THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS {Registered Charity No. 245112 and Company No. 00538298) ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 tl,
THE FELLOWHIP OF ST ALBAN AND ST SERGIUS ANNUAL REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Annual Report of the Trustees Independent Examiner's Report 9-10 Staternent of Financial Activities 11 Balance Sheet 12 Notes to the Financial Statements 13-19
Page I THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their port and the independently examined financial statements of The Fellowship of St Alban and St Sergius (the "Fellowship" or 'the Charity"), for the year ended 31 March 2025. These have been prepared in accordance with the accounling policies set out in Note 1 and compliance within company and charity law. The cornparatives are for the year ended 31 March 2024. REFERENCE AND ADMINISTRATIVE DETAILS UK Charity Registration Number: 245112 Company Registratlon Number: 00538298 Reglstered Office: 1 Canterbury Road, Oxford OX2 6LU Directors and Trustees The following are the names of all of the offirS of the Charity who have served during the period and to the present time. The Counal members (but not the Patrons) senie as Directors and Trustees of the Charity. Patrons: Archbishop Nikitas of Thyateira & Great Britain Archbishop Elisey of the Hague and the Netherlands Metropolitan Job of Pisidia Archbishop Angaelos, Coptic Orthodox Archbishop of London The Rt Revd & Rt Hon Lord Chartres Dr Sebastian Brock The Right Revd & Rt Hon The Lord Williams of Oystermouth Councll Members: The Revd Dr Elizabeth D H Carmichael MBE The Very Revd Protopresbyter Dr lan P E Graham The Revd Dragos Herescu The Very Reverend Archimandrite Kyril M S Jenner The Very Revd Archpriest Professor Andrew Louth (ex officio, Editor, SobornostEastem Church8s Review) The Revd Canon Brian J Macdonald-milne The Revd Dr Christopher K W Moore The Revd Canon Gregory Platten (appointed 1211Z12024) Mrs Rebecca While Mr George D Woodman MBE The Revd Mark Woodruff General Secretary: The Very Revd Archpriest Stephen Platt (company employee) Treasurer: Miss Jekaterina Makuskina (consultant)
Page 2 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS ANNUAL REPORT OF THE TRUSTEES (continued FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS (continued) Bankers: Barclays Bank PO Box 333. Oxford OX13HS Banco Santander 2 Triton Square, Regent's Place, London NW13AN CCLA Senator House. 85 Queen Victoria Street London EC4V Investment Managers & Custodians.. Redmayne-Bentley LLP, Market Place House, 43 Market Place, Henley-on-Thames RG92AA Solicitors: Winkworth ShepNood Solicitors 2 Chawley Park Cumnor Hill Oxford OX2 9GG Independent Examiner: Mr Simon Jennings FCA TEP 18 WaNick Street Oxford OX4 1SX Charity Tax Reference: X69700 STRUCTURE, GOVERNANCE AND MANAGEMENT The Fellowship is a company limited by guarantee governed by its Memorandum and Articles of Association, and registered as a charity with the Charity Commission for England and Wales. Following the passing of a special resolulion by the Annual Meeting of the Charity on 18th August 2010, a new Memorandum and Articles of Association were adopted, which incorporated revised objects (with the prior approval of the Charity Commission) and new bye-laws. As a company limited by guarantee, not having a share capital, the liability of its members is limited; each member of the company agrees to contribute up to 25p to the assets of the company in the event of its being wound up. Al 31 March 2024, there were 665 members (2023 - 710). The company directorsltrustees are elected by the members of the Fellowship at the Annual General Meeting after nomination by the directors or (with at least 14 days notice) a member. They may also be appointed by a meeting of directorsltTUStees. One third of the directorsltrustees (any co-opted during the year) retire each year in rotation. according to the length of time served during their last term. they are eligible for re-election.
Page 3 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) The Trustees comprise the Governing Council which meets three or four times per annum. The Council has appointed an Executive Commiltee to oversee day to day affairs and to assess applications for grants for approval by the Council. an Asset Committee to supervise and advise on investments, and an Editorial Board to oversee the production of SobornosVEastern Churches Review. The General Secretary has authority to deal with the day to day affairs and the promotion of the objects of the Charity and can spend funds in accordance with the annual budget agreed by the Council. In addition to the General Secretary, there is a part-time administrator and a Treasurer (all of whom are remunerated but not trustees). Both the General Secretary and the administrator work from the Charity's registered office and from their homes. The Treasurer reports directly to the Council in conjunction with the General SeGretary. The Fellowship maintains a liaison with the following charities working in a similar field: The House of St Gregory and St Macrina (reg. no. 220842), St Theosevia Centre for Christian Spirituality (reg.no. 326366). The An91ican and Eastern Churches Association (reg.no. 209555), The Society of St John Chrysostom and The Ecumenical Marian Pilgrimage Trust {reg. no.110173). The Fellowship is a Body in Association with Churches Together in England and Churches Together in Britain and Ireland (reg. no 1113219). The bodies with which the Fellowship maintains a liaison all work in a similar field. Co-operation with them involves the sharing of expertise, organisation and sponsoring of events and activities. Grants awarded by the Fellowship are sometimes given in collaboration with these bodies. Work towards an amalgamation with the House of St Gregory and St Macrina and the St Theosevia Centre for Christian Spirituality, two other charities with a common founder, operating in a very similar field and housed in adjoining premises, has been delayed but it remains the hope that this objective can be realised. As a first step, the Fellowship has asked its members to consider conversion to a foundation model CIO, and this was approved by members at an EGM held on 23 August 2022. Statement of Trustees, Responslbillties The Trustees (who are also directors of the company) are responsible for preparing the Annual Report of the Trustees and the financial statements in accordance with applicable law and the Statement of Recommended Accounting Practices for charities in England & Wales (SORP) Company law requires the Trustees to prepare financial statements for each financial period, giving a true and fair view of the state of affairs of the charitable company, of its incoming resources and the application of those resources, being its income and expenditure, for the period. In preparing these financial statements, the Trustees now confirm that they have.. selected suitable accounting policies and applied them consistently; observed the methods and principles of the SORP; made judgements and estimates that are reasonable and prudent. followed applicable UK Accounting Standards; and prepared the financial slatements on the going concern basis.
Page 4 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS ANNUAL REPORT OF THE TRUSTEES (continued FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MANAGEMENT (continued) The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity, and enable them to ensure that the financial statements comply with the Companies. Act 2006. They are also responsible for safeguarding the Charity's assets and hen for taking reasonable steps for the prevention and detection of fraud and other iffegularities. As charity trustees, we certify that: so far as we are aware. there is no relevant information of which the Charity's Independent Examiner is unaware., and we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant information and to establish that the Charity's Independent Examiner is aware of that information. Internal Controls The Trustees have overall responsibility for ensuring that the Charity has appropriate systems of internal controls. They are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements follow best practice and all applicable law, regulation and guidance. The Trustees are also responsible for safeguarding its assets and for taking reasonable steps for the prevention and detection of fraud and other irregularities. The system of internal controls is designed to provide reasonable, but not absolute, assurance against malerial misstatement or loss. Induction and Training No special policies or procedures have been adopted for the induction and training of the Trustees, all of whom are nominated on account of their knowledge and expertise in the field of the Charity's operations. All Trustees are aware of their duties and obligations towards the maintenance of the Charity and the protection of its assets. OBJECTS AND ACTIVITIES FOR THE PUBLIC BENEFIT The Objects of the Charity as set out in Ihe Memorandum of Association of 2010 are as follows., to promote the advancement of the Christian religion; to pray for the reunion of Christendorn" iii) to advance public education in the history, theology, and spirituality of the Christian Churches. both in the East and the West; and iv) to promote mutual understanding between members of Westem and Eastern Christian Communions and of Christians of other traditions. The Trustees believe that the objects and activities are all carried on for public benefit.
Page 3 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS ANNUAL REPORT OF THE TRUSTEES {continued> FOR THE YEAR ENDED 31 MARCH 2025 OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT (continued) The Charity prodUS a bi-annual learned publication, Sobomost (incorporating Eastern Churches Review), with a circulation of 1000 copies. This is distributed to members, as well as church leaders and major theological libraries, universities and theological colleges throughout the world. Occasional news bulletins are distributed to members (and are available to the public), Gontaining information about the activities of Fellowship branches and meetings of related organisations. A website giving information about the Fellowship's history, life and activities is maintained at and www.fsass.org. A Facebook group for members and friends of the Fellowship is maintained and widely used. Fellowship publications, articles and archival material are available to members of the Fellowship and the general public for download from the website. Members and representatives of the Fellowship took part in numerous webinars, meetings and conferences during the year. The Annual Conference of the Fellowship took place at St Stephen's House, Oxford, from 28-30 August, involving over 50 members, on the theme of the Christian Church in the Contemporary World. Speakers represented a range of Christian traditions and spoke on a variety of subjects relating to the theme. Further in-person events during the year included study visits, talks, pilgrimages and services at Christian places of worship and several small pilgrimagelstudy visits in collaboration with Anglican and Orthodox parish groups. An office is maintained at Oxford for liaison with members, to provide information about church life, inter-church relations and resources, for overseeing the organisation of events and publications, and for the processing of applications for grants of money from Fellowship funds. An extensive reference library of theological books and journals is maintained in conjunction with The House of St Gregory and St Macrina at Oxford for use of members. the public, and in particular for theological students and researchers. The Fellowship maintains a large collection of archival materials. which are available for use by research students. During the year, a joint library committee was re-established with a view to better coordination for the use and management of shared library and archival resources. The General Secretary has served as an ecumenical observer at the General Synod of the Church of England and a National Ecumenical Officer for Churches Together in England, being a member of the central organising group for the CTE Forum 2024. He has also been actively engaged in the Enabling Group of Churches together in England, advising on matters of engagement of the Orthodox Churches in ecumenical dialogue. The General Secretary has continued to serve as chair of the Board of the Institute of Orthodox Christian Studies in Cambridge, a member house of the Cambridge Theological Federation. In addition, the General Secretary has served as a board member of the Lausanne-orthodox Initiative, planning projects to bring together Eastern and Oriental Orthodox and Evangelical Christians in dialogue in the fields of theology and mission, including preparation for a major international theological consultation taking place in Egypt in November 2025. The General Secretary has served on the committee of the Anglican and Eastern Churches Association, assisting with planning for social and networking events to bring together Anglican and Eastern church leaders throughout the course of the year. Since the outbreak of war in Ukraine in February 2022, the General Secretary has been engaged in advising on matters of inter-orthodox relations, social aid and refugee support at national and local government level. He has been appointed as a member of the Churchworks Commission, which works for liaison between government and Christian faith communities on matters of social justice and community issues.
Page 6 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025 ACHIEVEMENT AND PERFORMANCE Investments The assets of the Charity consist principally of investments and cash and these are collectively recorded on the Balance Sheet at their market value on that date. Any increase or decrease over Ihe previous year's market value is recorded in the Statement of Financial Activities. As at 31 March 2025, the value of the charity's investments was £1,266,089 {2024- £1,307,042. The Charity's investment portfolio is managed by Redmayne-Bentley LLP, with an overall objective to hold a balanced portfolio of investments with a medium high risk. The Charity realised investment gains of £8,513 (2024 - loss of £28,168) and had unrealised losses of £29,411 as of 31 March 2025 (2024- losses of £17,346). The members of the Asset Committee who are appointed annually by the Council to whom they report quarterly, are as follows: The Reverend Dr Christopher Moore The Very Revd Archpriest Stephen Platt The Very Reverend Dr lan Graham Mrs Angela Lascelles (Co-opted member) Miss Carol Harrison (Co-opted member) Chairman General Secretary FSASS Council Member FSASS Director OLIM Ltd Director Trust for London Advisor to cornmittee,. James Carr {Redmayne-Bentley LLP) CHARITABLE ACTIVITIES The Fellowship administers a number of funds from which grants are awarded to groups andlor individuals. In order for projects to be suitable for the Fellowship to support financially, they must generally agree with our aims and objectives. In particular, an applicant must demonstrate in his or her application that the project: will in some way promote contact between Orthodox and Western Christians, has an ecumenical dimension. has the support of the local church hierarchy or other suitable referee. Past funded projects have induded COnferenS, publishing projects, short research or exchange visits and pump-priming grants to allow the establishment of libraries and church educational institutions. THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS
Page 7 ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025 CHARITABLE ACTIVITIES (continued) A full list of the grants and donations made during the year is provided in Note 7 {page 16) of the financial statements. Special Funds The Special Funds of the Fellowship consist of the Hill Fund, the Anne Spalding Fund. the Library Fund, the Gillet Fund and the Lascelles Fund. These are designated funds but are unrestricted. The income of the Hill, Anne Spalding and Lascelles Funds is generally used to help with travel expenses for applicantswishing to travel in connection with some purpose that falls within the objects of the Fellowship. The General Secretary has authority in his own right to make grants of up to £300 from any of the funds. The Library Fund is specifically for use in connection with the Fellowship Library. The Gillet Fund is used to maintain the grave of Father Lev Gillet in London. It has no source of income. and has been fully expended in the year to 31 March 2025. For the year ended 31 March 2025. two academic 9rants were made from the Expendible Endowment of £4,000 (2024 - £6,000). three travel grants totalling to £800 (2024- £195) were made from the Special Funds, and £929 was spent on renovating the grave of Fr. Lev. Gillet of which £772 came from the Expendable Endowment Fund and £157 from the Special Fund set up of this purpose (which was fully expended). FINANCIAL REVIEW The Statement of Financial Activities {page 11) reports total income for the year of £93,811 (2024 - £88,503). and expenditure consisting of governance costs of £56,050 (2024 - £58,482), costs of raising funds (including investment management costs) totalling £5,867 {2024 - £5,218) and expenditure on charitable activities (grants, publications and conference costs) of £28,848 (2024 - £27,633). Income from donations and subscriptions was £11,763 (2024 £14,708) of which £1,896 (2024 - £2,438) was eligible for Gift Aid. The Truslees acknowledge that some subscriptions remain unpaid and reminders will be sent out to those overdue. No account has been taken of any unpaid or overdue subscriptions. The annual subscriptions for UK and European members are £25 (concessions £15), and £30 (ConssIonS £20) for USA and rest of the world members. An audit of any overdue subscriptions is conducted regularly by an administrator. There are other rates for institutional members (£30 for UK and Europe and £35 for USA and the rest of the world). There are no life members. Reserves Policy The Fellowship Council revises the investment policy from time to time and at present maintains a policy of ensuring that funds at least equivalent to three months, normal expenditure is retained in ash (including Special Funds). This is considered adequate, as many of the charity's investments are capable of being converted into cash at short noti if required. The total reserves as at 31 March 2024 amounted to £1,358,103 (2024 £1,375,956). The Endowment Fund balance stood at £1.136.429 (2024 - £1,154.155) and Special Funds amounted £221,674 (2024- £221,801).
Page 8 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS ANNUAL REPORT OF THE TRUSTEES (continued) FOR THE YEAR ENDED 31 MARCH 2025 FINANCIAL REVIEW (continued) Risk Management The Trustees have Considered the rnajor risks to the Charity. These include a collapse in the economy. They consider such eventuality is covered by the policy of retaining cash balances sufficient to fund three month's expenditure. The Trustees consider that they have adequate cover for public liability. Full insurance cover is carried on all assets and a strict control and check is enforced to avoid financial fraud or theft by employees or others. In this respect, all systems required by the Charity Commissioners are in place. PLANS FOR FUTURE PERIODS The Trustees do not intend lo deviate from the current Objects and Activities of the charity as delailed in section 3 of this Report but will further develop and refine their strategies, policies and ProdureS in future. As noted, it is proposed to convert the Charity into a Charitable Incorporated Organisation (CIO), subject to a Special Resolution of the members and the approval of the Charity Commission. The proposed CIO will retain Ihe same name and idenitical objectives. However, it will adopt the Foundation model, under which the Trustees will, as a body, be self-perpetuating, and the membership will not be required to vote. Discussions continue about an amalgamation with the House of St Gregory and St Macrina, and the St Theosevia Trust, two charities with a common founder, operating in a very similar field and housed in adjoining premises, It is Still hoped that this will eventually be achieved, but progress has been slow. Approved by the Trustees on and slgned on their behalf by: 17th December 2025 Date Chairman
Page 9 REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES OF THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS FOR THE YEAR ENDED 31 MARCH 2025 I report on the financial statements of the Fellowship of St Alban and St Sergius for the year ended 31 March 2025, which comprise the Statement of Financial Activities on page 11, Balance Sheet on page 12, and the related notes on pages 13-19. Respectlve responsibilities of trustees and examiner The Trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the 2006 Act).The Trustees consider that an audit is not required for this year under part 16 of the 2006 Act and section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to: examine the accounts under section 145 of the 2011 Act,. follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act., and state whether particular matters have come to my attention. Basis of independent examlnerfs ieport My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view" and the report is limited to those matters set out in the statement below. Independent examlnerfs statement I have completed my examination. I confirm that no rnaterial matters have come to my attention which give me cause to believe that: accounting records have not been kept in accordance with s386 of the 2006 Act., or the accounts do not accord with such records. or the accounts have not been prepared in acGordance with the Charities Statement of Recommended Accounting Practice.. Accounting and Reporting by Charities {SORP-FRS102),
Page 10 REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES Icontinued) OF THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS FOR THE YEAR ENDED 31 MARCH 2025 I further confirm that no material matters to which. in my opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. gi•. k Zo?.f- Jennings FCA, TEF> red Accountant & Independent Examiner Date Ch 18 Warwick Street Oxford OX4 1 SX ICAEW Membership No.: 712916
Page 11 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Expendable Endowment Fund Total Funds 2025 Total Funds 2024 Special Funds Note Income and endowments from.. Investment income Donations and legacies Charitable Activities 11,493 52,116 17,970 12,232 63,609 17,970 12,232 58,502 18,033 11,968 Total income and endowment £11,493 £82,318 £93,811 £88,503 Expenditure on: Charitable activities Governan costs Cost of raising funds (957) (27,891) (56,050) (4,972) (28.848) (56.050) (5.867) (27,633) (58,482) (5,218) 10 (895) Total expendlture £88 913 £90 765 Net 9,641 (6,595) 3,046 (2,830) other galns (losses) 19 Net Incomel{expenditure) before net gainsl{losses) on Investment assets 9,641 (6.595) 3,046 1,051 Net gainsl(loss) on Investment assets (9,768) 111,1311 (20,899) (45,514) Net movement in funds 1127) 117,726) 117.853) (44,469 Reconciliation of funds.. Total funds brought forward at 1 April 2024 221,801 1,154,155 1,375,956 1,420,425 Total funds carried forward at 31 March 2025 (page 12) £221.674 £1136 429 £1358 103 £1375 956 There are no recognised gains or losses other than those included in the Statement of Financial Activities. All amounts relate to continuing activities.
Page 12 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS BALANCE SHEET AT 31 MARCH 2025 Note 2025 2024 Fixed Assets Investments at market value 1,295,983 1,322,011 Current Assets Debtors Cash deposits held 7,856 56,862 9.378 46,574 12 Total current assets £64,718 £55,952 Creditors - amounts falling due within one year 13 2,598 2,007 Net Current Assets 62,120 53.945 Total Net Assets £1358 103 £1375 956 Charity Funds: Expendable Endowment Fund Special Funds 14 14 1,136,429 221.674 1,854,155 221,801 £1358.103 £1375 956 For the year ended 31 March 2025, the company was entitled to an exemption from audit under section 477 of the Companies Act 2006 relating to small cornpanies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006 The Directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts are prepared in accordan with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and were signed on Iheir behalf by: 23 Trustee Trustee
Page 13 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES Basis of preparation of financial statements These financial statements have been prepared on a going concern basis under the historical cost convention, modified to include the revaluation of investments. The Charity Gonstitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. 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) issued on 16 July 2014, the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The principal accounting policies adopted are as follows'.- Fixed Asset Investments Investments are included at mid-market value at the Balance Sheet date as reported by the Investment Manager. Realised gains and losses on investments are recognised on disposals of investments and any gain or loss on revaluation is taken to the Statement of Financial Activities. Gains and losses are calculated in accordance with the Investment Manager's reports, by reference to the market value of such assets at the beginning of the accounting year (or the cost of subsequent acquisition). Capital Cash held for investment is included within the total of °Investments° under'Fixed Assets. in accordance with SORP, Income Investment income is derived from dividends and interest receivable from investments. Dividends and bond interest are accounted for in the period in which the trust is entitled to receipt. I nterest from deposit accounts is included as due. Voluntary income (including subscriptions) and legacies are accounted for only when received, Gift Aid thereon is calculated on the basis of qualifying donations ceiVed in the period. Expenditure All expenditure recognised once there is a legal or constructive obligation and custody to make a payment to a third party. Costs of raising funds comprise the investment management costs. Grant expenditure consists of grants payable in accordance with the Charity's objects. Social security and pension costs are accounted for on a paid for basis. The monthly payments by the Charity have consistently been made on a timely basis. Charltable activities Income from charitable activities comprise grants and donations made during the period, the costs of publication of the Charity's joumal 'Sobomost'. and income from conference fees. Charitable expenditure comprises grants awarded (recognised when the offer is conveyed to the recipient) the costs of publication of Sobornost (including the editors, fees and costs) and the costs of running the annual conference. Governance costs relate to the general running of the Charity and are distinguished from fund managernent and Gharges. Status of funds The entire resources of the Charity are unrestricted, and the Trustees have complete discretion for their use in pursua of its objectives. There are certain funds (Special Funds) which have been designated and Note 14 provides a breakdown of these. Taxation The Charity is not subject to any taxes on its charitable activities. Irrecoverable VAT is charged against the category of reSoUrS expended for which it was derived.
Page 14 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES {continued) Going Concern The financial staternents have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the level of income and expenditure 12 months from the date on which the financial statements were approved. The anticipated income and expenditure is sufficiently within the level of reserves for the charity to be able to continue as a going concern. FIXED ASSETS INVESTMENTS Speclal Funds Endowment Funds Total 2025 Total 2024 Investments at market value comprise: Quoted investrnents (UK) 104,342 775,828 880,170 1,016,235 Quoted, investments (non-UK) 81,261 304,658 385 919 290,807 Tolal investments excluding Gash 185,603 1,080,486 1,266,089 1,307,042 Capital Cash at Redrnayne-Bentley - deposit account 12,386 17,508 27,894 14,969 Total Investment assets (page 12) £197 989 £1097 994 £1293 983 £1322011 Quoted Investments Market value al 1 April 2024 Additions at cost Disposals Net realised gainsl(losses) on sales Net unrealised gainsl(losses) on revaluation 207,757 93,687 {106.073) 507 1,099,285 1,307,042 106,714 200,401 (114,383) (220,456) 8,006 8,513 1,365,512 50,385 (63,341) (28,168} 17,346 Market value at 31 March 2025 185,603 ,1,080,486 1,266.089 1,307,042 Historical c05t at 31 March 2024 180912 853 339 1034.251 1098 661 Unrealised net gains on Investment assets 4.691 227,147 231,838 208,381 As at 1 April 2024, the Special Fund investments comprised the holdings in M&G Securities Charifund Fixed Interest Fund and M&G Securities Equities Investment Fund. During the year, the holding in M&G Equities Fund was redd to £106,073. Three purchases were made immediately following the sale of holdings in JP Morgan America Inv Trust, the Premier Portfolio Co. Managers US Opportunities and Vanguard S&P 500 UCITS. These holdings. acquired for£93,687, have been allocated to the Special Funds.
Page li THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FIXED ASSETS INVESTMENTS Icontlnued) Value of investments held exceeding 5/ of the investment portfolio 2025 2024 M&G Investment Management Limited Charifund Inc 72,119 174.730 Special Expendable Endowment Fund Total Total Funds 2025 2024 INVESTMENT INCOME Total I ncome from quoted investments Deposit Interest (page 11) I nterest on Gift Aid repayments 11.493 51,041 1,023 52 £52,116 62,534 1,023 52 £63,609 57,399 1,005 98 £58,502 £11,493 2025 2024 DONATIONS AND LEGACIES Legacies Subscriptions and donations Gift Aid relief reclaimable 5,733 11,763 474 £17,970 2,777 14,708 548 £18,033 Page11 INCOME FROM CHARITIABLE ACTIVITIES Conference Payments Publications 9.747 2.485 11,467 501 Page11 £12,232 £11,968 CHARITABLE ACTIVITIES Expenditure on Charitable Activities: Charitable grants made (see note 7) Publication expenses Annual conference Page 17 5.729 10,350 6,195 11,423 Page11 £28,848 £27,634 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS
Page 16 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page 2025 Total 2024 CHARITABLE GRANTS MADE Special Funds Expendable Endowment Aidan Hart (Icon) Dr Marcus Plested (book) Revd Oleksandr Nosenko (PhD studies) Orthodox Research Institute of St. John Chrysostom loannis Kalianpos Matthias Grelbe Renovation of Grave of Father Lev Gillet Travel Grants:_ Hill Fund - Fr. Andrei Kordoshkin Lascelles Fund - Julia Kostantinovsky Lascelles Fund - SMA Tudor 2,000 2.000 2,000 2,000 2,000 2,000 1.000 1.000 157 772 929 250 300 250 250 300 250 195 Total charitable grants made (note 6) 16 £957 GOVERNANCE COSTS Salary costs (see note 9) Rental expenses Director and general secretarial expenses Administration expenses Hospitality Office expenses Telephone and post Insurance Accountancy costs Subscriptions 18 39,264 7,982 2,259 45,321 7,130 1,919 34 1,031 697 1,232 873 2,136 542 13 579 901 1,027 751 638 205 Total governance costs £56 050 £58 482 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS
Page 17 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page 2025 2024 SALARIES Net Salary payments were made to:_ M Johnstone (Treasurer) (retired 30 November 2023) The Very Revd Stephen Platt (General Secretary) The Revd Dr Kristian Akselberg PAYE & NIC Pension Gontributions 4,591 24,139 23,442 6,027 5,620 3,479 6,027 7,782 3,479 Total salary costs (note 81 17 £39,264 £45 321 10. COSTS OF RAISING FUNDS Special Funds Endowment Fund Total Redmayne Bentley management & custodian fees PayPal fees Eventbrite 895 4,657 315 5,552 315 4,750 308 160 £895 £5,867 Investment management and custody fees have been apportioned between the Special Funds and the general Expendible Endowment Fund, based upon the values of the investments held at 31 March 2024, resulting in £895 of the total charges of £5,552 being allocated to Special Funds. This represents a change in practice. 11. DEBTORS Investment income in course of collection HM Revenue & Customs - Gift Aid reclaim Prepayments 7.381 475 6,995 1,283 1,100 12 12. CASH DEPOSITS HELD Barclays Bank- community account Redmayne Bentley - capital account PayPal account Banco Santander- business account CCLA- Church of England deposit aGcount 25,621 29,894 5.230 704 15,848 14,969 4,715 704 25,307 £86,756 £61,543 Less: I nvestment cash reported under note 2 (29,894) (14,969) 12 £56,862 £46 574
Page 18 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. CREDITORS - amounts falling due wlth one year Page 2025 2024 HMRC & NEST Investment management fees General Secretary Expenses Accountancy fees 290 560 1,200 548 290 560 1,057 100 12 14. FUND RECONCILIATION Balance Charitable Galn81 Balance blf 2024 Income Expendlture Actlvltles & Grants {losses) ¢lf 2025 Special Funds (see below) 221,801 11,493 (895) (957) (9,768) 221,674 Endowment Fund 1,154,155 82.318 {61,022) (27,891) (11.131) 1,136,429 Total Funds £1.375 956 £93.811 £61.917 £28 848 £20 899 £1358 103 Speclal Funds: Hill Fund (22%) Anne Spalding (250/0 Fund Library Fund (3%) Gillet Fund Lascelles Fund (50 % ) 48,750 2,528 (197) (250) (2,149) 48,682 56,001 2,873 (224) (2,442> 56,208 7,255 345 (27) (293> 7,280 157 109,638 (157) (550) 5,747 (447) (4,884> 109,504 £221801 £11493 £895 £957 £9.768 £221674 Income and expenditure has been allocated between Speaal Funds (sale for the Gillet Fund) by reference to the opening balance. 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS Spe¢lal Funds Endowment Fund Total 2025 Total 2024 Investments Debtors 197,989 1,097,994 7.856 35,097 (2,518) 1,295,983 7,856 56,862 (2,598} 1,322,011 9,378 46,574 {2,007) Cash at Bank Creditors 23,765 (80) Total Funds (page 12 £221,674 £1,138,429 £1,358,103 £1,375,956
Page 19 THE FELLOWSHIP OF ST ALBAN AND ST SERGIUS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. RELATED PARTY TRANSACTIONS During the year, the Charity reirnbursed expenses totalling £904 travel costs to members of the council. The Publication of the Charity's journal, Sobomost. is an undertaking of great importance. An honorarium is paid to the editor, Fr Andrew Louth, of £1,100 and to production editors, of whom Mrs Anna Platt, the wife of the general secretary, is one. She also received £1,144. The level of the honoraria are fixed by the Trustees in the absence of any of the Trustees or related persons concerned. 17. DONATED SERVICES The services of the Independent Examiner have been donated. The value of such services is estimated at £5,000 plus VAT for the year ended 31 March 2025 (2024 - £2,000 plus VAT). 18. ULTIMATE CONTROLLING PARTY The Trustees consider that the Charity is jointly controlled by them and that there is no ultimate controlling party. 19. The Charity had been holding £3,881 in cash on behalf of the London branch. As this has ceased to function independently, this amount was taken to the general Expendable Endowment Funds as "other gainsl{losses) during the year ended 31 March 2024.