COMPANY REGISTRATION NUMBER: 03785551 CHARITY REGISTRATION NUMBER: 1076519 The Institute for Orthodox Christian Studies Cornpany Limited by Guarantee Financial Statements Year Ended 31 August 2025 The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directors. Report) Year ended 31 August 2025 Page Trustees, annual report (incorporating the directors. report) Independent examinerfs report to the trustees 10 Statement of finan¢tal activities (including income and expenditure account) 11 Balance sheet 12 Notes to the financial ststements 13 The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Directors. Report) Year ended 31 August 2025 Referencè and admlnistrativa datalls Dlrectors and Trustees H,E. A￿hbish0V Nikitas (Lulias) of Thyateita & Great Britain (Presidenti H.E. Silouan {Oner}, Mglropolitan of the Briiish Istes and IreL8nd H.E. Angaelos (Anbal. Coptic Archbishop of London (Co-opted on 10 October 2025) V Revd Archpriesl Dr John Jillions Ichaimian) Dr Sebastian Koga (Vice-chaimian) "Simon Jennings (Treasurer) Revd Dr Demetrios Balhrelbs Gladys K Bland R&vd Jonathan Colis {c￿Opted on 10 Octobèr 2025) Revd Dr Brandon Gallaher Dr Adrian Pabst V Revd Arehpriesl Stephen T R Platt Dr Elrzabeth Theokriloff Dr Michael Basham (Resigned 12 December 2025) Dr John R Binns (Resigned 26 May 2025> V Revd Archpriesl David Low811 {Resigned 10 Match 20251 Seerètary Dr Razvan Porumb Prlnclpal Father Dragos Her8scu Representative of the Cambridge Thgologlcal Federation Vacant Company registe￿d number 03785551 Charity registered number 1076519 Registered offi¢e Wesley House 31 Jesus Lane Cambridge CB5 8BJ Accountsnts Bidwells LLP Bidwell House Trumpinglon Road Cambridge CB2 9LD Indgp&ndent Examiner lan Wshipley FCCA Prenlis and Co LLP 115¢ Milton Road Cambridge, CB4 1XE The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the Dire¢tors' Report) Year ended 31 August 2026 The DireclDrs Iwho are also referred to as Irustees'} present their annual report together with the financial statements of The Institute for Orthodox ChrislBn Studies I'lhe Charity., or'lh? Inslilule") for the year ended 31 August 2025. The comparatives show information for the year ended 31 August 2024. Since the Charity qualffies as a small company under se¢tion 383, Compan*s Act 2006, the strategic report required of medium and large companies urKler The Companies Act 20(￿ (Strategic Report and Directors Report) Regulat￿n$ 2013 is not required. STRUCTURE, GOVERNANCE AND MANAGEMENT CONSTITUTION Thè Charity is incorporated as a company limited by guarantee (Registered Number 037855511 whose Memorandum and Articlès of Association were adopted on 2 March 1999. and have been amended subsequently, most recently on 18 May 2023. The Charity is registered as a chaiity with the Chatity Commission (Chaiity number 10765191. The principal objects of the Char(ty are lo advance religious and theok¥J￿1 educ8tion, est*cially for members of the Orthodox Church. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the Charty is the respon5ibilty ofthe Board of Directors I'the Board'l. The Directors are appointed at General Meetings of ihe Charty. or C(￿pIed during the course of the year. During the year under review. His Eminence Archbishq) Nikitas of Thyateira and Great Brrtain wag appointed President of Ihe Inslilule, and the Very Revd Dr John Jillions. the Institute's founding Principal. assumed the role of Chairman of the Board. Dr Sebastian Koga was appointed Vice-chairman. There is also provision in the articles for one represenlalive lo be nominated by the Cambridge Theological Federation ICTFI, who would be entitled lo attend Board Meetings, bul not to vole. The CTF has not nominated any representatives for some years, and the Princtpal has been tasked with securing the nomination of a representative to fill this vacancy. ORGANISATIONAL STRUCTURE AND DECISION MAKING A Memorandum of Agreement adopted as part of the Artides of Assockqtton at an Annual General Meeting, held on 21 June 2008. provides for delegation ofday-t¢>day management to the Principal, supported by an Executive Committee compnsin9 the Chaimian, the Vic&Chaimian, the Principal and the Treasurer. During the period covered by these Accounts. the Executive Committee has mel ev6ry two months and olhenNise functioned efficiently by keepiThJ in touch by email and over tha telephon@, consulting each other and reaching decisions that way on an almost weekly basis. The organisalional stnjcture of the Charity is JEgulady rewewed. In February 2026 the Directors gathered for a tsvo-day strategic retreat hosted by His Eminen￿ Archbishop Nikilas al Thyaleira House in London, al which the future direction. govemance aftd suslainabilrty of the Instr(ute were considered in depth. OBJECTIVES AND ACTIVITIES . POLICIES AND OBJECTIVES The principal object of the Charity is to advanee religious and Iheologlcal &Jucalion, especially for members of the Orthodox Church. The Directors confirm that they have referred to the Charity Commission's general guidance on publlc benefit when ￿VIewIng the Charity's aims and ot¥ecttves and in planning future ￿tivr(le$. The Institute for Orthodox Chrlstlan Studies Company Limited by Guarantee Trustees, Annual Report (incorporating the D1￿ctorS, Report) Year onded 31 August 2025 ACHIEVEMENTS AND PERFORMANGE FINANCIAL ASPECTS Total income for the y83r ended 31 August 2025 was £468,867, a subslanlial increase on the £331,399 recorded in the previous year. Donations and leg￿leS rose to £347,3S212024.. £215,051), refiecting both the continued generosity of regular supporters and a Signifi￿nt exceptional element of £129,279 arising in connection with the teTminaknon ol the Inslrtule's lease at 31-32 Jesu5 Lane. Income fr*)m chaTrfcable aclimties was £120,981 12024.. £115,596), and inveslment income contributed a further £484. Total expenditure for the year wa5 £454,00812024.. £320,506), the increase being18rgely acwunted for by inflation8ry pressures, the conclusion of the weS￿Y House lease. and an enhanc&J level of programmalio and fundraising acbvily. Stsff costs. comprising five employees and including wages. social security and pension contribub'ons: lotalled £218.42812024= £198,589). The Instrtute closed the year with a nel movement in funds of £14,849, and total fUr￿S carried foMard of £381,577 lof which £322,883 unrestricted and £58,694 restr￿ed1, representing a heamhy strengthening of the balanc8 sheet from the £368,728 brought forward at the start of the year. The Directors are encouraged by this result: and in particular by Ihe breadth of donor support that the Institute attracted ov&r the course of its anntver5ary and post-anniversary prDgrammeg. Fundraising nevertheless remains a priority, and the Directors recognise Ihat the long-term futurE of the Insifcute depends upon broadening th& base of both regular and exceplKJnal donors, with the ullimal8 aim of eliminating the stru¢tural annual defKit and building up an endowment sufficient to enable future growth. The Inslitulo continues lo receive eomm[il￿ annual support of approximately £150.000 from its base of regular donors and gTanl-making tnJsls_ Atthough finances have ￿ntInued lo stabilise, the question of long-term ￿COmModation remains the [r￿st pressing strategic concem. On 15 August 2025 the Instthrte's lease with Wesley House was fomally terminated, with the associated short leasehobj proFety written out ofthe accounts. The Inslilule currently enjoys a favourable arrangement wlLh Jesus Colkge which secures rts presence in central Cambridge until al least 2028, but a pe￿nanent base thereafter has yet to be idenltfied.11 is anticipated that rel£￿atiOn will increase annual acLommodation costs by some £25,000-£30,C()O, and together wrfch the recently completed staff salary review this is likely to generat8 an additional annual shortfall of between £45.0 and £50,000 which will need to be met through fundraising. During the year the Board also aldressed a historic cash conlrol matter relating to the Capella Romana subsidy for Professor Lingas"s salary, which had resulted in a temporary expc)sure of approximately £65,000. The majority of this 8um has been recovereil. with approximatety £15,OM Still oulstsnding al the lime of writing. REVIEW OF AcnviTIES CHARITABLE ACTtVlTY The In51ilLrtè was formed in 1999 and fomalty reeognised and blessed in May 2012 by the Pan-orthodox Episcopal Assembly Bishops for Great Btitain and Ireland, who appointed the Instfcute's first President. MetroF)olilan Kallistos of DiokFeia. The Institute maintains ils links lo Easlem Orthodox and Oriental Orthodox hierarchs, and we are pleased to welcome to the board His Eminents Archbishop Nikilas of Thyaleira and Great Britain and His Eminence Angaelos, COPI￿ Archbishop of London, lo join HE Metropolitan Silouan. The Charty operates for the purposes of promoting theolog￿al education and knowledge ofthe doctrines. history and practices of the Orthodox Church at all leveLs, from pre university training. through Bach8lors' The Institute for Orthodox Christlan Studles Company Limited by Guarantee Trustee5' Annual Report {inGorporating the Directors, Report) Year ended 31 August 2025 and Master of Arts degrees, up to doctoral qualrficabons. Through its Distance Leaming programmes il makes ils leaching resources available in English to students wodd-wide, who undèrtake tWO-y8ar courses laught via a web-based leaming platlonn. 11 encourages its staff and vi8iting lecturers lo allow material lo bé broadcast through th8 Am8rican inl8m8t orthodox broadcas18r, Anci8nl Faith RadiD. 11 promotes its activities and encourages eeumenical wperation through membership of the Cambridge Theological Federation and offers public lectures, which are generalty free lo parbcApanls, a5 well as an annual international conference aVaila￿e lo participants at an accessible cost. Through ils own website the Institute makes avaikble worldwKle, and again free of charge al prgsenl, videos of lectures on topics of general inl8r8St given by major Orthodox speakers at rts conferenc8 and at study days throughout the year. The catechetical course which it has produced. THE WAY: is widely used by churches in the English- speaking world, has been adopted for aduf( catechesis throughout thè Patriarchate of Romania, and is currently being translated under epi$￿PaI SponsO￿hlp for use in Gree￿. MAJOR DEVELOPMENTS AND CHALLENGES 1. Renewedgovemance and Strateg￿ d1￿ctiOn. The year under rewew signrficant developments in the govemance of the Insliiute, with the 8ppointrnenl of His Eminence Archbishop Nikitas as President, the Very Revd Dr John Jillions as Chaiman, and Dr Sebastian Koga as Vice-chairman. In February 2026 the Board convened a ￿o￿aY strategic retreat al Thyateira House in London, hosted by His Eminence. which addressed questions of long4erm vision, board composition, fundraising strategy, and the Institute's position within the wider orthodox and Cambridge academic landscapes. The Directors recognised the need for the Board to include more members with business acumen, financrdl expertise and resources, lo achieve 8 healthier balance between academics. cterics and laypeopk, and to includ& greater fèmale representation. 2. Accommodation post-2-5 December 2026, in partnership wff(h the Mona51ery of Sl John the Baptist in Essex, with the final day constituted as a pilgrimage to the Monastery. Forthcoming academ￿ events for the 2025126 year include.. 9 March 2026". Book launch of Ways of Seeing." Orthcthx Spi17tualify forourmodem Wortdby the Revd Dr Nevsky Everett. al Trinity Col*e. The Institute for Orthodox Christian Studies Company Limited by Guarantee Trust8es' Annual Report (Incorporating the Directors, Report) Year ended 31 August 2025 Thursday 19 Marth 2026.. Book launch at the Weolf Instrtute of Orthodox Chor8cgrnphies.' 8(wn(lari8s, Borders and M8teiFalrfyin je￿SaIe￿'S Old Cty IGorrJias Press, 2024}, by the Revd Dr Georg& Tsouros (Newcastle Univ8rsityl. Nicholas Philips (Woolf Instrfcutel. 30 Juno 2026.. Book launch of Union Without Confus￿n." CouncFls al￿ Chnstology Beyond the Chglcedonian Dwide (T & T Clark, 2026}. by Prof. Peter C. Bouleneff. wilh His Eminence ArGhbishop Angaelos. Monday f June 2026.. Lev Shestov Colloquium: Cambridge Theological Federalion, with contributions from Dr Kevin O'Donnell IMBITIIOCSI. Dr JeTemy Ingpen IIOCSI, Dr Marina Ogden (Universty of GksgownOCSI and Dr Christoph Schneider IIOCS). W8dnesd8y 3 Jun8 2026.. Onlin& tr￿( launch and ojnversation wilh Prof. Nikolaos Loudovik05 on his ngw book Analog￿a[ Identities.. 7he Creation of Ihe Chrrslffan Self, Volume 2 (Brepols, 2024}. 3-5 December 2026." IOCS Summer School at Westsninster Colkge, Cambridge. on the thème Monastic TTrd11￿n and Orthodox Theolcw Today. organised by Dr Elizabeth Theokritoff, and including a visit to the Monastery of Sl John the Baptist. Essex. The Theology and Philosophy Reading Group continues to IT￿t fortnvJhtly, and is currently engaged in the reading and discussion of Sergei Bulgakov's Unfading Light.. Conternptations and Sp￿ulatIOns (Eerdmans, 20121, to be followed by The Trage(ly of Philosophy (Angel￿0 Press, 2020). A Pan-orthodox Vespers seN¢e will be held on Saturday 28 February 2026 al Hagia Sophia, London, al 6.DOpm. wtth the Instrcule providing literature and malerials for those present. The Board also plans to establish the Cambridge dinner at Jesus College as an annual event, in order to foster local academic awareness and colLgboralion. STAFF ACTIVITIES All three staff members continue to be involved in both teaching and administration aclwrtv&s for IOCS a5 well as in the CTF (teaching at both graduate and postgraduate levell. They have also continued publishing studies in various theological joumals. TRUSTEES, POLICIES & RESPONSIBILITIES a. RESERVES POUCY The Instttute recognises that In￿Me from course fees 15 inadequateto fund ils costs. and that an inherent deficit will always need lo be covered by fundraising. It is grateful to its base of regular donors and grant- making Irusls, which provide some assuran￿ of aPpr0￿matelY £150.000 in assured annual incom8. and is encouraged by the increased level of support rece￿ed over the last year. 11 will maintain ils effi)rts to increase the range and total of donations and grants, and has Klenlified the cuhnialion of alumni and parish-based giving as particular priorities for the per¢od ahead. The Diredors recognise the need for a r&seNes policy and are committed to maintaining reserves of no less than six months, expenditure on staff ané education ￿sIs, equating to aPpr0￿ma1ety £110,000. Unrestricted funds at the year end of £322,883 comfortably ex¢eed this rninimum, providing a mèasure of short-lem) resilience whi18 strategic priorities around IDnTrlerrn accoThrrK>dation and endowment-building are addressed. The Institute for Orthodox Christian Studies Company Limited by Guarantee Trustees, Annual Report (incorporating tho Directors, Report) Year ended 31 August 2025 b. RISKASSESMENT The Tmslees, carry out regular assessments of risk, both financial and social. They have reviewed their policies towards safeguarding and vulnerable students and beli￿that pro￿SeS are adequate lo protect those with whom the Instii(Jle comes into contact. They monitor the financial position carefully and, as nDted, have established a reserves policy of maintaining sufficient to cover a years anticipated expenditure. They h8ve reviewed and updated their policies on due diligence for significant donations. They aTe aware of the Insllcule's need for secum long4emi accommodation and are liaising with members ofthe Cambridge Theolog￿￿1 Federation to ensure that allematNe arrangemenlsfor long-term and stsble accommodation are identified in so far as Ihot proves possible. 11 is recognised that the need to secure stable accoMr￿dati0n is, alongside the ever present need to funé the Institute's activities, the two most serious issues facing the Instilute. The Institute for Orthodox Christian Studies Company Limited by Guarantse Trustees, Annual Report (incorporating the Directors, Report) Year ended 31 August 2025 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 financial slatewnents in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generalty A￿pted Ac(xunting Practice). Company law requires the Directors lo prepare financial statements for eath f1nancial yaar. They must not approve the financial statements unless Ihey are satisfied that they gtve a true and fair view of the state of affairs of the Charty and of the incoming resourcos and application of resources, including the income and expenditure. of the Charitab￿ company for that period. In preparing these financial statements, the Directors are requir8d lo.. S8lect Suitab￿ 8ccounling policies and then apply them consistently: observe the methods and principles in th8 Charrbes SORP: make judgments and accounting estimales that are reasonable and prudent., prepare the financial sta18riients on the going concem basis unless it is inappropriate to presume that tho charilable company %wll continue in operation. The Director5 are responsible for keeping adequate accounting records that are sufficient to show and explain thè Ch8rity's tr8nsaclions and disdose w.th reasonab￿ accuracy al any time the financial position of the charttable company and enable them to ensure that the financial stalementg cornpty with th8 Companies Ad 200S. They are also responsible for safeguarding the a55ets of the Charity and hence for taking reasonable gleps for the prevention and detection of fraud and other irregularities. The Directors are responsible forthe maintenance and integrity olthe corporate and financial information included on the eharilable company's wèbsite. LegislatKJn in the un￿ed Kingdom goveming the preparation and dissemination of financial statements may drffer from legislatDn in olherjurisdiclion8. In preparing this report, Ihe Direelors have taken advantage ofthp small cofflpanies. exemptions provided by section 415A of the Companies Ad 20(￿. This report was approved by the Dlieclors on and signed on their behaw by: Sim nPau Jenning5 Treasurèr 2n& J-. 202L. The Institute for Orthodox Christian Studies Company Limited by Guarantee statement of Financial Activltles Ilncluding Income and expendilure account) Y8ar ended 31 August 2025 I report lo the charity Irust*s on my examination of the accounts of the Company for the year end 31 August 2025. Re5ponslbllltles and basls of report As the charity's trustèes of thg Company land also its direct¢)rs for the purposes of company law} you are responsible for the preparation of the aC￿unts in ac￿rdance with the requiremen15 of the Companies Act 2D061'the 2006 Act.). Having satisf￿d my8eW that the ae¢ounts ofthe Company are not required lo be audited under Part 16 of the 2006 Act and are e1￿ible for independent exarninalion, I report in respect of my examination of your charity's accounts as carried out under sKtion 145 of the Charitie5 Ad 2011 (the ACVI. In carrying out my examination I have followed Ihe Directions given by the Charty Commission under section 145151 (b) of the 2Q11 Act. In(lependent examinerfs statement Since the charitable companys gross income exceed￿4 £250.000 your examiner musl be a member of a body listed in section 145 of the 2011 Ad. I confirm that l am qualified lo undertake the examination because l am a member of theAsS￿Iation of Chartered Certs'fied Acwuntants, whith is one of th8 listed bodies I have completed my examination. I confim that no matters have come to my attention in eonneclSon with the examination gniing me cause to believe.. 1. accounling re￿rdS were not kept in respect of the Company a5 required by section 386 of the 2006 Ac( or 2. the aeeounls do not aceord with those records; or 3. the aeeounls do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the ￿CoUnt$ givp a Yrue and faiT view which is not a maller ￿nSidered as part of an independent examination,. or 4. the accounts have not been prepared in accordance wi(h the methods and principles of the Statement of Recommended Prath"ce lor accounting and reporting by charities lapplicable to charities preparing their aecounts in accordance with the Financial Reporting Standard applicable in the UK and R8public of Ireland IFRS 102)1. I have no concems and have corne across no other matters in connection wth the examination to which atlenb'on should be drawn in this ￿pOrt in order to enable a proper understanding of the accounts lo be reached. Signed.. lan W Shipley FCCA Prenlis and Co LLP 115c Milton Road Cambridge, CB4 IXE sr4l a. ZOZE. 10 The Institute for Orthodox Christian Studies Company Limitsd by Guarantee Statement of Flnanclal Actlvltles (Including Income and expenditure account) Year ended 31 August 2025 2025 Restricted nds Totsl funds Total funds 2024 Unreslrici ftjnds Income and endowments Donations and legacies Char5table aclimties Inveslmonl income 270.845 120,981 76,547 347,392 120,S81 484 215,051 115,596 752 Total incomè 392,310 76,547 468,857 331.399 Exp8ndlture Expenditure on tharitable actNitles Total expenditure 399.461 54,547 454,008 320,506 399.461 54,547 454.008 320,506 Not In¢ome and net movement In funds 17,1511 22.0￿) 14,849 10,893 Roconciliation of funds Total funds brought fo￿rd Total funds carri￿ forward 330.034 36,694 366.728 355,835 322.883 58,694 381,577 366,728 The stalemenl of financial 8Ctiwties includes all gains and losses rKognised in the year. Al income and expendf(ure denve from continuing aclivittes. The notes on pa￿9 13 to 23 fomi part of these flnanclal statemènt#. 11 The Institute for Orthodox Christian Studies Company Llmlted by Guarantee- Company number 03785551 Statement of Financial Position (conthue 31 August 2025 2025 2024 Fixed assets rangible fixed assets 12 218,411 Current assets Debtors Cash al bank and in hand 13 224,622 204.454 164,178 183,792 429,076 347,970 Credltors: amounts falllng due wlthln one yoar Not curr8nt assets 14 47,499 56,722 381,577 381,577 291,248 Total assets less current Ilabllttles 507,659 Credltors: amounts falllng due aftermore than one year Net a$s8ts 15 140,931 366,728 381,577 Funds of tho charlty Restricted funds Unrestricted funds 58,694 322,883 38,694 330,034 Total charfty funds 17 381,577 366,728 For the year ending 31 August 2025 the charity was ontitled to exemptK*n 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 audi( of il5 financial statements for the year in question in a￿ordanCe wrth section 476., The directors aCkn￿edge their ￿SponSIbl1￿1eSfOrC0mPtying wrth the requiiements ofthe Actwith respect to accounting records and the prepaf*h)n of financial statements. These financial statements have been prepared in accordance wi(h the provisions applicable to companies subject lo the small ￿MpanIeS, regime. These financial slalements were approved by the board of trustees and authorised for issue on . and are signed on behalf of the board by-. The Vory Revd Dr John Jillions Chairman The notss on paggs 13 to 22 form part of these flnanclal $1atements. The Institute for Orthodox Christian Studies Company Limlted by Guarantee Notes to the Financial Ststements Year ended 31 Augusl 2025 General Inforniatlon The charity is a public benefit entty and a private company limTted by guarante&, registered in England and Wales and a registered charity in Englan(l and Wale5. The gddress of Ihe regislerad offi¢e is 31-32 Jesus Lane: Cambridge. Cambridgeshire. CB5 8BJ, England. Ststsment of compllance These financial $18temenlg have been prepared in compliance with FRS 102, The Financial Rep￿tIng Standard applicable in the UK and the Republie of Ireland., the Statement of Recommended Practice applicabk to charities pr8paring their accounts in accL)rdance with th9 Financial Reporting Standard appluble in the UK and Republic of I￿ land IFRS 102) (Charities SORP IFRS 1021) and the Companies Act 20C6. Accountlng pollcl08 Ba81s of preparation Tha financial ststements have been prepared on the historical cost basis, as modified by the revaluab'on of certain financtal assets and Ikqbilities and investment properties rneasur8d al fair value through incom8 or 8xp8fHJilure. The financial statements are prepared In sterting. which is Ihe func￿n81 CUTrency of the entty. Golng concern It is recognised that, in common with rnany charities. the charity's ability lo continue as a going concem in the medium tern is dependent on fvrKI raising. In the immediate lem), the éireclors believe there are suffictent funds aVa1kb￿ to continue as a going concern. Disclo$ura gxgmptions The Chatity ha8 taken adv8ntsge of the following disdosure exemptK)ns in preparing these financial statements as permitled by FRS 102 Tr Financial Reporting Standard applicable in the UK and Republic of Ir@land lal No cash flow statement has been presented for the Lxmpany. Judgements and key soureès ol estlmation uneertalnty Eslimales and judgements are continually evaluated are based on historical experience and other factors, including expectations of future events that a￿ believed to b6 reasonable under the cirGumslances. 13 The Institute for Orthodox Christian Studies Company Limited by Guarantee Notes to the Flnan¢lal Ststements (coounued) Year ended 31 August 2025 AcCoUn￿ng pollcles (conllnue Fund accounting Genèral funds are unreslrictad funds which are available for use at the discretion of the TThstees n furtherance of the general objectNes of the Charity and which havo not been designated for other purposes. Restricted funds a￿ funds which ar6 to be used in accordance wth spe¢rf￿ 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 specnlc fund. The aim and use of each reslricled fund is set out in the notes to the financia] ststements. Incomlng resour￿$ All income is recognised once the Charity has entillement to the income, it is probable that the irtcome will be re￿iVed and the amount of income rewvable can k measured reliabty, Donated services or facilities are reccvJnised when the Charity has control ¢)ver the item, any condit￿n5 associated with the donated item have been mel, the re￿Ipl of economic benefit from the use of the Charity of the item is probable and tha 8conomic benefr( Can be m8asur8d r81iably. On ieceipt. donatad professional services and donated faaltties arè recognlsed on the basis of the Value of the gift lo the Charity which is the amount the Charity would have been willing to pay lo obtain 5erwces or facilities of eqU￿a￿nI economic b&nefii on the open maTk81', a corresponding amount is then remgni5ed in expenditure in the period of receipt. 11 would nonnally be the poticy to reeognise Gtft Aid recoverab￿ on donations at the time such éonalions are made. HDwever, the decision has been taken to recognise Gift Aid recoverable, when the claims are finalised and submitted. Other income is recognised in the period in whÉeh tt 15 receivab￿ and to the extent the goods have been provided or on Comp￿tion of the Se￿￿. Resources expended Expendtiure is re￿nised where there is a legal or constructive (knligalion to transfer economic benefit to a third paty, or where it is probable that such a transfer will be required and the amount quantified with reasonable ￿rtainty. An exception is the amortlsal￿Jn ol the lease which is done by a slfaighl line depreciation af(hr)ugh the terms ol the lease provide specific break dales and detemiine amounts recoverable rfthe lease is temiinated. A distinction is drawn betr￿en costs payab￿ to third parti8s in respect oftuilion or unNersity fees, and the general administration costs of the Institute (including staff salaries). No attempt has begn made lo attribute part of such salaries lo the teaching acb'vilies of the staff. Governan￿ costs are th[￿ incurred in connection wilh c¢)mpliance with ￿nstitut￿)nal and statutory requirements. 14 The Institute for Orthodox Christian Studies Company Limlted by Guarantee Notes to the Financial Statements (cofflrtlnuedj Year ended 31 August 2025 A￿o￿nting policles (¢t)nfrnutyd) Tangible assets All assets costing more than £1,LKID are c8Pitali5ed. Library acquisitions are seen a$ a resource and are shown a5 an expense and as such there is no capital valu8 attributed. Depre¢iatÈon Tangible fixed assets are carried at cost. nel of deprecralion and any provision for impaimienl. Depreciation 15 provided al rates calculated lo write off the cost of fixed assets, less their eslimaled residual value, over their expected useful Itves on the folkmng bases.. Short leasehold propety Fixtures ond fittings Straight line over 15 years 25% straight line Impaimient of fixed assets A review for impairment of a fixed asset 15 C8Tried out rf events or charTrges in Gircumstances indicate that th8 carying value of any fixed asset may not be recoverable. Shortfalls l)etween the carrying value of fixed assets and their r8coverabl8 amounts ar8 r&cognis8d as impaimi8nts. Impaimienl losses are recognised in the Statement of Financial Actiwlies Incorporating Income and Expenditure Awounl. Financial instruments The Charity only has financial assets and financial liabil￿eS of a kind Ihal qualify as basic financial instruments. B88ic finanual instruments are initially recognised at transaction value and subsequently measured al their settlement value. Deblo Tradedeblor$ arKI otherdebtors are reccKJnised attheirsettlementamountt1ue afteranydiscounls. Prapayments are valued at the amount prepahl net of any trade discount due. Cr8dilors and ProvisiorÈs Creditors and provisions are recognised where the chaiity has a present obligation resulting from past event that will probabty result in the lrnnsfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliabty. Creditors and provision5 are normally recognised al their settlement amount after alknving for any trade discounts du8. Defined contdbutlon pension plans Contributions lo defined contribution plans are rec(yJnised as an expense in the period in which the related service is provided. 15 The Institute for Orthodox Christian Studies Company Limited by Guarantee Notes to the Flnancial Ststements (conllnue Year ended 31 August 2025 Limited by guarantèè The Charty is a company limited by guarant￿. The members of the company are the Trustees named on page 1. In the evenl of the Charity being wound up, the liabilty in respect of the guarantee is limrted lo £1 per member of the Charity. Donatlons and legacles Unresbicled Funds Rastricted Total Funds Funds 2025 Donations Donations received Royalties 141.439 127 76.547 217,986 127 Other donations and legacies Exceptional incom8 from donations and legaaes 129.279 129,279 347,392 270.845 76,547 Unrestiicted Funds Restricted Total Funds Funds 2024 Donations Dgn*ions recèived Royallies 123,594 222 91.235 214,829 222 Other donatlons and legaclos Exceptional income from donations arKI *ies 123,816 91,235 215,051 Investrnent income Unrestricle(l Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank interest r￿1vable 752 752 The Institute for Orthodox Christian Studies Company Limitsd by Guarantee Notes to the Flnanclal Statements (conlthued) Year ended 31 August 2025 Expendlture on charltable actlvitles by actlvity type ACtiv[t￿S undertaken direcdy Support Total funds sts 2025 Total fvnd 2024 Direct theological education Support staff Propety. administration 8nd publiclty Research and events Governance wsls Exceptional cost of charitable activities 58.645 176.881 62,111 59.975 58,645 176,881 62,111 59,975 2,C￿7 94.389 61,686 141.303 53,821 63,031 685 2.007 94,389 452.001 2.007 454,008 320,506 Net Income and lotsl lunds carried foravard N8t income is stated after chargingllcrediting).. 2025 2024 Dtrpreoation of tangible ffi￿1 assets 4,050 22,383 Independent èxamlnation fees 2025 2024 Fees payable to the independent examiner for-. Independ8nl examination of the financial statements 1.300 10. Stsff costs Th8 total staff wsls and employee benefrts for the reporting period are analysed as follows.. 2025 2024 Wages and salaries Soual security costs Employer contributions to pension plans 193,536 14,D95 10,797 191,334 13,2441 1 D,499 218,428 198,589 The average head count of employees during tho year was 512024: 51. The average number of full-lime equivalent empk)yees during the year is analywj as follows.. 2025 No. 2024 No. Number of staff No employee rec8ived employee benefrts of more than £60.(XJO during the year12024'. Nill. The Institute for Orthodox Christian Studies Cornpany Llmlted by Guarantee Notes to the Financial Statements feonthue Year ended 31 August 2025 11. Trustee remuneration and expensgs During the year, no Trustee recewl remunetstiLM) 12024 - £Nill for their Servi￿S as Trustee. Payments were made lo one Truslee12024 - one) for semces a5 Distan￿ Leaming Tutor, which tolalled £5,40012024-£2.7901. During the year, no Trustee recewed reimbursement ofexpen5e$ 12024- £Nil), 12, Tangible fixed assets Short leasehold Fixtures an propety fittirkgs Total Cost Al 1 September 2024 Disposals At 31 August 2025 Depreciation Al 1 September 2024 Charge forthe year Disposals At 31 August 2025 Carrylng amount At 31 August 2025 Al 31 August 2024 275,000 1275,OCMJ) 32.656 307,656 {275,OQDI 32.656 32,656 62,639 28,606 4,050 91,245 4,050 162,6391 32,656 (62,6391 32,656 212.361 4,050 216.411 Short Leasehold Propety On 15 August 2025 the l&ase with Wesley Hous8 was t8miinaled. The cost of rent to this dale is reflected in propety, administration and public￿ costs. The excess cost ofthe lease after re￿Ipl of a landlord lemiination payment from Westy House is reflected as exceptional expenditure. 13. Debtors 2025 2024 Trade éeblors Prepayments and accrued incorne Gift aid tax recoverable Advance lease payments 30,000 68,719 9,542 57,917 217,622 7,IWO 224,622 164,178 Due lo the lenmination of the lease wtth Wesley House, the cost of service charge lo this date is shown under property. administrat￿n and publicty costs, with the excess cost reflected as exceptional expenditure. 18 The Institute for Orthodox Christian Studies Company Llmlted by Guarantee Notss to the Financial Statements Year ended 31 August 2025 14. Crodltors., amounts falling due within one year 2026 2024 Trade creditors Accruals and def8rre(J income Social securty and othèr tsxes 7,748 34.426 5.325 6.976 44,813 4,933 47.499 .722 15. Creditors: amounts falllng due after more than one year 2025 2024 Deferred income- The Laing Charitable TNSI 140,931 Due to the lemiinalion of the lea58wilh Wesley House. a proportionat donation has bean reflected lo the date of termina￿n, 15 August 2025. Tho balance of the initial grant is reflected as exceptional income. 16. Penslons and other post retirement benefts Deflned contribution plans Thè amc*unt recognis811 in income or 8xp8nditiJt8 as an expense in ielation to defined contribution plans was £10,797 £2024.. £10.499). 17. Analysls of charltable funds Unrestricted funds At 1 September 2024 At 31 August 2 025 Income Expendtiure Transfers General funds 330.034 392.310 {399,461) 322.883 At 31 August 20 24 1 September 2023 Income Expenditure Transfers General funds 346,141 240,164 1254,2441 (2,0271 330,034 19 The Institute for Orthodox Christian Studies Company Limited by Guarantee Notes to the Flnancial Statements {eonthu8d) Year ended 31 August 2025 17. Analysis of charitable funds {c￿LIrt￿¢￿) Restrlcted funds At 1 September 2024 At 31 August 2 026 Income Expendituie Transfers OrthcKlox and Ecumenical Studies L8clur8ship Professor of Music Celebratory Icon Consultant Research Administrator Sophrony Scholarship 9,694 25,OCKJ 41.547 34,694 141.S47) 27.000 (13,000} 14,000 10,000 10.0 36,694 76.547 (54,547) 58,694 At 1 Seplember 2023 At 31 August 20 24 Inecrfne Expenditure Transfers Orthodox and E¢umenical Studies Lectijreship Professor of Music Celebratory Icon Consultant ReSea￿h Adminislralor Sophrony Scholarship 9.694 9,694 57.285 3,950 (57,285) (5,977) 2,027 30.000 13,000) 27.000 9,694 91.235 {66.262) 2,027 36.694 20 The Institute for Orthodox Christian Studies Company Lirnited by Guarantee Notes to the Flnanclal Statements (￿11￿￿8￿) Year ended 31 August 2025 orthodox and Ecumenul Studies Lectureship During the year ended 31 August 2023 the Charty launched an appeal for funds to endow lectureship in Orthodox and Ecumenul Studies. Professor of Mus To fund the research arKI impacl-related worf( stemming from the activities as MLssical Director of Cappella Romana, the USA-based vocal ensemble to include planning. creating, editing and dissemination of musical records, scores, and other publutions. Celebratory Icon To facilitate the commiSs￿n from Aidan Hart of a special icon to mark the 25th Annivèrsary of The Institute of Orthtsdox Christian Studies. Consultant Research Administrator To develop and 8xpand the nefvth of Easlem Orthodox theologians as aulhors and reviewers contribuling to The Sl Andrews Encyckjpaedia of Theolc*Jy and support othef aspects of the Encyclopaedia's worf(, as necessary. The ￿MiniStratOrS work is fvnded by a donation of£30,DOO from St Andrew$ Universty, in August 2024. Sophrony Scholarship This fund is meant to partially sponsor research students exploring themes r8laled to St Sophrony's theology or lo mor& general the￿S of patri5bc theology. It is primarily meant lo cover 50VTr of 1 year of study at a time, with re-application required before every academic year. Exceptions lo this ru￿ can be sllowed ijepending on individual applicalion packs. 21 The Institute for Orthodox Christian Studies Cornpany LimTted by Guarantee Notes to the Flnanclal Statements (conthu8dJ Year ended 31 August 2025 18. Anatysis of net assets beiween funds Unrestrtcted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Net assets 370,382 {47,4991 322,883 58,694 429,076 147,4991 381,577 58,694 Unrestricted Funds Reslrithd Total Funds Funds 2024 Tangib18 fixed assets Current assets Creditors less than 1 y&qr Credrtors greater than 1 year Net assets 216.411 311,276 156.722} (140,931) 330.034 216,411 347,970 {56,7221 (140,9311 366,728 36,694 36,694 19. Related parttos There are no related party transactions in the year that required disclosure. 22