year, no Trustee received reimbursernent ofexpenses (2023 £Nil). 16
The Institute for Orthodox Christian Studies Company Lirnited by Guarantee Notes to the Financial Statements fcontlnuedj Year ended 31 August 2024 12. Tanglblg fixed a8set8 Short leasehold Fixtures and propety fittings Total Cost At 1 September 2023 and 31 August 2024 Dèpreciation At 1 September 2023 Charge for the year At 31 August 2024 Carylng amount At 31 August 2024 At 31 August 2023 275,QOO 32,656 307,656 44,306 18,333 24,556 4,05Q 28,606 68,862 22,383 62,639 g1,245 212,361 230,694 4,050 216,411 8,100 238,794 Short Leasehold Property Additional information regarding a Post Balance Sheet Event is disclosed in Note 19, regarding the termination of the lease. 13. Debtors 2024 2023 Trade debtors Prepayments and accrued income Gift aid tax recoverable Advance lease payments 30,000 66,719 9,542 57,917 164,178 3,080 2,327 62,917 69,192 Included in advan lease payments is the sum of £57,917 (2023 - £62,917) relatlng to the payment made tc Wesley House, Gambridge for the service charges of 8 15 year lease commencing 1st April 2021, where the annual charge is £5,000 per year. 14. Credltors: amounts falllng due withln one year 2024 2Q23 Trade creditcrs Accruals and deferred income Social security and other taxes e,976 44,813 4,933 1,102 29,334 3,630 56,722 34,066 17
The Institute for Orthodox Christian Studies Company Limited by Guarantse Notes to the Financial Statements (continued) Year ended 31 August 2024 15. Credltors. amount6 falling due after more than ono year 2024 2023 Deferred income - The Laing Charitable Trust 140,931 153,098 The balance of an initial grant of £182,501 advanced by The Maurice & Hilda Laing Charitable Trust towards the refurbishment cf 31 Jesus Lane. The accounting policy adopted has been to allocate this in equal instalments over the term of the 15 year lease which commenced on 1 April 2021. However, attention is drawn to Note 19 'Post Balance Sheet Events,. 16. Pensions and other post retlrement benetlts Defined contrlbutlon plans The amount recognlsed In Income or expenditure as an expense in relation to defined contribution plans was £10,4g912023, £7,262). 17. Analy818 of charitable funds Unrestrlcted funds At 1 September 2023 At 31 August 2024 Income Expenditure Transfers General funds 346,141 240,164 (254,244) (2,027) 330,034 At 1 September 2022 At 31 August 2023 Income Expenditure Transfers General funds 439,888 148,685 (242,432) 346,141 18
The Institute for Orthodox Christian Studies Cornpany Llmited by Guarantee Notes to the Financlal Statements {continuedJ Year ended 31 August 2024 17. Analysls of charftable funds (continued) Rfrstricted funds At 1 September 2Q23 At 31 August 2024 Income Expenditure Transfers orthodox and Ecumenical Studies Lectureship Professor of Music Celebratory Icon Consultant Research Administrator 9,694 9,694 57,285 3,950 (57,285) (5,977) 2,027 30,000 91,235 (3,000) {66,2621 27,000 36,694 9,694 2,027 At 1 September 2022 At 31 August 2023 I ncome Expenditure Transfers Orthodox and Ecumenical Studies Lectureship 9,694 9,694 9.694 9,694 19
The Institute for Orthodox Christian Studies Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 August 2024 17. Analy8is of charitable funds (continuedj orthodox and Ecumenical Studies Lectureshlp During the year ended 31 August 2023 the Charity launched an appe81 for ftjnds to endow a leGtureship in Orthodox and Ecumenical Studies. £9,694 w8s raised in response to this appeal. Professor of Muslc To fund the research and irnpact-rel8ted work stemming from the activities as Musical Directar of Cappella Romana, the USA-based vocal ensemble to include planning, creating, editing and dissemination of musical records, scores, and other publications. Celebratory Icon To facilitate the commission from Atdan Hart of a special icon to mark the 25th Anniversary of The Institute of Orthodox Christian Studies. Consultant Research Administrator To develop and expend the neOrk of Eastern Orthodox theologians as authors and reviewers contributing to The St Andrews Encyclopaedia of Theclogy and support other aspects Df the Encyclopaedia's work, as neSsary. The administratcrs work is funded by a donation of£30,DOO from St Andrews University, in August 2024. 18. Analysls of nel assets between funds Unrestricted Funds Restricted Total Fund8 Fund5 2024 Tangible fixed assets Current assets Credltor5 le5S than 1 year Net assets 216,411 311,276 156,722) 470,965 218,411 347,970 (56,722) 507,659 36,694 36,694 Unrestricted Fund5 Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 238,794 294,511 134,06e) 499,239 238,794 304,205 {34,066) 508,933 S,694 9,694 20
The Institute for Orthodox Christian Studies Company Lirnltsd by Guarantaa Notss to the Financial Statements (willnu8dJ Year ended 31 August 2024 19. Post balance Sheet events Termination of lease by landlord On 27 September 2024 a notice of termination was issued by Wesley House, Cambridge regarding the occupation of offices at 31 Jesus Lane, the effectlve date of termlnation being 30 June 2025. As at 30 June 2025 there will be a balan on short leasehold property in Fixed Assets of £197,083 and an advance lease payment relating to service charges of £53,750. Under the terms cf the lease The Institute of Orthodox Christian Studles is due to receive a compensation payment from the landlord of £153,541 towards the balan of £197,083. The payment of advance SeiCe charges will be refunded. Included in creditors falling due after one year in the Statement of Financial Position, is the balance of grant income from the Lalng Trust to facilitate the advance payments to Vvesley House, Cambridge. As at 30 June 2025 there will be an excess grant income balance of£130,792, which is not repayable to the Laing Trust on the termination of the lease and will be recognised as income in the year ended 31 August 2025. As a result ofthe termination of the lease the above transactions will realise net income of£87,250 in the year ended 31 August 2025. 20. Related partles There are no related party transactions in the year that required disclosure. 21