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 offi￿rS 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 prodU￿S 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 COnferen￿S, 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
(Con￿ssIonS £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
Pro￿dureS 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 reSoUr￿S 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 red￿￿d 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.