REGISTERED COMPANY NUMBER: 07693753 (England and Wales) REGISTERED CHARITY NUMBER: 1144746 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 FOR MULTIMEDIA THEOLOGICAL TRAINING LTD
MULTIMEDIA THEOLOGICAL TRAINING LTD CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 Page Report of the Trustees 3to9 Report of the Independent Auditors 10t013 statement of Financial Activites 14 Balance Sheet 15 Cash Flow Statement 16to17 Notes to Financial Statements 18to29
MULTIMEDIA THEOLOGICAL TRAINING LTD REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2025 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 2025. The Trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice appliGable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and Aim5 We are committed to the advancement of the Christian faith by strengthening the theological foundations of Persian-speaking Christian communities and other ¢hurches, nationally and internationally, through providing systèmatic and comprehensive theological training, high-quality theological resources, and opportunities for nelworking 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 chur¢hes with professional advice and help for developing discipleship, leadership, and theological training programs. 3. Creating an Internet-aC$$ed Theological Resource Centre providing books, articles, and videolaudio material in Farsi and English online. 4. Organizing an annual Persian-speaking Theological Conferen. 5. Publishing a Theological Journal in Persian through the intemet. 6. Facilitating Advanced Theological Studies for Persian-speaking Chrislians. 7. Provide a hub for theological interaction and debate on a continuous day-to-day basls through an open and running blog. 8. Encouraging and facilitating original and indigenous theological thinking and writing by Persian-speaking Christian authors. 9. Working, Ihrough all the above, towards laying the foundations of a Persian-language Christian theology. Publlc Beneflt The Directors confim that they have complied wtth the requirements of seGtion 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 In 2025, Pars served a global student body of 565 leaders In growing communitiès across Europe, North American, and Australia. Pars hosted 9 Formation Conferences serving 358 students, provided over 2,000 hours of mentoring, delivered 1,527 hours of trauma-informed counselling tg 183 individuals, expanded its Persian-language theological library to more than 45 titles, and convened 181 leaders for the Iranian Leaders Forum- where the World Iranian Christian Alliance (WICA) was formally launched to strengthen unity and collaboration among Iranian Christian leaders globally.
MULTIMEDIA THEOLOGICAL TRAINING LTD REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 DECEMBER 2025 FINANCIAL REVIEW Going Concern After making appropriate inquiries, the Trustees have a reasonable expectation that the charity has adequate resouices 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 Directorsrrrustees and Related Parties: Any reimbursements relatèd to expenses incurred on behalf of the charty were in keeping with fvrthering the charity's objectives. Flnanclal Posltlon 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 Charitie5 Act 2011 and Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Reserves Pollcy The Trustees maintain the same reserves policy as approved on 31 May 2022. Multimedia TheologlGal Tralnlng Ltd adopls a reserves policy, which sets aslde three months of operating funds to protect the ministry from the rlsk of disruption at short notlce due to a lack of funds. whilst at the same time ensurlng we do not retain income for longer than requlred. 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. CharTrty 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 Ilquidation. Organisational Structure The Board of Trustees, who are also the Directors of Multirnedla Theologlcal Training Ltd, rneèt three times a year and are responsible for the following.. 1. Setting the overall strategy, objectives, and policies of the charitable Company. 2. Selecting and appointing the Mulmedia'S Executive Director as well as providing accountability for hislher perfomiance. 3. Wot*ing with the Executive Director to agree on strategic objectives and a strategic plan for Multimedia's activities.
MULTIMEDIA THEOLOGICAL TRAINING LTD REPORT OF THE TRUSTEES - contlnued FOR THE YEAR ENDED 31 DECEMBER 2025 4. Ensuring that adequate resources are available for Multimedia to fulfill its mission and that these are managed effectively. 5. Approving annual budgets, including the compensalion of the Executive Director. 6. Ensuring legal and ethical integrity, and that Multimedia complies with all relevant legislation including charity legislation, employment legislation (including safeguarding). and financial reporting legislation. 7. Ensuring that Multimedla Is accountable to its stakeholders. 8. Conducting a regular review of Multimedia's Board performance. 9. All DirectOrsruSteeS give their time freely. See the Financial Review section for details on remuneration or expenses paid in the year for their aclivities as DirectorslTrustees and Related Parties. Key Management Perytsonnel The work of implementing Multimedia's strategy, policies, and objectives is carried out by Multimedia'5 Senior Leadership Team (SLT), led by the Executive Director. The SLT is composed of the Executive Director, Director of Spiritual Formation, Director of Studies, Associate Director, Head of Partnership Development. and a Senior Board member as advisor. The SLT runs the whole day-to4ay 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 dtfferent departments. The SLT is accountable to the Board of Directors rustees. Multimedia also has an Academic Committee composed of the more senior members of the faculty, who make decisions mostly about a¢ademic policies. Directorrrrustee 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 DireCtorruStee needs to have professional skills or experience, and it is entirely appropriate that some Dire¢torslTrustees bring spiritual qualities and make a valuable contribution without having some of the professional skills listed below. The makeup of the Board should be dlverse, covering areas such as (but not exclusively) race, age, gender, Church denomination, and Christian experience. Skills and Focus.. Ideally, the combined Board should include= 1. Experience in leadership of Christian organisations. 2. Involvement in church leadership. 3. Practical experience in mission. 4. Experience in rnissiological reflection. 5. Understanding of key issues affecting the mission and the church. 8. Experience in the business world. 7. Experience in financial managementlbudgeting. 8. Experience in charity operations or governance. 9. Visionary thinking. 10. Ability to think strategically. 11. Planninglmanagement experience (of teams, plans, programs). 12. Exper(ence in communicationlfundraising.
MULTIMEDIA THEOLOGICAL TRAINING LTD REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 DECEMBER 2025 13. Legal background to act as general counsel. 14. Human Resource Management (inc5uding safeguarding). Trustee Inductlon and Tralnlng The Chair is responsible for ensuring each new DirectorlTrustee is provided with an induction overing their responsibilit185 together with an overview of Pars. Ongoing Directortrrustee Tralnlng Governance Training will be provided every 3 years to ensure DireCtorsrUsteeS 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 ils performance (including Director ruslee attendance and perfomiance of Officers) and take practical steps to improve its effectiveness rf appropriate. DIrectOrruStee Register of Interests A register of interests of DireCtOr5rUSteeS should be kept and rewewed 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 DIrectorrUst* wi(h 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 thal maintaining the free reserves slates 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 facè 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 infom)ation, inadequate reserves and cash flow. inadequate diversity of income sources, difficulty complying w-rth funding rules, fraL)d and theft. Trustees should monitor the above-mentioned risks and bè open to consider strategic alliances with like-minded organisations or forming partnerships in order to share financial risks.
MULTIMEDIA THEOLOGICAL TRAINING LTD REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 DECEMBER 2025 Regulatory- failure to meet legal and regulatory requirements, employment law, Disability Discrimination Act, Data Protection Act, etc. Trustees should understand applicable regulations, maintain an effedive governance structure. and regularfy review the composition and skills of the board to ensure it includes individuals with relevant expertise and a commitment to compliance. Cybersecurity and Data Prlvacy Rlsk- data breaches, hacking, identty theft, and unauthorized ac5$ 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 Forrnal Training - developing leaders through our School of Theology and Leadership: 1. Raising the capacity of the school to increase the total trained to 1,000 by 2031. 2. Developing fully the Ministerial Practice department into a vibrant mission arm of the School. 3. Eslablishing and developing an alumni program that would function as a leadership mobilisation cenlre to give help and advice to the School's 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 benefrt 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. Wider Informal Training - significantly impact the Ilfe and mlnlstry of many more loaders through our Pars, wider training: 1. ParsAcademy: 5,000 students watch at least one course. 2. Counselling Centre.. Offering 10,000 hours of counselling. 3. Shagerd website.. Increase the daily visitors to 1,000. 4. Publications.. Translating 100 new books, half of which are for a wider audience. 5. Establish Iranian Leaders Network (ILN) and impacting the life and ministry of at least 2,000 established and emerging leaders. 6. Shagerd TV-. 1,000 hours of new quality teaching in drfferent fomats and at different levels for a wider audience. 7. Pars Research Centre.. Research in Biblical, theologic81, apologetical, historical, socio- cultural, polttical, worldview, and mission fields relevant to the Iranian context.
MULTIMEDIA THEOLOGICAL TRAINING LTD REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 DECEMBER 2025 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number: 07693753 {England and Wales) Reglstsred Charity Number: 1144746 Registered Office: First Floor 1 Clockhouse Road Farnborough Hampshlre GU14 7QY Trustees In 2025 Rev. Dr. Mehrdad Fatehi Mr. Malcolm Steer Rev. Dr. Sasan Tavassoli Mr. C. Benjarnin Mccaleb Rev. Edward Hovsepian-mehr Mrs. Jennifer Philip Stirling Mr. Michael Blue Auditors P Underwood, FCCA MC Audit Limited Statutory Auditors Lake Plouse 2 Port Way Port Solent Portsmouth Hampshire P06 4TY BankpTS HSBC Bank Plc. 33 The Borough Famham Surrey GU9 7NJ
MULTIMEDIA THEOLOGICAL TRAINING LTD REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 DECEMBER2025 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 apKordance 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 slate of affairs of thè 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: 1. Select suitable accounting policies and then apply them Gonsistently 2. Observe the methods and principles in the Charity SORP 3. Make judgements and estimates that are reasonable and prudent 4. Prepare the financial statement s on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business The Trustee5 are responsible for keeping proper accounting reGords which disclose with reasonable aGcuracy at any time the financial position of the charitable company and lo enable them to ensure that the financial statements comply with the Companies Act 2008. They are also responsible for safeguarding the assets of the charitable company and hence for tsking 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 ompany'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 informalion and to establish that the auditors are aware of that information. AUDITORS The audrtors. MC Audit Limited, were approved for re-appointment by the Trustees 22 April 2026 and signed on its behalf by.. Rev. Dr. Mehrdad Fatehi
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MULTIMEDIA THEOLOGICAL TRAINING LTD Opinion We have audited the finan¢ial statement5 of Multirnedia Theological Training Ltd (the 'charitable company,) for the year ended 31 December 2025 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 acoounting 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 stalemerts: Give a true and fair view of the state of the Charitable company's affairs as at 31 December 2025 and of its incoming resources and applicab'on 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. Basls for oplnlon We conducted our audit in accordanc8 Wlth 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 statemenls 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 Ihese requirements. We believe that the audit Èvidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng concern In auditing the financial statements, we have concluded that the trustee5' use of the going concem basis of accounting in the preparation of the financial ststements is appropriatè. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubl 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 concem are described in the relevant sections of this report. Other Information The Iruslees are responsible for the other information. The other information comprises the information included in the Annual Report, other than Ihe 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. io
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MULTIMEDIA THEOLOGICAL TRAINING LTD - continued In Connection wilh our audit of the financial statemenls. our responsibility is to read the other information and, in doing so, consider whether the other information is malerialty 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 5tatement5 themselves. If, based on the work we have perfomied, 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 worf( undertaken in the course ofthe audit= the informalion 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 whlch we are required to report by exception In light of the knowledge and understanding of the charitable company and its envlronment 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 ofthe following matters where the Companies Act 2006 requires us to report to you rf, in our opinion.. adequale accounting records have not been kept or return5 adequate for our audit have not been received from branches not visited by us., or the finan¢ial statements are not in agreement with the accounting records and retums,- 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 lo tske advantage of the small cornpanies exemption frorn the requirement lo prepare a Strategic Report or in preparing the Report of the Trustees. Responsibilities of trustees As explained more fully in the Statement of Trustees. Responslbilities, 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 neSSary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In Fxeparing 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 unles5 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 li
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MULTIMEDIA THEOLOGICAL TRAINING LTD - continued the Independent Auditors that includes our opinion. Reasonable assuran is a high level of assurance. but is not a guarantee Ihat an audit conducted in accordance wtth ISAS {UK) will always detect a material misstatement when it exists. Mi5Statements can arise trom fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen 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 assessmènt of risk in respèct of irrègularities, fraud and going concern. We set financlal statements materlally level based on the level of income. As 8 nol-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 afier assessing and performing walkthrough tests. The walklhrough testing confirmed documented systems which have been designed to act as preventative measure against fraud and error which appear to be operaling as documented. Substantive testing tested a sample of the population, representative of the population, to identrfy errors. The testing did not identify any material rnisstatements in areas tested. Audit substantive tests concluded no material errors over the key risk areas of income recognilion 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 responsibilf(ies for the audit of the financial statements is located on the Financial Reporting Council's website al .frc.Org.uk/aUditorS responsibilities. This description forms part of our Report of the Independent Auditors. Use of our report This report is made solely to the GhaTitable company's members, a5 a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might state to the charilable companys 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 forthe opinions we have form. 12
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF MULTIMEDIA THEOLOGICAL TRAINING LTD - continued Paul Underwood {Senlor Statutory Audltor) For and on behalf of MC Audit Limited Statutory Auditors Lake House 2 Port Way Port Solent Portsmouth Hampshire P06 4TY Date.. 22 April 2026 13
MULTIMEDIA THEOLOGICAL TRAINING LTD STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025 2026 2024 Unrestricted Rèstricted Total Total funds funds funds funds INCOME AND ENDOIIVMENTS FROM Donations and legae$ Notes 1,023,777 310,203 1,333,980 1,506,276 Charitable actlyltles CharitalAe activities 27,731 27,731 80,513 Invethenl income Other inwtne Total 882 882 539 510 1,587,838 1,052,3 310,203 1.362,593 EXPENDITURE ON R8ising funds Charit8blÈ activitiÈ# Charitsble activitiès 1,072,761 339,491 1,412,252 1,322.184 NET INCOMEIIEXPENDITUREI Tran8fer8 betsen fund8 120.3711 129,2881 149,6591 265,854 17 Olhgr rn¢ogni$ed gainsl{10sse81 Gain (Lossl on disptrsal ol tangibl¢ fixEd assets Currency g8inslllossÈsl 18,816 145.0071 145,007) {3,7351 Net movement in funds RECONCILIATION OF FUNDS Total funds brought forward 165,3781 129,2881 194,66S} 280,735 791,179 29.288 820.467 539.732 TOTAL FUNDS CARRIED FORWARD 14
MULTIMEDIA THEOLOGICAL TRAINING LTD BALANCE SHEEr FOR THE YEAR ENDED DECEMBER 31, 2025 2025 2024 Ngte$ FIXED ASSETS Intangible assets Tangible assets 11A 13,112 16,390 11 B 23,139 36.251 55,983 72.373 CURRENT ASSETS Debtors Cash at bank 12 15,807 129,419 653 S41 782,960 702,855 CREDITORS Amounts falling due within one year 13 113.3051 (34,8661 NET CURRENT ASSETS 689,650 748,094 TOTAL ASSETS LESS CURRENT LIABILITIES 725,801 820,467 NET ASSETS FUNDS Unreslricled funds Reslrieled funds 16 725,801 791,179 29,288 TOTAL FUNDS 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 22 April 2026 and were signed on its half by.. Dr. Mehrdad Fatehi- Trustee 15
MULTIMEDIA THEOLOGICAL TRAINING LTD CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 2026 2024 Notes Cash flows from opgratlng activit108 Cash generated from operatlons 170073 Nel cash {used in}Iprovided by operating activities 170073 Cash flows from Investing activities Purchasè of tsngible fixed assets 19991 (27,137} Expenditure on Intangible fixed assets (16,390} Disposal of tangible fixad assets 13,422 Interest reIVed 539 539 Net cash provided byl{u5ed in) investing activities 460 Change in cash and cash equlvalents in the reporting period 33,507 140,507 Cash and ¢a8h equivalonts at the bgginnlng of the reporting perlod 653541 513034 Cash and eash 8qulvalents at the end of th8 reporting p8riod 687 048 Noto l RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net Éneome for the r¢porting period (as in the Statement of FiDancial Aotiviti¢s) Adjustments for: Depreciation charg&s Amortisation charge Impairment loss 194,666} 280,735 11,768 3,278 22,075 7.878 16
(Gain) Loss on disposal of tangible fixed assets Interest received Ilncrea$elldeGrease in debtors IDecrease}Iincrease in creditors (18,8161 {539} 15391 113,612 (118,7161 121.561) 19.531 Net cash lusgd in)Iprovided by operations Note 2. ANALYSIS OF CHANGES IN NET FUNDS A11.1.25 Cash At flow 31.12.25 Net cash Cash at bank 653 541 17
MULTIMEDIA THEOLOGICAL TRAINING LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 I. ACCOUNTING POLICIES Basis of preparlng the flnancial 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 1021 '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 I reland (FRS 102) (effective l January 2019}', Financial Reporting Standard 102 'The Financial Reporting standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The flnancial statements have been prepared under the historical cost convention. Income All income is recognised ir) the Statement of Financial Activitles 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 includ8d in the SOFA when the charity has the unconditional entillemenl 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 lo which they relate. Incomlng 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. Expendlture Liabilities are recognised a5 expenditure as soon as there is a legal or constructlve obligation committing the ¢harily lo 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. Vvhere costs cannot be direcly attributed to particular headings they have been allocated to activities on a basis c¢)nsistent with the use of resources. Intangible Flxed Assets and Amortisation Vvhere expenditure on computer software meets the FRS102 criteria for recognilion as an intangible fixed asset. the computer software including development cost is capitalized as an Intanglble fixed asset. Intangible red assets are stated at cost less amortization. They are amortised on a straight line basis over 5 years, being the estimated econornic life of the asset's useful lrfe. 18
MULTIMEDIA THEOLOGICAL TRAINING LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025 1. ACCOUNTING POLICIES - Contlnued Impaimient reviews are conducted when events and changes occur that indicate than an impaimient may have oGcurred. If a material impairment has occurred the carrying value of the asset is reduced to the recoverable value of the asset. Tanglble Fixed Assets Tangible fixed assets are initially measured at cost and 5ub5equentty measured at cost or valuation, net of depreciation and any impaimient losses. Depreciation is provided at the following annual rates in order lo write off each asset over its estimated useful life. General Equipment 25Yo reducing balance Impaimient of fixed assets At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to detemine whether there is any indication that those assets have suffered an impaimient loss. If any such indicalion exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss. Individual fixed assets costing £900 or more are caprtalised at cost or if gifted, at the value to the charity on receipt. Taxation The charity is exempt from corporation tax on Its charitable adivities. Fund Accounting Unrèstllcted funds can be used in accordance with the Charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restriGted purposes M4thin the objects of the charty- Restrictions arise when 5pecifEd by the donor or whèn funds are raised for particular restricted purpos@s. 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 govemance or constff(utional matters. 19
MULTIMEDIA THEOLOGICAL TRAINING LTD NOTES TO THE FINANCIAL STATEMENTS - continued Pensions The Charity operates a defin8d contribution pension scheme and the pension charge represents the amounts payable by the company to the fvnd in respect of the financial period. Pension contributions are charged to the Statement of Financial Activities as they become payabl8. 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 truslees continue to adopt the going concern basis of accounting in preparing Ihe accounts. Flnanclal 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 atthe amount prepaid nel of any trade discounts due. Cash at bank and in hand includes cash held on deposit or in a current account. Credltors and Provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event Ihat will probably result in the transfer of funds to a third party and the amount due to settle the obligalion can be measured or estimated reliably. Creditors and provisions are normally recognised at their setllement amount after allowlng for any trade discounts due. DONATIONS AND LEGACIES 2025 2024 Gffts, Grants and Donations INVESTMENT INCOME 2025 2024 Interest received INCOME FROM CHARITABLE ACTIVITIES 2025 2024 Conferences Student Contributions Book Sa16 15,938 11.021 772 67,383 7,280 5,850 27,731 80,513 20
MULTIMEDIA THEOLOGICAL TRAINING LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2025 CHARITABLE ACTIVITIES COSTS Direct Costs Support Costs (see Note 61 Total School Publications Fomialiort Conferences hAentoring Leadership Counselling Shagerd ademy 582,477 111,329 159.424 1 S8,860 137,602 94,215 60,092 21,784 36.439 7.437 14.244 11.527 5,457 7,783 2,189 1,392 618.916 118.766 173.668 170,387 143,059 101,998 62,281 23,176 1325,783 1,412.251 Dlrect Costs 2025 Total 2024 Totsl Conferences Fees and retainers Ministry Support Publications Rant Stsff Cost Staff training Travel Depreciation Impairment1055 Amortisation 143,131 466,372 20,927 26,546 37,500 544,223 20,106 29,855 11,768 22,075 127,780 452,362 30,709 26,445 37,500 509,864 1,734 44,967 7,877 1,325 781 1,239,238 21
MULTIMEDIA THEOLOGICAL TRAINING LTD NOTES TO THE FINANCIAL STATEMENTS . continued FOR THE YEAR ENDED 31 DECEMBER 2025 Managemgnt Finance Govemance Tots18 School Publications Fomiation Confer8nc8S enloring Leadership Counselling Shagard Academy 24.968 5,099 9,768 7,904 3,742 5,337 1,500 955 2,607 532 8,846 1,806 3,458 2,798 1,325 1,889 532 338 20.992 36,421 7,437 14,244 11,527 5.457 7.783 2,189 1,392 86,467 1,020 825 390 557 157 99 59,271 6.187 Management 2025 2024 Total Total Admlnlslrallon cost Consumables Equipmènt General expenses Hospitality Insurance IT and software 20.458 5.742 3,259 182 1,127 1.000 24,173 3,354 59,271 29.439 4,977 3728 95 1,665 1,016 19,703 5,349 65.972 Financo 2025 Total 2024 Total Bank charges 6,187 6,187 6,830 6.830 Gov8maneo 2025 2024 Totsl Total 22
Auditors, remuneration 7.100 7.000 Professional charges 13,892 3,146 20,992 10,146 NET INCOME I IEXPENDITUREI Net incomejlexpellditurel is stated after chargingllcreditingl-. 2025 2024 Auditors. remuneration 7,300 7,000 Depr8ciation- owned ass8ls Amortisation Intangible assets Impairment loss on fLxed assets Currency exchange losse5 11,768 3,278 7,877 22,075 45,007 3,735 {Lossl Gain on disposal of fixed asets 15,816 Auditors, remuneration - non-audit service 8 TRUSTEES. REMUNERATION AND BENEFITS Dr Fatehi, a trustee. received remuneration and benefits amounting to £68,109 In 2025, this includes gross pay of £55.875, &mployers Nl of £7.352 and employers Pension of £4,882 (£58,313 in 2024). Rev Dr. Tavassoli, a trustee, received remuneration and ben8fits amounting to £12.432 for knluring. Makolm Steer. a Iruslee, received remuneration of £300 and reimbursement for travel amounting to £80.49. Tru$tees' expènses During the year 2025. Malcolm Sleer reGeived reimbursement for Irav811ing of £80 and none of the other trustees were reimbursed out of pocket expenses.. £80. 12024.. £01. STAFF COSTS 2025 2024 Wages and $alaries 469.599 443.916 Social security costs 57,454 46,131 23
Pènsion costs 17.170 544,223 13,068 503,115 The average monthly number of employees during the year was as follows- 2025 13 2024 13 Direct and support staff The charty operates a PAYE scheme to pay all employed members of staff. Onty one employee received emoluments of over £60,000 as detailed in Note 8. Key managernent personnel Key management personnel ale the Executive Director, Director of Spiritual Formation. Director of Studies, Associate Director, and the Head of Partnership Development who are responsible for the day-lo-day activities of the charity. Totalremuneration and benefits of the key management personnel in the year ended 31 December2025 was £214,675 {2024.' £134.526}. 24
- COhlPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 2024 2024 2023 Unrestricted Restricted Tolal Total nds fijnds funds funds INCOME AND ENDOWMENTS FROM Dmalions and lègaeiès Notes 1,048.274 458,002 1,506,276 1.048,440 chatabl? aetlvltlas Charitable activities 80,513 8Q,513 83,932 Investmènt incornè other income Total 539 510 1,129,836 585 100 1.133,057 510 1,587,838 458,002 EXPENDITLRE ON Raising funds Charitable activltles Charitable acts'vitigs 885,630 4,554 1,322,184 1,251.993 NET INCOMEIIEXPENDITUREI Transfprs b•fren funds 244,206 21,448 286,654 1118.9361 Other ¢gnISed gainslllossesl Los5 on disposal of fixed a85ets Curren¢y gansloossesl 18,816 18,818 15,793) 121,87n 13.7351 13,7351 Net movement ih fund¥ RECONCIUATION OF FUNDS Total funds brought forward 259,287 21,448 280.735 1146.6061 531,892 539.732 688.338 TOTAL FUNDS CARRIED FORWARD 25
11 A INTANGIBLE FIXED ASSETS Computor Softwaro Dovolopment Total Cost al 1 January 2025 Expenditure in 2026 Cost at 31 Dernber 2025 16.390 16,390 16.390 16,390 Amortisalion Al 1 January 2025 Charge At 31 December 202S 3,278 3,278 NET BOOK VALUE Al 31 December 2025 13.112 13,112 Al 31 December 2024 16,390 118 TANGIBLE FIXED ASSETS General Equipment Total COST At 1 January 2025 Additions Impairment loss At 31 December 2025 81,308 999 22.075 60.232 81,308 999 22,0751 DEPRECIATION Al 1 January 2025 Chargè Disposals Al 31 Decembar 2025 25,325 11.768 25,325 11,768 37,093 37,093 NEf BOOK VALUE At 31 December 2025 23,139 23,139 At 31 December 2024 55.983 55.983 26
MULTIMEDIA THEOLOGICAL TRAINING LTD NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEM8ER2025 12 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Other debtors Prepayments and accrued income 11.283 118.136 129.419 15,807 15,807 13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade credrtors Other creditors Accruals 155 5.505 7.645 13,305 27.866 7.000 34.866 14 LEASING ARRANGEMENTS 2025 2024 Within one year 37.500 37,500 Beiween one and flveyears 41.600 79,100 79.100 116,600 Lease payments recognlsed as an expense in 2025 were £37,50012024= £37,500). A commercial lease extension agreement at the same rant as previously1£37,5001 was signed on 10th August 2024 wtth a provision for a break clause for ending the lease after 6 months from 1Clh August 2027 on giving written notice. 27
MULTIMEDIA THEOLOGICAL TRAINING LTD NOTES TO THE FINANCIAL STATEMENTS - continu8d FOR THE YEAR ENDED 31 DECEMBER 2025 15 ANALYSIS OF NET ASSETS 8ETWEEN FUNDS Unrestricted Reslrleted 2025 2024 Total fvnds funds funds Total funds Fixed assets Cuirenl assets Currenl li8bililies 36,251 702,855 13.305 725,801 36,251 702,855 13,305 725,801 72,373 782,980 34.866 820,467 16 MOVEMENTS IN FUNDS Net Movement At 1.1.25 Transfer between funds 31.12.25 In funds Unrestricted ld8 General nd 791 179 Restrlcted funds Care for You 29.288 129,288} TOTAL FUNDS 725 Ngt movement in funds includod in the above are Incomlng resources Resources oxpendèd Galn8 and losses Movement In funds 28
Unr•strictod funds General fund Re6trlcted funds Bamabas 25,000 (25,000) (242,667) Care fot You 213,379 129,288) Asla Llnk 30,000 130.000) Hamga8m 7,723 {7,723) Ovorseas CouncAI Europe 32,235 (32,235) Individual dtsnations 1,866 (1,8661 TOTAL FUNDS 1362 593 1.412.252 94.666 17. ULTIMATE CONTROLLING PARTY Control of the charity is shared by The Board of Trustees of Multsmedia Theological Training Ltd. TheTruslee with signifan1 control IPSC), as recorded with Companies House is Dr M F8téhi. 18. POST BALANCE SHEEf EVENTS There were no subsequent 8v8nts idenlrfied since tha balance sheet date. 19. RELATES PARTY DISCLOSURES The only related paty Iransacl*)ns in 2025 are limited lo those mentioned in note 7 for trustees Remuneration and benefits. 20. EMPLOYEE BENEFIT OBLIGATIONS The charitable company operates a defined eonlribulion scheme which is administered independently.The costs to the charitsble company for the year was £17,17012024." £13,068). There was £2,757 due to the Pension administrator at tha year end12024.' £3,090). The expected cost to the charltable eompany in the coming year is expectsd to be in line with that of 2025. 29