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 Mu￿lmedia'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 DirectOrs￿ruSteeS 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 DireCtor￿ruStee 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 DireCtors￿rUsteeS 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.
DIrectOr￿ruStee Register of Interests
A register of interests of DireCtOr5￿rUSteeS 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 DIrector￿rUst* 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
ac￿5$ 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 ne￿SSary 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 lega￿e$
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 bets￿en 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 re￿IVed
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 r￿ed 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

10. 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
cha￿tabl? 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•fr￿en 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 De￿rnber 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 l￿d8
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 signif￿an1 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