2024-12-31-accounts - Multimedia Theological Training Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

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

REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

MULTIMEDIA THEOLOGICAL TRAINING LTD

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

	Page
Report of the Trustees	1 to 7
Report of the Independent Auditors	8 to 11
Statement of Financial Activities	12
Balance Sheet	13
Cash Flow Statement	14 to 15
Notes to Financial Statements	16 to 27

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024. 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:

Provide in-depth biblical, theological, and ministerial training.
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.
Creating an internet-accessed Theological Resource Centre providing books, articles, and video/audio material in Farsi and English online.
Organizing an annual Persian-speaking Theological Conference.
Publishing a Theological Journal in Persian through the internet.
Facilitating Advanced Theological Studies for Persian-speaking Christians.
Provide a hub for theological interaction and debate on a continuous day-to-day basis through an open and running blog.
Encouraging and facilitating original and indigenous theological thinking and writing by Persianspeaking Christian authors.
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 2024, we offered 503 incredible students 17 online courses at a B.Th. level. We completed the development of 3 new courses, hosted 7 residential Formation Conferences and 2 online conferences, mentored 234 students, and provided 1,496 hours of counselling treatment to 217 people in Iran and in the Persian-speaking diaspora. In addition, we published 8 books, and we held a graduation ceremony for 15 BTH level students and 7 diploma level students. Iranian Christian leaders planned for the Iranian Leaders Forum 2025 to continue the launch of the World Iranian Christian Alliance.

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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.

See Note 8 for Payments to Directors/Trustees and Related Parties:

Any reimbursements related to expenses incurred on behalf of the charity were in keeping with furthering the 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 and 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.

Reserves Policy

The Trustees maintain the same reserves policy as approved on 31 May 2022.

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.

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:

Setting the overall strategy, objectives, and policies of the charitable company.
Selecting and appointing the Multimedia’s Executive Director as well as providing accountability for his/her performance.
Working with the Executive Director to agree on strategic objectives and a strategic plan for Multimedia’s activities.

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Organisational Structure(continued)

Ensuring that adequate resources are available for Multimedia to fulfill its mission and that these are managed effectively.
Approving annual budgets, including the compensation of the Executive Director.
Ensuring legal and ethical integrity, and that Multimedia complies with all relevant legislation including charity legislation, employment legislation (including safeguarding), and financial reporting legislation.
Ensuring that Multimedia is accountable to its stakeholders.
Conducting a regular review of Multimedia’s Board performance.
All Directors/Trustees give their time freely. See the Financial Review section for details on remuneration or expenses paid in the year for their activities as Directors/Trustees and Related Parties.

Key Management Personnel

The work of implementing Multimedia’s strategy, policies, and objectives is carried out by Multimedia’s Senior Leadership Team (SLT), led by the Executive Director. The SLT is composed of the Executive Director, Director of Formation, Director of Studies, Director of Public Relations, Director of Operations and a Senior Board member as advisor. The SLT runs the whole day-to-day operation of Multimedia and oversees the work of the Head of Finance and HR, Head of Administration, and the wider team of middle managers and officers assigned to different departments. The SLT 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’s ideal board. These are regarded as ideals rather than hard-and-fast requirements. 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 and Focus: Ideally, the combined Board should include:

Experience in leadership of Christian organisations.
Involvement in church leadership.
Practical experience in mission.
Experience in missiological reflection.
Understanding of key issues affecting the mission and the church.
Experience in the business world.
Experience in financial management/budgeting.
Experience in charity operations or governance.
Visionary thinking.
Ability to think strategically.
Planning/management experience (of teams, plans, programs).
Experience in communication/fundraising.
Legal background to act as general counsel.
Human Resource Management (including safeguarding).

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

Trustee Induction and Training

The Chair 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 Commission’s (or Regulators) for England and 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 states 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.

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. Trustees should monitor the above-mentioned risks and be open to consider strategic alliances with likeminded organisations or forming partnerships in order to share financial risks.

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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

Trustees should understand applicable regulations, maintain an effective governance structure, and 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 – data breaches, hacking, identity theft, and unauthorized access to sensitive information.

Trustees should understand data protection regulations, obtain informed and explicit consent from individuals before collecting and processing their personal data.

MULTIMEDIA’S GOALS FOR THE NEXT 10 YEARS

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

Raising the capacity of the school to increase the total trained to 1,000 by 2031.
Developing fully the Ministerial Practice department into a vibrant mission arm of the School.
Establishing and developing an alumni program that would function as a leadership mobilisation centre to give help and advice to the School’s graduates in making maximum impact on the Iranian church and society.
Develop a robust program of teaching English for the students who would like to benefit from reading the rich resources in English.
Starting a Master’s program for applicants with a Degree in other subjects who could use English resources for their research.

Wider Informal Training - significantly impact the life and ministry of many more leaders through our Pars’ wider training:

Pars Academy: 5,000 students watch at least one course.
Counselling Centre: Offering 10,000 hours of counselling.
Shagerd website: Increase the daily visitors to 1,000.
Publications: Translating 100 new books, half of which are for a wider audience.
Establish Iranian Leaders Network (ILN) and impacting the life and ministry of at least 2,000 established and emerging leaders.
Shagerd TV: 1,000 hours of new quality teaching in different formats and at different levels for a wider audience.
Pars Research Centre: Research in Biblical, theological, apologetical, historical, socio-cultural, political, worldview, and mission fields relevant to the Iranian context.

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 in 2023

Rev. 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 Mr. Michael Blue

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

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024

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 required the Trustees to prepare financial statement 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:

Select suitable accounting policies and then apply them consistently
Observe the methods and principles in the Charity SORP
Make judgements and estimates that are reasonable and prudent
Prepare the financial statement s on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business

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, there is no relevant audit information of which the charitable company’s auditors are unaware and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, MC Audit Limited, were approved for re-appointment by the AGM

12 June 2025 The Trustees approved the trustees report on ___ and signed on their behalf by: (nl ______ A7D29FEEE0044CD... by: Rev. Dr. Mehrdad Fatehi

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA 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 2024 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:

Give a true and fair view of the state of the charitable company’s affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
Have been prepared in accordance with the requirements of the Companies Act 2006.

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 statement sin 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 authorized for issue.

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

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

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

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:

the information given in the Report of the Trustees for the financial year for which the financial statements are prepare is consistent with the financial statements; and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In 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:

adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of the trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

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

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 wither intend to liquidate the charitable company or to cease operations, or have no realistic alternative by 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.

We set financial statements materially level based on the level of income. As a not-for-profit organisation raising income it sit primary focus which is why 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 materially 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 organization is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organization.

Management assessed there is no going concern risk. The audit undertook a review of budgets, management accounts and the review of board minutes and came to the same conclusion as management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at ww.frc.org.uk/auditors responsibilities. This description forms part of our Report of the Independent Auditors.

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MULTIMEDIA THEOLOGICAL TRAINING LTD

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance 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 we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to 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 form.

[Paul2ECE186BF21E498...DocuSigned Underwoodby:

Paul Underwood (Senior Statutory Auditor) For an on behalf of MC Audit Limited Chartered Accountants Statutory Auditors Station House North Street Havant Hampshire PO9 1QU

12 June 2025 Date:

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Unrestricted funds £ 1,048,274 80,513 539 510	Unrestricted funds £ 1,048,274 80,513 539 510	Restricted funds £ 458,002 - - -	Restricted funds £ 458,002 - - -	2023 Total funds £ 1,048,440 83,932 585 100	2023 Total funds £ 1,048,440 83,932 585 100
1,129,836 - 885,630 244,206 - 18,816 (3,735) 259,287 531,892		458,002 - 436,554 21,448 - - - 21,448 7,840		1,133,057 - 1,251,993
				(118,936) - (5,793) (21,877)
				(146,606) 686,338
	791,179		29,288		539,732

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

BALANCE SHEET FOR THE YEAR ENDED 31 DECEMBER 2024

		2024	2023
	Notes	£	£
FIXED ASSETS
Intangible assets	11 A	16,390	-
Tangible assets	11 B	55,983	31,330
		72,373	31,330
CURRENT ASSETS
Debtors	12	129,419	10,703
Cash at bank		653,541	513,034
		782,960	523,737
CREDITORS
Amounts falling due within one year	13	(34,866)	(15,335)
NET CURRENT ASSETS		748,094	508,402
TOTAL ASSETS LESS CURRENT
LIABILITIES		820,467	539,732
NET ASSETS		820,467	539,732

FUNDS	16
Unrestricted funds		791,179	531,892
Restricted funds 16	16	29,288	7,840
TOTAL FUNDS		820,467	539,732

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 authorized for issue on 12 June 2025 ______ and were signed on its behalf by:

_____ (nl Dr. Mehrdad Fatehi – Trustee A7D29FEEE0044CD... by:

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Cash flows from operating activities Cash generated from operations Net cash (used in)/provided by operating activities Cash flows from investing activities Purchase of tangible fixed assets Expenditure on Intangible fixed assets Disposal 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	2024 £ 170,073 170,073 (27,137) (16,390) 13,422 539 (29,566) 140,507 513,034	2023 £ 37,193 37,193 (7,218) - - 579 (6,639) 30,554 482,480
	653,541	513,034

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income for the reporting period (as in the Statement of Financial Activities) Adjustments for: Depreciation charges (Gain) Loss on disposal of tangible fixed assets Interest received (Increase)/decrease in debtors (Decrease)/increase in creditors Net cash (used in)/provided by operations ANALYSIS OF CHANGES IN NET FUNDS At 1.1.24 £ Net cash Cash at bank 513,034	2024 2023 £ £ 280,735 (146,606) 7,878 10,396 (18,816) 5,793 (539) (579) (118,716) 161,569 19,531 6,620	2024 2023 £ £ 280,735 (146,606) 7,878 10,396 (18,816) 5,793 (539) (579) (118,716) 161,569 19,531 6,620	2024 2023 £ £ 280,735 (146,606) 7,878 10,396 (18,816) 5,793 (539) (579) (118,716) 161,569 19,531 6,620
		170,073	37,193
		Cash flow At 31.12.24 £ £ 140,507 653,541

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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.

Intangible Fixed Assets and Amortisation

Where expenditure on computer software meets the FRS102 criteria for recognition as an intangible fixed asset, the computer software including development cost is capitalized as an intangible fixed asset.

Intangible fixed assets are stated at cost less amortization. They are amortised on a straight line basis over 5 years, being the estimated economic life of the assets useful life.

Impairment reviews are conducted when events and changes occur that indicate than an impairment may have occurred. If a material impairment has occurred the carrying value of the asset is reduced to the recoverable value of the asset.

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

1. ACCOUNTING POLICIES - Continued

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 £900 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.

Governance Cost

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.

NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2 DONATIONS AND LEGACIES

Gifts, Grants and Donations	2024 £ 1,506,276

Comparative reclassification:

In the prior year (2023), income of £63,092 relating to conference receipts was included under Donations and Legacies. This amount has been reclassified in the 2023 comparative figures to “Income from Charitable Activities to Conferences” (Note 4), to more accurately reflect the nature of the income.

As a result, the 2023 total for Gifts, Grants and Donations has been restated from £1,111,532 to £1,048,440. This reclassification has no impact on total income or net movement in funds for the year.

3 INVESTMENT INCOME

Interest received 4 INCOME FROM CHARITABLE ACTIVITIES Conferences Student Contributions Book Sale	2024 £ 539 2024 £ 67,383 7,280 5,850 80,513	2023 £ 585 2023 £ 63,092 18,761 2,079
	80,513	83,932

5 CHARITABLE ACTIVITIES COSTS

Course Development Formation Conferences Mentoring Online Programme Wider Training (including Counselling)	Direct Support Total Costs Costs (see Note 6) £ £ £ 205,666 13,766 219,432 289,385 19,369 308,754 139,495 9,337 148,832 427,932 28,643 456,576 176,760 11,830 188,590
	1,239,238 82,946 1,322,185

NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6 Direct Costs

Direct Costs
Conferences Fees and retainers Ministry Support Publications Rent and rates Staff cost Staff training Travel Depreciation	2024 Total £ 127,780 452,362 30,709 26,445 37,500 509,864 1,734 44,967 7,877 1,239,238	2023 Total £ 185,039 373,909 49,085 43,373 37,500 441,589 1,258 14,620 10,396
	1,239,238	1,156,769

Costs are apportioned on the following bases:

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

COSTS ALLOCATION Course Development Formation Conferences Mentoring Online Programme Wider Training (including Counselling)	Management 10,948 15,405 7,426 22,781 9,410 65,970	Finance £ 1,133 1,595 769 2,358 974 6,830	Governance £ 1,684 2,369 1,142 3,504 1,447 10,146	Totals £ 13,766 19,369 9,337 28,643 11,831 82,946

19 NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Management

Administration cost Consumables Equipment General expenses Hospitality Insurance IT and software Utility Finance Bank charges Governance Auditors’ remuneration Professional charges	2024 Total £ 29,439 4,977 3,726 95 1,665 1,016 19,703 5,349 65,970 2024 Total £ 6,830 6,830 2024 Total £ 7,000 3,146 10,146	2023 Total £ 21,872 1,017 1,134 390 2,472 1,501 38,759 11,552
		78,697
		2023 Total £ 6,781
		6,781
		2023 Total £ 6,600 3,145 9,745

NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. NET INCOME / (EXPENDITURE)

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

	2024	2023
	£	£
Auditors’ remuneration	7,000	6,600
Depreciation- owned assets	7,877	10,396
Currency exchange losses	3,735	21,877
Loss on disposal of fixed assets	18,816	(5,793)
Auditors' remuneration - non-audit service	-	-

8. TRUSTEES’ REMUNERATION AND BENEFITS

Dr Fatehi, a trustee, received remuneration and benefits amounting to £58,313 in 2024, this includes gross pay of £51,000, employers NI of £5,783 and employers Pension of £1,530 (£58,313 in 2023).

Rev Dr. Tavassoli, a trustee, received remuneration and benefits amounting to £12,388 for lecturing.

Malcolm Steer, a trustee, received remuneration of £2,100 and reimbursement for travel amounting to £887.

Trustees' expenses

During the year 2024, no trustees were reimbursed out of pocket expenses: £0. (2023: £0).

9. STAFF COSTS Wages and salaries Social security costs Pension costs	2024 £ 443,916 46,131 13,068 503,115	2023 £ 404,287 25,743 11,559 441,589

The average monthly number of employees during the year was as follows:

2024 2023 Direct and support staff 13 14

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

NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024 was £134,526 (2023: £134,526).

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2023

Unrestricted funds £ 733,047 20,840 585 100	Restricted funds £ 378,485 - - -	Restricted funds £ 378,485 - - -	2022 Total funds £ 1,332,864 25,005 125 518	2022 Total funds £ 1,332,864 25,005 125 518
754,572 - 784,753 (30,181) - (5,793) (21,877) (57,851) 589,743	378,485 - 467,240 (88,755) - - - (88,755) 96,595		1,358,512 - 1,299,651
				58,861 - 50,538
				109,399 576,939
531,892		7,840		686,338

NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

11 A INTANGIBLE FIXED ASSETS

INTANGIBLE FIXED ASSETS
Cost at 1 January 2024 Expenditure in 2024 Cost at 31 December 2024	Website Development £ - 16,390 16,390	Total £ - 16,390
		16,390

Website development was delivered at the end of 2024 and has an estimated useful life of 5 years. The Intangible asset will be amortised on a straight line basis over 5 years starting from 2025.

Net Book Value at 1 January 2024 Net Book Value at 31 December 2024 11 B TANGIBLE FIXED ASSETS COST At 1 January 2024 Additions Disposals At 31 December 2024 DEPRECIATION At 1 January 2024 Charge Disposals At 31 December 2024 NET BOOK VALUE At 31 December 2024 At 31 December 2023	£ - 16,390 General Equipment £ 90,774 27,137 (36,603) 81,308 59,444 7,878 (41,997) 25,325 55,983	£ - 16,390 Total £ 90,774 27,137 (36,603)
		81,308
		59,444 7,878 (41,997)
		25,325
		55,983
	31,330	31,330

23 NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Other debtors Prepayments and accrued income	2024 £ 11,283 118,136 129,419	2023 £ 7,840 2,863 10,703

13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors Other creditors Accruals 14 LEASING ARRANGEMENTS Within one year Between one and five years		2024 £ - 27,866 7,000 34,866 2024 £ 37,500 79,100 116,600		2023 £ 3,157 5,678 6,500 15,335 2023 £ 37,500 - 37,500

Lease payments recognised as an expense in 2024 were £37,500 (2023: £37,500). A commercial lease extension agreement at the same rent as previously (£37,500) was signed on 10th August 2024 with a provision for a break clause for ending the lease after 6 months from 10[th] August 2027 on giving written notice.

NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15 ANALYSIS OF NET ASSETS BETWEEN FUNDS

----- Start of picture text -----
Unrestricted Restricted 2024 2023
funds funds Total funds Total fund
£ £ £ £
Fixed assets 72,373 - 72,373 31,330
Current assets 753,672 29,288 782,960 523,737
Current liabilities (34,866) - (34,866) (15,335)
791,179 29,288 820,467 539,732
----- End of picture text -----

16 MOVEMENTS IN FUNDS Unrestricted funds General fund Restricted funds	At 1.1.24 Net Movement in funds £ £ 531,892 259,287 7,840 (7,840) - 29,288 - - - - - - - -	At 1.1.24 Net Movement in funds £ £ 531,892 259,287 7,840 (7,840) - 29,288 - - - - - - - -
			Transfer	31.12.24
			between funds

			£		£



			-		791,179



Barnabas			-		-
Care for You	-		-		29,288

Centreville Presbyterian Church	-		-		-
Coworkers	-		-		-
Hamgaam	-		-		-
International Generosity Foundation	-		-		-

J W Laing Trust	-	- - - -	-		-
Mandarin Presbyterian church	-		-		-
Overseas Council Europe	-		-		-
Individual donations	-		-		-
	7,840	21,448	-		29,288
TOTAL FUNDS	539,732	280,735

			-		820,467

25 NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Net movement in funds included in the above are

Net movement in funds included in the above are
Unrestricted funds General fund Restricted funds Barnabas Care for You Centrevill Presbyterian Church Coworkers Hamgaam International Generosity Foundation J W Laing Trust Mandarin Presbyterian church Overseas Council Europe Individual donations TOTAL FUNDS	Incoming resources £ 1,129,836 (7,840) 135,574 358 16,384 2,696 231,830 6,600 1,877 68,930 1,593 458,002 1,587,838	Resources expended £ (885,630) - (106,286) (358) (16,384) (2,696) (231,830) (6,600) (1,877) (68,930) (1,593)		Gains and		Movement
				losses		in	funds
				£			£

					15,081		259,287
					- - - - - - - - - -
								(7,840)
								29,288

								0
								0
								0

								0



								0
								0
								0
								0
			(436,554)		-			21,448

		(1,322,184)			15,081		280,735

Unrestricted General Funds

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

Restricted Funds

Barnabas

Care4You Centreville Presbyterian Church

Coworkers

Hamgaam

International Generosity Foundation

JW Laing Trust Mandarin Presbyterian Church Overseas Council Europe

Individual Donations

Funds to be used for:

Ray DeLange’s Visa Renewal

Counselling and Student Sponsorship

Student Sponsorship

Publications

Formation Conference

Media, Development, Formation Conference and Staff Retreat

Mehrdad Fatehi’s Salary

Honorarium for Sasan Tavassoli

Counselling, Mentoring, Formation Conference and Online Programme

Development

NOTES TO THE FINANCIAL STATEMENTS - continued

Docusign Envelope ID: FAD617F2-03C3-4FC9-9109-CE2D647EACBA

MULTIMEDIA THEOLOGICAL TRAINING LTD

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

17. 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.

18. POST BALANCE SHEET EVENTS

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

19. RELATES PARTY DISCLOSURES

The only related party transactions in 2024 are limited to those mentioned in note 8 for trustees Remuneration and benefits.

20. 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 £13,068 (2023: £11,569). There was £3,090 due to the pension scheme administrator at the year end (2023: £2,717). The expected cost to the charitable company in the coming year is expected to be in line with that of 2024.

27 NOTES TO THE FINANCIAL STATEMENTS - continued