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2022-12-31-accounts

REGISTERED COMPANY NUMBER: 07693753 (England and Wales) REGISTERED CHARITY NUMBER: 1144746

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

MULTIMEDIA THEOLOGICAL TRAINING LTD

MULTIMEDIA THEOLOGICAL TRAINING LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Page
Report of the Trustees 1 to 8
Report of the Independent Auditors 9 to 11
Statement of Financial Activities 12
Balance Sheet 13
Cash Flow Statement 14
Notes to the Cash Flow Statement 15
Notes to the Financial Statements 16 to 27

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

We are committed to the advancement of the Christian faith by strengthening the theological foundations of Persian-speaking Christian communities and other churches, nationally and internationally, through providing systematic and comprehensive theological training, high-quality theological resources, and opportunities for networking among established church leaders and theologians. In pursuance of this, we maintain the following:

  1. Provide in-depth biblical, theological, and ministerial training.

  2. Provide the established as well as the newly founded Persian-speaking churches with professional advice and help for developing discipleship, leadership, and theological training programs.

  3. Creating an Internet-accessed Theological Resource Centre providing books, articles, and video/audio material in Farsi and English online.

  4. Organizing an annual Persian-speaking Theological Conference.

  5. Publishing a Theological Journal in Persian through the internet.

  6. Facilitating Advanced Theological Studies for Persian-speaking Christians.

  7. Provide a hub for theological interaction and debate on a continuous day-to-day basis through an open and running blog.

  8. Encouraging and facilitating original and indigenous theological thinking and writing by Persian-speaking Christian authors.

  9. Working, through all the above, towards laying the foundations of a Persian-language Christian theology.

Public benefit

The Directors confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

ACHIEVEMENTS AND PERFORMANCE

Accomplishments

By God’s grace, between January to December 2022, we offered 482 incredible students 18 online courses at a B.Th. level. We completed the development of 2 new courses, hosted 10 residential Formation Conferences, mentored 283 students, and provided 2,067 hours of counselling treatment to 310 people in Iran and in the Persian-speaking diaspora. In addition, we published 6 books, and we were officially accredited by the European Council for theological Education (ECTE).

FINANCIAL REVIEW

Going Concern

After making appropriate inquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing financial statements.

Payments to Directors/Trustees and Related Parties

Page 1

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

FINANCIAL REVIEW

Any reimbursements related to expenses incurred on behalf of the Charity were in keeping with furthering Charity’s objectives.

Financial Position

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the accounts comply with the Charities Act 2011 ad company Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Reserves policy

The Trustees initially discussed a reserves policy on 23 November 2022 during board meeting #28, but did not vote at the time. Previous independent examiners did not stress the importance of formalizing the policy, so it was not until 31 May 2022 that Trustees approved the following policy by electronic vote:

Multimedia Theological Training Ltd adopts a reserves policy, which sets aside three months of operating funds to protect the ministry from the risk of disruption at short notice due to a lack of funds, whilst at the same time ensuring we do not retain income for longer than required.

With an estimation of £108,000 monthly operation expenses (based on the 2022 £1,299,651 total expenses) the reserve which should be held at the end of each month is £324,000.

At the end of 2022 reporting period charity held £686,338 total funds which £96,595 of it is restricted and £589,743 is for general funds.

Charity held a £6,000 reserve at the end of 2022 reporting period for auditing expenses and this is the only expenses reserve at the end of period 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Nature of governing document

Multimedia Theological Training Ltd is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 5 July 2011.

Charity status

The charity is limited by guarantee, incorporated in England, and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

Organisational structure

The Board of Trustees, who are also the Directors of Multimedia Theological Training Ltd, meet three times a year and are responsible for the following:

Page 2

MULTIMEDIA THEOLOGICAL TRAINING LTD

Key management personnel

The work of implementing Multimedia’s strategy, policies, and objectives is carried out by Multimedia Theological Training Ltd’s Senior Leadership Team (SLT), led by the Executive Director. The SLT is composed of the Executive Director, Associate Director, Director of Formation, Director of Studies, and a Senior Board member, as an advisor. The SLT runs the whole day-to-day operation of Multimedia and oversees the work of the Finance and Operations Director, Head of Administration, and the wider team of middle managers and officers assigned to different departments. The Senior Leadership Team is accountable to the Board of Directors/Trustees. Multimedia also has an Academic Committee composed of the more senior members of the faculty, who make decisions mostly about academic policies.

Director/Trustee Recruitment and Training

The list below sets out some of the key characteristics of Multimedia Theological Training Ltd’s ideal board. These are regarded as ideals rather than hard and fast rules. Not every Director/Trustee needs to have professional skills or experience, and it is entirely appropriate that some Directors/Trustees bring spiritual qualities and make a valuable contribution without having some of the professional skills listed below. The makeup of the Board should be diverse, covering areas such as (but not exclusively) race, age, gender, church denomination, and Christian experience.

Skills & Focus:

Ideally, the combined Board should include:

Trustee Induction and Training

The Chairman is responsible for ensuring each new Director/Trustee is provided with an induction covering their responsibilities together with an overview of Pars.

Ongoing Director/Trustee Training

Governance Training will be provided every 3 years to ensure Directors/Trustees are kept up to date and refreshed on their responsibilities in line with the Charity Commissions (or Regulators) for England & Wales.

Board Self-Assessment

Biennially, the Board is expected to conduct a self-assessment of its performance (including Director/Trustee attendance and performance of Officers) and take practical steps to improve its effectiveness if appropriate.

Director/Trustee Register of Interests

A register of interests of Directors/Trustees should be kept and reviewed annually. Any conflict of interest, either general or specific to an agenda item, should be highlighted at every Board meeting. If deemed appropriate by the Chair, a Director/Trustee with a potential conflict of interest should withdraw from the discussion and decision-making aspects of a particular agenda item.

Risk assessment

The Trustees actively review the major risks that the charity faces on a regular basis and believe that maintaining the free reserves stated combined with the annual review of the controls over key financial systems carried out on an annual basis will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks that they face and confirm that they have established systems to mitigate the significant risks.

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MULTIMEDIA THEOLOGICAL TRAINING LTD

Principal Risks and plans for managing

Reputational – adverse public relations, breach of confidentiality

Reputation should always be a decision-making factor whenever any new initiative is discussed. Trustees should consider what impact it will have on the charity’s reputation, how it will be possible to meet (or exceed) constituents’ expectations regarding trustworthiness, competency, and values, or what actions may be needed to mitigate any negative impact on reputation.

Financial – loss of a major funder, inaccurate financial information, inadequate reserves and cash flow, inadequate diversity of income sources, difficulty complying with funding rules, fraud and theft

Diversify Funding Sources: Relying on a single source of funding can be risky.

Create a Reserve Fund: Establishing a reserve fund or an emergency fund is essential for managing unexpected financial challenges. Develop Financial Policies and Procedures: Implement robust financial policies and procedures to ensure transparency, accountability, and effective financial management. Conduct Financial Risk Assessments: Conduct a thorough assessment of potential financial risks faced by the charity. Identify and evaluate risks such as fluctuations in funding, economic downturns, changes in government policies, or external factors that could impact fundraising efforts. Regularly monitor and evaluate the charity's financial performance to identify any deviations from the planned budget. Implement financial reporting systems that provide timely and accurate information about revenue, expenses, and cash flow. Collaborating with other organisations or forming partnerships can help share financial risks. Consider strategic alliances with like-minded organisations to leverage resources, share costs, and reduce financial burdens.

Regulatory – failure to meet legal and regulatory requirements, employment law, Disability Discrimination Act, Data Protection Act, etc;

Understand Applicable Regulations: Gain a comprehensive understanding of the laws and regulations that apply to charity's activities. This includes legal frameworks related to nonprofit organisations, tax-exempt status, fundraising, financial reporting, governance, and any specific regulations governing charitable cause. Regularly stay updated on any changes or new regulations that may affect operations.

Governance and Board Oversight: Establish an effective governance structure with clear roles, responsibilities, and accountability mechanisms. Ensure that the trustees actively oversees regulatory compliance. Regularly review the composition and skills of the board to ensure it includes individuals with relevant expertise and a commitment to compliance.

Cybersecurity and Data Privacy Risk: Cybersecurity risks include data breaches, hacking, identity theft, and unauthorized access to sensitive information.

Understand Data Protection Regulations: Familiarize with data protection regulations that apply to charity , such as the General Data Protection Regulation (GDPR) .Understand the key principles, requirements, and obligations under these regulations to ensure compliance

Obtain Informed Consent: Obtain informed and explicit consent from individuals before collecting and processing their personal data. Clearly explain the purposes of data collection, the types of data being collected, and how it will be used. Provide individuals with the option to opt out or manage their consent preferences.

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MULTIMEDIA THEOLOGICAL TRAINING LTD

Pars’ Goals for the Next 10 Years

  1. Focused Formal Training: developing leaders through our School of Theology and Leadership:

  2. Raising the capacity of the school to increase the total trained to 1000 till 2031.

  3. Developing fully the Ministerial Practice department into a vibrant mission arm of the School. 3. Establishing and developing an alumni program that would function as a leadership mobilisation centre to give help and advice to its graduates in making maximum impact on the Iranian church and society.

  4. Develop a robust program of teaching English for the students who would like to benefit from reading the rich resources in English.

  5. Starting a Master’s program for applicants with a Degree in other subjects who could use English resources for their research.

  6. Wider Informal Training: significantly impact the life and ministry of many more leaders through our Pars' wider training:

a. Pars Academy: 5,000 students watch at least one course. b. Counselling Centre: Offering 10,000 hours of counselling.

c. Shagerd Website: To increase the daily visitors to 1,000

d. Publications: Translating 100 new books, half of which for a wider audience. e. Establishing Iranian Leaders Network (ILN) and impacting the life and ministry of at least 2000 established and emerging leaders. f. Shagerd TV: 1000 hours of new quality teaching in different formats and at different levels for a wider audience.

g. Pars Research Centre: Research in Biblical, theological, apologetical, historical, socio-cultural, political, worldview, and mission fields relevant to the Iranian context.

Page 5

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 07693753 (England and Wales)

Registered Charity number

1144746

Registered office

First Floor 1 Clockhouse Road Farnborough Hampshire GU14 7QY

Trustees

Dr. Mehrdad Fatehi Mr. Malcolm Steer Rev Dr Sasan Tavassoli Dr Nick Lunn Mr. C Benjamin McCaleb Rev Edward Hovsepian-Mehr Mrs Jennifer Philip Stirling

Page 6

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

P Underwood, FCCA Morris Crocker Limited Chartered Accountants Statutory Auditors Station House North Street Havant Hampshire PO9 1QU

Bankers

HSBC Bank Plc. 33 The Borough Farnham Surrey GU9 7NJ

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Multimedia Theological Training Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Page 7

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022

AUDITORS

The auditors, Morris Crocker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 27 June 202 and signed on its behalf by:

Dr. Mehrdad Fatehi - Trustee

Page 8

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MULTIMEDIA THEOLOGICAL TRAINING LTD

Opinion

We have audited the financial statements of Multimedia Theological Training Ltd (the 'charitable company') for the year ended 31 December 2022 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page 9

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MULTIMEDIA THEOLOGICAL TRAINING LTD

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern.

Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues and management override concerning the size of the organisation.

We set financial statement materiality level based on the level of income. As a not for profit organisation raising income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level.

Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirmed documented systems which have been designed to act as a preventative measure against fraud and error which appear to be operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.

Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.

The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.

page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MULTIMEDIA THEOLOGICAL TRAINING LTD Management assessed there is no going concem risk. The audit undertook a review of budgets. management accounts and the review of board mlnules and came to the sam8 conclusion as management. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's websf(e al wMv.frG.org.uklauditorsresponsibilities. This descriplton forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the charitable companrfs members, as a body, in accordanc8 With Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters w8 are required lo state to them in an auditors, report and for no other purpose. To the full8St extsnt permitt8d by law, we do not accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work. for this report, or for the opinions we have fomied. Paul Underwood (Senior Stalulory Auditor) for and on behalf of Morris Crocker Limited Chartered Accountants Statutory Auditors Station House North Street Havant Hampshlre P091QU Date: CLL¥ (bo Pag811

MULTIMEDIA THEOLOGICAL TRAINING LTD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Charitable activities
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
Charitable activities
6
Charitable activities
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
17
Other recognised gains/(losses)
Currency gains/(losses)
Prior year adjustment
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
741,081
25,005
125
518
766,729
-
781,894		 Restricted
funds
£
591,783
-
-
-
591,783
-
517,757		 2022
Total
funds
£
1,332,864
25,005
125
518
1,358,512
-
1,299,651
1,299,651
58,861
-
50,538
109,399
576,939
686,338		 2021
Total
funds
£
1,342,897
14,114
42
-
1,357,053
-
1,071,228
781,894 517,757 1,071,228
(15,165)
-
50,538
35,373
554,370		 74,026
-
-
74,026
22,569		 285,825
-
(3,437)
4,602
286,990
289,949
589,743 96,595 576,939

The notes form part of these financial statements

Page 12

MULTIMEDIA THEOLOGICAL TRAINING LTD

BALANCE SHEET 31 DECEMBER 2022

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2022
£
40,301
172,272
482,480
654,752
(8,715)		 2021
£
47,247
218,061
322,398
540,459
(10,767)
646,037
686,338		 529,692
576,939
686,338
589,743
96,595
686,338		 576,939
554,370
22,569
576,939

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ……27 June 2023 and were signed on its behalf by:

Dr Mehrdad Fatehi - Trustee

The notes form part of these financial statements

Page 13

MULTIMEDIA THEOLOGICAL TRAINING LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2022
£
166,444
166,444
(6,487)
125
(6,362)		 2021
£
(83,931)
(83,931)
(3,398)
5
(3,393)
160,082
322,398
482,480		 (87,324)
409,722
322,398

The notes form part of these financial statements

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2022

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as per the Statement of
Financial Activities)
Adjustments for:
Depreciation charges
Interest received
(Increase)/decrease in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations
2.
ANALYSIS OF CHANGES IN NET FUNDS
Net cash
At 1.1.22
£
Cash at bank
322,398
322,398		 2022
£
109,399
13,433
(125)
45,789
(2,052)
166,444
Cash flow
£
160,082
160,082		 2021
£
286,990
16,899
(5)
(60,546)
(322,667)
(83,931)
At 31.12.22
£
482,480
482,480

The notes form part of these financial statements

Page 15

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grants and Donations

Grants and Donations are only included in the SOFA when the charity has the unconditional entitlement to the resources.

Tax Reclaims on Donations and Gifts

Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate.

Incoming Resources with Related Expenditure

Where incoming resources have related expenditure (as with fundraising or contract income) the incoming resource and related expenditure are reported gross in the SOFA.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Expenditure is accounted for on an accrual basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

General Equipment - 25% reducing balance

Individual fixed assets costing £1,500 or more are capitalised at cost or if gifted, at the value to the charity on receipt.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

1. ACCOUNTING POLICIES - continued

Governance Costs

Include costs of the preparation and examination of statutory accounts, the cost of the trustees’ meetings, and the cost of any legal advice to trustees on governance or constitutional matters.

Creditors and provisions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the financial period. Pension contributions are charged to the Statement of Financial Activities as they become payable.

Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

Financial instruments

The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable investments in stocks and shares. The measurement basis used for these instruments is detailed below.

Debtors and cash at bank

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand includes cash held on deposit or in a current account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. DONATIONS AND LEGACIES

Gifts, Grants & Donations
4.
INVESTMENT INCOME
Interest received
Investment performance
5.
INCOME FROM CHARITABLE ACTIVITIES
Student Contributions
Book Sale		 2022
£
1,322,864		 2021
£
1,342,897
1,322,864 1,342,897
2022
£
125
-
125
2022
£
20,114
4,891
25,005		 2021
£
5
37
42
2021
£
14,114
-
14,114

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

6. CHARITABLE ACTIVITIES COSTS

CHARITABLE ACTIVITIES COSTS
Course Development
Formation Conferences
Mentoring
Online Programme
Wider Training (including Counselling)
ct costs
Conference
Fees and retainers
Ministry Support
Publications
Rent and rate
Staff cost
Staff training
Travel
Depreciation		 Direct
Costs
£
218,987
252,765
121,745
419,896
188,839
1,202,232

Direct costs

Costs are apportioned on the following bases:

Activity Basis of allocation
Management Use of resources
Finance Use of resources
Governance costs Use of resources

page 18

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

7. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Management
Course Development
8,590
Formation Conferences
17,180
Mentoring
8,590
Online Programme
34,360
Wider Training (including Counselling)
17,180
85,900
Management
Administration cost
Consumables
Equipment
General expenses
Hospitality
Insurance
IT and software
Utility
Finance
Bank charges
Governance
Auditors’ remuneration
Professional charges		 Finance
£
551
1,101
551
2,202
1,101
5,506		 Governance
£
601
1,203
601
2,405
1,203
6,013
2022
Total
£
27,798
2,556
518
1,168
12,109
1,491
36,001
4,258
85,900
2022
Total
£
5,506
5,506
2022
Total
£
6,000
13
6,013		 Totals
£
9,742
19,484
9,742
38,967
19,484
97,419
2021
Total
£
9,571
837
-
693
-
828
41,297
-
53,226
2021
Total
£
5,182
5,182
2021
Total
£
5,400
4,071
9,471

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

8. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors’ remuneration
Depreciation - owned assets
Currency gains/(losses)
Auditors' remuneration - non-audit service		 2022
£
6,000
13,433
50,538
-		 2021
£
5,400
16,899
(3,437)
-

9. TRUSTEES' REMUNERATION AND BENEFITS

Dr Fatehi, a trustee, received remuneration and benefits amounting to £58,627 in 2022, this includes gross pay of £51,000, employers NI of £6,097 and employers Pension of £1,530 (£51,333 in 2021).

In 2022, the wife of Dr. Fatehi, a trustee, received remuneration and benefits of £30,741, this includes gross pay of £27,272, employers NI of £2,651 and employers Pension of £818. His daughter received remuneration and benefits totaling £38,329, including gross pay of £33,719, employers NI of £3,598, and employers Pension of £1,012. She also received an additional educational benefit £4,950. The total remuneration and benefits received by Dr. Fatehi's wife and daughter in 2022 was £74,020 (a combined total of £68,341 in 2021).

Rev Dr. Tavassoli, a trustee, received remuneration and benefits amounting to £9,900 for lecturing.

Malcolm Steer, a trustee, received remuneration and benefits amounting to £1,500 for lecturing.

Trustees' expenses

During the year no trustees (2021: none) were reimbursed out of pocket expenses totaling £nil (2021: £nil).

10. STAFF COSTS

Wages and salaries
2022
£
454,947
Social security costs
43,718
Pension costs
18,692
517,357
The average monthly number of employees during the year was as follows:
Direct and support staff
2022
14
14		 2021
£
421,970
37,831
18,073
477,874
2021
14
14

The charity operates a PAYE scheme to pay all employed members of staff and no employees received emoluments of over £60,000.

Key management personnel

The key management personnel of the charity comprises the Head of spiritual formation, the Associate Director , and the Dean of studies who are responsible for the day-to-day activities of the charity. Total remuneration and benefits of the key management personnel in the year ended 31 December 2022 was £177,178 (2021: £135,339).

Page 20

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2021
INCOME AND ENDOWMENTS FROM
Unrestricted
funds
£
Restricted
funds
£
Donations and legacies
946,972
395,925
Charitable activities
Charitable activities
14,114
-
Investment income
42
-
Other income
-
-
Total
961,128
395,925
EXPENDITURE ON
Raising funds
-
-
Charitable activities
Tenants Services
698,895
372,333
Total
698,895
372,333
NET INCOME/(EXPENDITURE)
262,233
23,592
Other recognised gains/(losses)
Actuarial gains/(losses) on exchange
(2,414)
(1,023)
Prior year adjustment
4,602
-
Net movement in funds
264,421
22,569
RECONCILIATION OF FUNDS
Total funds brought forward
289,949
-
TOTAL FUNDS CARRIED FORWARD
554,370
22,569		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2021
INCOME AND ENDOWMENTS FROM
Unrestricted
funds
£
Restricted
funds
£
Donations and legacies
946,972
395,925
Charitable activities
Charitable activities
14,114
-
Investment income
42
-
Other income
-
-
Total
961,128
395,925
EXPENDITURE ON
Raising funds
-
-
Charitable activities
Tenants Services
698,895
372,333
Total
698,895
372,333
NET INCOME/(EXPENDITURE)
262,233
23,592
Other recognised gains/(losses)
Actuarial gains/(losses) on exchange
(2,414)
(1,023)
Prior year adjustment
4,602
-
Net movement in funds
264,421
22,569
RECONCILIATION OF FUNDS
Total funds brought forward
289,949
-
TOTAL FUNDS CARRIED FORWARD
554,370
22,569		 11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2021
INCOME AND ENDOWMENTS FROM
Unrestricted
funds
£
Restricted
funds
£
Donations and legacies
946,972
395,925
Charitable activities
Charitable activities
14,114
-
Investment income
42
-
Other income
-
-
Total
961,128
395,925
EXPENDITURE ON
Raising funds
-
-
Charitable activities
Tenants Services
698,895
372,333
Total
698,895
372,333
NET INCOME/(EXPENDITURE)
262,233
23,592
Other recognised gains/(losses)
Actuarial gains/(losses) on exchange
(2,414)
(1,023)
Prior year adjustment
4,602
-
Net movement in funds
264,421
22,569
RECONCILIATION OF FUNDS
Total funds brought forward
289,949
-
TOTAL FUNDS CARRIED FORWARD
554,370
22,569		 Total
funds
£
1,342,897
14,114
42
-
1,357,053
-
1,071,228
698,895 372,333 1,071,228
262,233
(2,414)
4,602
264,421
289,949		 23,592
(1,023)
-
22,569
-		 285,825
(3,437)
4,602
286,990
289,949
554,370 22,569 576,939

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

12.
TANGIBLE FIXED ASSETS
COST
At 1 January 2022
Additions
At 31 December 2022
DEPRECIATION
At 1 January 2022
Charge for year
At 31 December 2022
NET BOOK VALUE
At 31 December 2022
At 31 December 2021
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
Prepayments and accrued income
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
Accruals		 General
Equipment
£
114,746
6,487
121,233
67,499
13,433
80,932
40,301
47,247
2022
£
3,777
168,495
172,272		 Totals
£
114,746
6,487
121,233
67,499
13,433
80,932
40,301
47,247
2021
£
-
218,061
218,061
2022
£
1,265
1,450
6,000
8,715		 2021
£
3,350
2,017
5,400
10,767

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years		 2022
£
37,500
37,500
75,000		 2021
£
37,500
75,000
112,500

Lease payments recognised as an expense in 2022 were £37,500 (2021: £37,500).

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities		 Unrestricted
funds
£
40,301
558,157
(8,715)
589,743		 Restricted
funds
£
-
96,595
-
96,595		 2022
Total
funds
£
40,301
654,752
(8,715)
686,338		 2021
Total
funds
£
47,247
540,459
(10,767)
576,939

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

17. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Ashkan Amlashi
Christ Presbyterian Church
Cornerstone Trust
Crowell Trust
East-West Ministries International
FPC Greenville, SC
FPC Harrisonburg, VA
FPC North Palm Beach, FL
FPC San Antonio
Frontier Fellowship USA Funds
Open doors
Asia Link
Iranian Church Fellowship ICF
JW Laing Trust
Local Leaders
Overseas Council Europe
Word of Life Hikma
Tyndale Foundation
TOTAL FUNDS		 At 1.4.22
£
554,370
554,370
-
-
-
-
-
-
-
-
-
-
22,569
-
-
-
-
-
-
-
22,569
576,939		 Net
movement
in funds
£
35,373
35,373
-
20,546
-
-
-
-
-
-
20,356
-
(22,569)
31,000
-
-
-
7,310
-
17,383
74,026
109,399		 Transfers
between
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 At
31.3.22
£
589,743
589,743
-
20,546
-
-
-
-
-
-
20,356
-
-
31,000
-
-
-
7,310
-
17,383
96,595
686,338

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Ashkan Amlashi
Christ Presbyterian Church
Cornerstone Trust
Crowell Trust
East-West Ministries International
FPC Greenville, SC
FPC Harrisonburg, VA
FPC North Palm Beach, FL
FPC San Antonio
Frontier Fellowship USA Funds
Open doors
Asia Link
Iranian Church Fellowship ICF
JW Laing Trust
Local Leaders
Overseas Council Europe
Word of Life Hikma
Tyndale Foundation
TOTAL FUNDS		 Incoming
resources
£
766,729
512
20,546
84,910
49,992
25,955
4,166
4,214
11,755
39,355
47,121
151,652
31,000
6,000
12,000
12,235
71,056
1,931
17,383
591,783
1,358,512		 Resources
expended
£
(781,894)
(512)
-
(84,910)
(49,992)
(25,955)
(4,166)
(4,214)
(11,755)
(18,999)
(47,121)
(174,221)
-
(6,000)
(12,000)
(12,235)
(63,746)
(1,931)
-
(517,757)
(1,299,651)		 Gains and
losses
£
50,538
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
50,538		 Movement
in funds
£
35,373
-
20,546
-
-
-
-
-
-
20,356
-
(22,569)
31,000
-
-
-
7,310
17,383
(74,026)
109,399

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MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

17. MOVEMENT IN FUNDS - continued Comparatives for movement in funds

Net
Transfers
movement
between
At 1.1.21
in funds
funds
£
£
£
Unrestricted funds
General fund
289,949
264,421
289,949
264,421
-
Restricted funds
Dupue Household
-
-
-
Memorial Drive Presbyterian Church
-
-
-
OCE. e.v Counselling
-
-
-
Open Doors
-
22,569
-
Christ Presbyterian Church
-
-
-
Memorial Drive Presbyterian Church
-
-
-
OCE. e.v Formation Conferences
-
-
-
Asia Link - Mentoring
-
-
-
Harry J Lloyd Charitable Trust
-
-
-
OCE. e.v Online Programme
-
-
-
Memorial Drive Presbyterian Church
-
-
-
Tyndale House Foundation
-
-
-
Student Sponsorship
-
-
-
-
22,569
-
TOTAL FUNDS
289,949
286,990
-
Comparative net movement in funds, included in the above are as follows:		 At
31.12.21
£
554,370
554,370
-
-
-
22,569
-
-
-
-
-
-
-
-
-
22,569
576,939
Unrestricted funds
General fund
Restricted funds
Dupue Household
Memorial Drive Presbyterian Church
OCE. e.v Counselling
Open Doors
Christ Presbyterian Church
Memorial Drive Presbyterian Church
OCE. e.v Formation Conferences
Asia Link - Mentoring
Harry J Lloyd Charitable Trust
OCE. e.v Online Programme
Memorial Drive Presbyterian Church
Tyndale House Foundation
Student Sponsorship
TOTAL FUNDS		 Incoming
resources
£
961,128
1,849
8,366
25,358
54,171
18,875
22,002
22,024
12,500
72,822
23,049
12,549
9,469
84,458
367,492
1,328,620		 Resources
expended
£
(694,293)
(1,849)
(8,366)
(25,358)
(30,579)
(18,875)
(22,002)
(22,024)
(12,500)
(72,822)
(23,049)
(12,549)
(9,469)
(84,458)
(343,900)
(1,038,193)		 Gains and
losses
£
(2,414)
-
-
-
(1,023)
-
-
-
-
-
-
-
-
-
(1,023)
(3,437)		 Movement
in funds
£
264,421
-
-
-
22,569
-
-
-
-
-
-
-
-
-
22,569
286,990

continued...

P

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022

17. MOVEMENT IN FUNDS - continued

Unrestricted General Funds

These funds can be used for any purpose to further the objectives of the charity.

Restricted Fund Funds to be used for: Christ Presbyterian church Conferences Cornerstone Trust Mentoring Crowell Trust Course Development FPC Greenville, SC Eric’s Salary FPC Harrisonburg, VA Student Sponsorship FPC North Palm Beach, FL Publications, Student Sponsorship FPC San Antonio Publications, Student Sponsorship, Mentoring Frontier Fellowship USA Funds Student Sponsorship, conferences Open Doors Counselling, Student Sponsorship Asia Link Ministry Support, Student Sponsorship JW Laing Trust General Fund and Mehrdad’s salary Local Leaders Online Programme Overseas Council Europe Online Programme, Conferences and Mentoring Word of Life Hikma Amir’s salary (ILF) Tyndale Foundation Publication

18. ULTIMATE CONTROLLING PARTY

Control of the charity is shared by The Board of Trustees of Multimedia Theological Training Ltd. The Trustee with significant control (PSC), as recorded with Companies House is Dr M Fatehi.

19. POST BALANCE SHEET EVENTS

There were no subsequent events identified since the balance sheet date.

20. RELATES PARTY DISCLOSURES

The only related party transactions in 2022 are limited to those mentioned in note 9 for trustees Remuneration and benefits.

21. EMPLOYEE BENEFIT OBLIGATIONS

The charitable company operates a defined contribution scheme which is administered independently. The costs to the charitable company for the year was £18,692 (2021: £18,073). There was £2,823 due to the pension scheme administrator at the year end (2021: £2,017). The expected cost to the charitable company in the coming year is expected to be in line with that of 2022

Page 27