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 Insti￿te 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 cU￿entlY 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 re￿ntlY 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 Chu￿hes? 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 re￿IVed 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 AC￿vItieS
(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 ex￿eded £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
can￿rn 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 COn￿rn.
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 re￿ipt, donated professiona1 ServI￿S 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 se￿1￿.
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 ne￿Ork 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 ne￿Ssary. 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 Se￿iCe
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