Company Registered number.. CE027122 Charity number. 1196453 THE METROPOLITAN KALLISTOS FOUNDATION CIO UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025
THE mETRoPOLAN KALLISTOS FOUNDATION CIO CONTENTS Page Reference and Administrative Details of the Charity, Ils Trustees and Advis8rs Trustees, Report Independent Examinerfs Report Statement of Financial ActDiilies Balance Sheet Notes to the Financial Statements 8-14
THE METROPOLITAN KALUSTOS FOUNDATION CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JANUARY 2025 Tr[tee5 Mr Simon Jennings, Trustee Mrs Frances Jenn,ing8, Tru8tee Very Rev ProfessorAndrew Louth, Very Rev Stephen Platt, Trustee Very Rev Professor John Behr {appoint8d 20 October 20251 Very Rev DrAle8 Torrance lappoint8d 20 Odober 20251 Company registered number CE027122 Charity registar8d number 1198453 HMRC Gift Aid refprence ZD31973 Registgrod offico 18 Watwick Street Oxford OX41SX Accountants Fletcher & Partners Crown Ch8mber8 Bridgè Street Salisbury SPI 2LZ Bankgr8 Lloyds Bank plc 25 Gresham Slregt London EC2V 7HN Pag8 1
THE METROPOUTAN KALUSTOS FOUNDATION CIO TRUSTEES. REPORT FOR ThE YEAR ENDED 31 JANUARY 2025 The Trustees present their annual report together with th¢ financial slalements of the Ch9rity for the year to 31 January 2025. The Annual Report serves the purposès of both a Trusl&88' report 8nd a directors, report undor company law. The Trustees ¢onfirm that the Annual Report and financial slal8m&nts of the charitable incorporat8d organisalion comply with Ib.8 current slatulory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice ISORPI applicable to charitie8 preparing their accounts in accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 l&ffective 1 January 20191. Objoctlves and activities Polic[85 and Obj11¥05 Under the constitution dated 8 November 2021 tho objects ol the Charitablè Incorporated Organisation are thè advancement of the Orthodox Christian Religion and of education in the Orthodox Christian theological tradition for the public benefit through,, 11 Establishing a library lo consist initially of the books, papèT8 and personal memorabllia of Melropolilan Kalllslos of Diokleia, lo promote research into his Ilfe, theological writings and spiritual works and maintaining the same as a libr8ry for the continuing study of the Orthodox Christian Religion in particular. 21 Providing theological leaching and courses in the Orthodox Christian R@ligiDn. 31 Promoting and sponsoring lectures, seminars and conference8. 4} Providing scholarships to assist those studying subjects relevant lo the Orthodox Christian Faith. 51 Co-operating with ostablishing and sUPPOrting higher educational institutions engaged in leaching and research in or relevant to the Orthodox Chris118n Faith, In setting objectives and planning for actlvilies, the Trustees have given due wn5ideration to general guidance publl$h¢d by th¢ Charity Commi83ion relsting to public benefit, including tho guidan¢o 'Publio b¢n¢fil.' running a charity IPB21', b. Actlvities undertaken to achl8vo objoctlves Vvhilst Ihg estate of The Metropolitan Kalll810s is stlll In administration the trustees are considering where his library of books and documents might be housed permanently and are looking into funding to enable th8 $slablishm@nl of a library in Oxford. The Iruslees have had initial meetings with other int8resled parties and have con8idered preliminary drawings. Th&y hope shortly to be in a position lo investigate planning requirements. During the year, the trustees Considered sponsoring the publication of a catalogue for an exhibition in Corfu in conjunction with the Rothschild Foundation (who were lo provide funds). Unfortunately, th? promoters had lo withdraw. Vvilh the agreement of the Rothschild FoLJndation an amount was paid to the publisher to reflect CO8ls incurred and the balance was rèpaid to the Rothschild Foundation. Page 2
THE MEfROPOLITAN KALLISTOS FOUNDATION CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR NDED 31 JANUARY 2025 Achievements and performance Flnanelal rèvièw a. Golng eoneÈm The TTuslees have a roasDn8bl& expectation that thè Charity has adequate resource8 to continue in operational existence for the foreseeable future. Forthis reason, they continuo to adopt the going concèrn basis in preparing the inancial statements. Furth&r details regarding the adoption of the going concern basis can be found in the auntIng policies. b. Rg¥grves policy The trustees will not undertake any commilrnents in relation to a physical library unless funding has bn 8ssured, sufficient lo cover expected costs of any conlraclual obligation and would expect to retain sufFicient liquid funds in addition, lo cover 6 months of u8n8ral running c081s. Financial position The trustees expe the value of the residuary estate ol Melropolilan Kallislos Ib8quaath@d lo the Foundalionl lo amount 10 81 least £1,2QO,000, snd an interim distribution of £400,000 cash was released during the year. The nel movement in funds this year after charges for dÈpreci8tion and support fees amounted lo £27,695. Structurg, govornance and management a. Constitution The Metropolitan Kallislos Foundation CIO is a Charita? Incorporated Oiganisalion and was found6d under ils constitution dated 8 November 2021. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees whD 8r@ elected and Co-opted under the tems of the con81ilution. Apart from the initial trustees, each of whom is appointed for a specified term, every appointed twslee musl be appointed for a Igmi of three years by resolution passed al a properly Conven meeting of Iruslee8. Trustees who have come lo the end of their 3-year term may land In fact have been) reappointed. In selecting individuals for appointment as Iru8tees, the trustees must have regard lo the skills, knowledge and experience needed for the effectlve adminislralion of the CIO. Every trust@@ musl be 8 member of the Orthodox Church in good standing. Page 3
THE METROPOLITAN KALUSTOS FOUNDATiON CIO TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JANUARY 2025 Statsment of Trustgos, responsibilities The Trustees are responsible for preparing tha Trustee8' Report and thè financial 8talements In accordance with applicable law and Unit8d Kingdom Accounting Stsndards IUnit8d Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees lo prepare financi81 stat&ments for each fin8n¢i81 y8ar. Under company law, the Trustees must not approve the financial slalem8nls unless they are satlsfied that they give a true and fair view of the slate of affairs of the Charity and of 118 incoming resources and application of resources, including its Income and expenditure. for Ih8t period. In pr8paring Ih$s& financial 81atemenls, the Trustees are required to.. select suitable accounting policies and then apply them ¢onsislontly', observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimalos that are reasonable and prudent., stale whether applicable UK Awounling Standards IFRS 1021 have been followed. subjèct to any material departure8 disclosed and explained in the fi'nancial slalements., prepare the fin8ncial slalemenls on the going concern basis unless It Is inappropri8te lo prosurne that the Charity will continue in business. The Trustees are responsible for keeping ad8qusII8 accounting records Ihat ar8 sufficient lo show and explain the CharTty's transactions and disclose with reasonable accuracy al any time th6 financial position of the Charily end enable Ihgm to 8nsur@ that th@ financial statements comply with the Companies Act 2006. Th6y are also responsible tor safeguarding the assets of the Charity 9nd hence for taking reasonable stops for IhF pr&venlion end detection of fraud and othor Irregularities. Approved by order of thg members of the board of Trustees on and3 ne on their behalf by.. Mr mon Jennings Page 4
THE MEfROPOLITAN KALLISTOS FOUNDATION CIO INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JANUARY 2025 Independent Examiner's Report to the Trust•o$ of The Metropolitan Kallistos Foundation CIO I'th8 Charfty'l I report to the charity Trustees on my examinaOn of the accounts of the Charity for the ye8r ended 31 January 2025, Responslbllltlos and Basis of Rèport A8 the Trus160s of the Charity (and ils directors for the purposes of company lawl you are responsiblè for the preparallon ofthè accounts in accordance w(Ih the requirements of the Compsnies Act 20061'lhe 2006 Arf}. Having satisfied myself that the accounts of the Gharity are not required lo be audited undei Part 16 of th8 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's a¢counls carried out under Section 145 of thè Chartlies Act 2011 I'the 2011 Acl'l. In carrying out my examination I have followed the Directions gNen by the Charity Commission undor section 145{5llbl of the 2011 Act. IndoP9ndgnt Examlngr's Statsment I have completed my examlnation. I conffrm that no matters have come to my 8ttsntion in connection with the examination giving me cause to believe,. acGour,ting recoTds w8re not kept in re8pect ot the Charity as required by section 386 of the 2006 Act.. or the accounts do not accord Vth those records., or thè aocaunts do not comply with the accounting requirements of $¢ction 398 of tho 2006 A¢t othor than sny requirerllent that the accounts give a 'tW8 and fairf viaw which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended PractlC8 for accounting and reporting by charities lapplicable lo charities proparing their accounts in accordance with the Financial Reporting Stsndard applicabl& in th@ UK 8nd Rapublic of Ireland IFRS 102}1. I have no concerns and have come across no other matters in Gonnection with the examination to whlch atlentlon Should be drawn in this report in order lo enable 8 proper understanding of the accounts lo be rea¢heol, This report is made solely to th@ Charit18 Trustees, as a bocty, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has be&n undertsken 80 that I might slate lo the Charity's Trustees those matters l arn required lo slate to them in an Independent Examiner's Report and for no other purpose. To th& fullasl extent perrnitt&d by law, I do not accept oi assume responslbllity to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated.. Page5
THE MErR0POLAN KALLISTOS FOUNDATION CIO STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JANUARY 2025 Unrestrlcted funds 2025 Restrlcted funds 2025 Total funds 2025 Total funds 2024 Note Income from.. Donations 8nd18gaa8S 18,860 18,860 374 Investment income, royalties and interest 30,401 30,401 Totsl Income £30,401 218,860 £49,261 £374 Expendlture on Ch8rilable activities 2,706 18,860 21.566 1706 £2,706 £18,880 £21,566 £1 706 Net movement in funds £27,695 7,695 £1, 193,162 Reconclllatlon of funds Total funds brought forward 1,193,162 1,193,182 Net movement in funds 27.e95 27,695 1, 193, Y62 Net movement in funds £1,220,857 £1,220,857 £1, 193, 162 The Statement of Financial Activities includes all gains and losses recognized in the year. The notes on page5 8 10 15 form part of these financial statements. P8g@ 6
IHE METROPOLITAN KALUSTOS FOUNDATION CIO BAL4NCE SHEEr AS AT 31 JANUARY 2025 Noto 2025 2024 Flxed assets Tanglble as8et8 56,682 57.888 Currènt assets Deblorg Cash al bank and in hand 10 12 760,196 405,479 1,165,675 1,139, 700 374 1,140,074 Cr8ditor8'. amounts failing due within one year 11 (1.500) (4,800) N&t current assets 1.165.675 7,135.274 Total assets less currènt liabilitres 1,220,857 1.193.162 Total net assets £1220.857 193 162 Charity funds Restricted lunds Unrestricted funds 13 13 1,220,857 1,193,162 Total fund8 £1,220 857 £1193 162 The Charity was entitled to exernption from audit under section 477 of the Companies Act 2QO6. The members have not requirod the company to obtain an audit forth6 year in question in accordance with section 476 of Companigs Act 2008. on Jennings otes on pages 8 to 15 fomi part of Ihese financial statements. Page 7
THE MEfROPOLrrAN KALLISTOS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY2025 G8n9ral Infomiats'on The charty is a Charitable Incorporated Organisalion incorporated in England and Wales, Ihe registered office is 8 Warwick Street. Oxford OX14 1SX. Accounting pollclos 2.1 Basis of preparatlon of flnancial statemènts The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting 8nd Reporting by Charities.. Stslemenl of R&commended Practice applicabl8 lo charities preparing Iheiraccounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reporting S18ndard applicablo in the UK and Republic of Ireland IFRS 1021, The Melropolilan Kallistos Foundation CIO meets the definition of a public b@n8fil entity under FRS 102. Assets and liabilities are initially recognised at hisloTical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Income All incorne is rècognised once the Charty has entillemenl to the income, 11 is probable that the income will be received and the amount of inGome receivable can be measured reliably. The re¢ognilion of income frorn leg8Clgs 1$ d8pendent on 8Stablishing enlitlemenl, the probability of r8C@ipl and the ability to eslirnate with sufFi¢ient accuracy the amount receivable. Evidence of entitlement ttr 8 l&gacy exists when the Charity ha8 sufficient evidence that a gift has been left lo them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the ox6culor is sallsfied Ih8t the propety in question will not be required lo satisfy claims in thè estate. Rèceipt of a legacy musl be recognised when il is probabl@ that il will b8 received and the fair value of the amount receivable. which will generally be the expected cash amount lo be distributed to the Charity, can be reliably measured. 2.3 Expenditure Expenditure is rocognised on¢e there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benethls will be required in selllement and the amount of the obligation ¢an be measured reliably. Expènéilure 18 classified by activity. The costs of each activity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activlty are allocated dlreclly to that activity. Shared costs which contributè to more th8n one activity and support costs Nvhich are not 8ttribulable lo a single activity are apportioned between those activities on a basis ¢onsist@nt with the use of resources. Central staff costs are all(Kated on the ba815 of lime spent, 8nd ctepwcialion charyes allocated on the portion of the asset's use. Expenditure on Charitable 8Ctivities is incurred on directly undertaking the actlvities which further the Charity's objectlves, as well as any associated support Gosts. All expenditure is inclusive of irrecoverabla VAT. Page 8
THE mETRoPOLAN KALLISTOS FOUNDATION CIO NOTES TO THE FINANCIAL sTATEmEs FOR THE YEARENDED 31 JANUARY 2025 A¢¢ountlng policies (continued) 2A Tangible ffxed assets and dpprpGlatlon T?ngible fixed assets are initially re¢ognised at $1. Tangible fixed assets received as a part of a legacy 8r8 initially r8cognised al th&ir valu81ion for probate which is deemed to be the cost. After recognition. under the c081 model, tangible fixed assets are measured at cost less accumulated depreciatiDn and any accurnulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be included in the mèasurem8nt of cost. Depreciation is charged so as lo sllocate the cost of tangibl& fixed assets less IheiT residual value over their estimated useful lives. Depreciation is provided on the following basis.. Books and periodicals 20A Straight line 2.5 Debtors Trade and olh&r dèbtors are recognised al the settlement amount after any trade discount offered. Prepaymonts are valuod at the amount prèpaid net of any trade discounts due. 2.6 Cash atbank and In hand Cash at bank and in hand includes cash and short-temi highly liquid investm6nts with a short maturity of three months or less frorn the dale of acquisition or opening of the deposit OT similar account. 2.7 Liabilities and provisions Liabili11gs are recognisgd whon there is an obligation al the Balance Sheet date as a result of a past event, il is probable that a Ir8nsf8r of economic benefit will be required in settlement, and the amount of thè settlement can be estimated reliably. Liabilities are rocognised al the amount that the Charity anticipates il will pay lo soltle the debt or the amount il has received as advanced payments for th6 goods or services It must provide. Provisions are measured at the best estimate of tho amounts required lo settle tho obligation. Where the effe¢l of the lime value of Money is material, the provision is based on the present valLre of those amoun18, discounted al the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities gs a finance co81. 2.8 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not b8en designat&d for other purposes. During the year a grant was received from the Rothschild Foundation towards the costs of publication of an catalogue of an éxhibition in Corfu. The proje¢l had lo be cancelled and funds were either paid to the publicist to cover costs incurred Iwilh the agreement of the Rothschild Foundation) or returned ID the Rothschild Foundation. These transactions have been accounted for as Restricted Funds. Page 9
THE MErR0POLAN KALLISTOS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Unrestricted funds 2025 R8Strlcted Funds 2025 Total funds 2024 Incomè from donatlons and legacles Donations and grants 18,860 324 Investment Income Bank interest Royalties 5,686 5,686 £30 401 £30 401 Analysis of expenditure on charltable actlvltles Charitable activities Depreciation and support cost8 18,860 2,7C £2,7C £18,860 £2,706 Activities undertaken directly 2026 Support costs 2024 Total Funds 2024 Analysis of expenditure by activities Depreciation Governance costs 1,206 1,206 1,500 £2,706 £1,206 £1,500 2025 2024 Independent examlner's rBmuneration Fees payable lo the Charity's independent examiner for the independent examination of the Charity's annual accounts 1,200 1,200 Fees payable to the Charity's independent examiner in respect of all other servicos not included above 300 300 Page10
THE MEfROPOLrrAN KALLISTOS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 Tntstees, remuneraOn and expenses During the year, no Trustee recelved any remuneration or other benefits12024-£NIL} During the year ended 31 Janu8ry 2025, no Trustee expenses have been incurred12024- £NILI Books & perlodicals 2025 Books & periodlcal8 2024 Tanglble fixed assets Cost or valuation At 1 February 2024 At 1 February 2025 60,300 60,300 60,300 60,31)0 Depreciation Al 1 February 2024 Charge for tho yosr Al 31 January 2025 2,412 1,200 1,206 1,206 At book valu¢ Al 31 January 2024 (20231 Al 31 January 2025120241 £57,888 £56,682 £59,094 £57,888 Pag8 11
THE MErR0POLAN KALLISTOS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31 JANUARY 2025 2025 2024 10. Debtors Due wlthin one year Other debtors 760,196 £760,196 1 159,700 £1, 139, 700 Creditor&: Amounts falling due wtthln ono year Trade creditors Accruals and deferred income 3,300 £1,500 £4.800 12. Flnanclal instrurnents FlnancSal assets Financial assets measured at fair value thrDugh income and expenditure £325,087 £374 Financial assts measured al fair value through income and expenditure comprise cash at bank Page 12
THE METROPOLITAN KALLISTOS FOUNDATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2025 16. Related party transactions The Charity h8s not énlared into any re181ed paty transactions during the year, nor are there ny outstanding hal8nces owing bee¢n related parties and the Charity at 31 January 2025. Pag8 13