Charlty reglstr•tlon numb•r NIC104482 (Northern Ireland) Company r¢gl8tr4tlon Dumber N1049168 BELFAST SCHOOL OF THEOLOGY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025
BELFAST SCHOOL OF THEOLOGY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Dlrectors Ms S Graham (Chair) Mrs L Watson MrA Robinson DrA Moorehead Prof P Fleming Pastor C Cuffan Mrs R Scott (Appointed 21 January 20251 (Appointed 1 June 20251 (Appointed 1 Seplgmber 20251 Cbfjrlty number (Northern Ireland) NIC104482 Company numb•r N1049168 Reg18ter•d offlc 2nd Floor, Maln Building Slranmlllis Unlvgrsity College Slr8nmillis Rood Belfast 8T9 5DY Audltor HM Chartered Accounlanl$ 6th Floor Easl Towor Lanyon Plaza 8 Lanyon Place Belfast Co. Antrlm BT1 3LP Bankor• Ul$l¢r Bank Ander8onslown Branch Unit G Westsvood Centre Belfast Co Anlrim BT119BQ 8ollcltor• Hewitt & Gilpin 8 High Street Holywood BT18 9AZ
BELFAST SCHOOL OF THEOLOGY LIMITED CONTENTS Pago Strategic report Directors, report 6-10 Ind&pondent auditorf8 roport Stslemenl of flnanclal act(vltle8 15 Stslemenl of finanrial p)81tlon 18 Slaiemenl ol ca8h flows 17 Notes to the flnand818talement6 18-28
BELFAST SCHOOL OF THEOLOGY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST2025 The Directors present their Strategic Report for tho year ended 31 August 2025. What the Charlty does The Charity runs a Theological School which providès educational services. The Charlty's classlflcatlon The advancement of Education. Who the Charlty hèl The Charity exists to help the general public bul is specifically interested in thos8 who wish to Ir8in for growlh In Christian life and setvice, bcally and around the world. How the charlty works The Charity delivers educational PTogfammes to ¢reate a welcomlng communty in which G¢xI wt)rks lo form His people by inlegraling SrItUal, academlc and expgrlenllal learning rooted in His Word, for growth h Chnslian life and service, locally and around the world. REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS There wer• nèt oulgolng resource8 for the year of £295,480 8ttribulable lo unrestrlcled re8erve8 thIch now stsnd at £574,829. In addltion. there was net cutgoing resources lor the year of £27 attrlbutable lo reslricled roséNo6 which now sland at £99,210. ACHIEVEMENTS AND PERFORMANCE Progress was made toward fulfilllng the Ch8rriY8 purpose In 2024-2025 in the followfng areas.. Belf8St School of Theology Ihereinafter referred to as the Charlly or Ihtr School) offers Undergraduate and Poslgraduale Courses validated by th8 Universrty of Cumbrla These courses provide a suite ol vocatlonal Theology awards ICertHE, DipHE, BA (Hon81 Theology. Gradualo Dip, MAI validoled by the Unlverslty of Cumbria. Additionally. th8 School offers a wide range of part Ilme courses In various Theologlcal subhe¢ls. l. Recwillng and Enrolment The number of full lime equlvalenl students attending the School for the various degree cour¥es in the year under review was 40. In September 2024 the School enrolled 36 12023.. 361 Undergraduate and nil 12023.. nil) Postgraduate full time sludeni$ a$ well Bs S {2023: 111 undergraduate part time and 1512023.. 12) post giaduale p8rt lime. Those attending the Sehool were from a wide spectrum of denominations. Students attending the School come mainly from UK and Ireland with a small number coming from other countrfes from around the world. ii. EdutIonal Development During 2024 the School recruited to a revalidated programme for the fourth year in succession. This neY revalidaled degree builds on the School's knoedge and experience and seek5 to better serve its students with an inlegr8led approach acTOSS theologic81 discipllnes and practlcal 8ervice.
BELFAST SCHOOL OF THEOLOGY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The School also sought to enhance the support it offers to students, with 8 joined-up approach across academic. p8sloral and residential support. Feedback from stud8nts has been very positive as lo the quality of the support and it has been encouraging to See students access both academic support through their Pefsonal Tutor scheme, as well as Pastoral care. Th15 positive feedback ha8 been echoed In the extern81 survey based National Student Survey INSSI which paints an encouraging picluro of the School. The newly validated MA in Practic81 Theology enrolled its first students S¢ptember 2024, drawng its first students from both Northern Ireland and furthgr afield, and continues lo attract students from a wide range of professional backgrounds as ils blended approach serves their education81 and professional needs well, This year the School's furthef enhancement of the MA h85 anablèd students lo presènt their dissortation rarch propo8818 in an onllne 8emlnar. Alongslde Its valida18d programmes, the School offers Short courses, created by the School and occesslble lo the public al large. This year the School continued ils suite of programmes under the bgnnèr of Cataly81 Courses. The accessibility of these dasses bmlh some f8c&lcpface and some online has worked well and resulted in a greater diversity of partlcipants along with a wider nel of conlribulors lo the teaching. 111. Re80urc8 Development The level of charitable donations lo general operations and specific projects conliniies lo contribute lo support the School needs. The generosity of supporters and donors continues lo make a significant conlributlon lo the suslainabilily ol the School The School has worked closely with key donors and will seek to uncover new funding possibilities in the future. The School continued Its policy of upgradlng facS1iUes through mlnor capital works an¢1 th• ongoing m8inlen8nce programmg on its bulldings. Ourlng the year £3,70512024.. £4,006) was Spént In this way. The School ¢onlinu88 10 support staff and volunteers. with ongolng training for our Ilne man8gars and 8upporUn9 staff. The Sch¢)ol continues its commitment to providing theolo9ical education al dlffering a¢8demlc levels and for varying study periods depending on the needs of prospective appllcants. In the BA IHon$l In Theology from the University of Cumbria 44%12023.' 59%> of students giadualed with a 2.1 or above.
BELFAST SCHOOL OF THEOLOGY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 FINANCIAL REVIEW The results of the School's adlvilles are contained in the attached finarrial st8lemenls. Overall. a deficit of £295,507 {2024.' £223,251115 reported for the year 8nded 31 August 2025. Unieslricled Funds returned a delicil of £295,480 eomp8red 19 8 deficit of £254.324 in 2024 whilst the corresponding figures for Reslricled Funds were a deficit of £27 for current year and a surplus of £31,073 for the prior year respecfjvely. Unroslrlcted Reserves were £574,829 12024.. £870,309) al year end whil$l Reslrfcled Reserves were £99,210 12024.. £99,237>. Liquidity The School's bank balance and liquid funds decreased during the year. Bank balances at year end were £21.789 compared to £248,873 at the end of the previous year. The S¢hool successlully completed the sale of ils fomer STte at Glenburn House. Dunmurry, on 19 November 2025. As a result, the School has svfficlent cash reserves to meet ils ongolng operallng roqulrements for the forèsoeable future. Durlng the year under review, 4812024.. 47.51 lull lime equivalent students attended th8 School crynplellng one or more of the variety of eourses provided by the School. In the year lo August 2025 fee income for such 6ludent8 amounted lo £244.331 12024. £271,335). 283 12024.. 2801 part-tlma 8tudents attended evenSng ¢18ss or non-valldated p8rt-tlme cour8e8, gènarallng fee income of £38,16412024-, £30,117I. Donation income continues to provlde a steady source of fovenue. Expenditure may be broken down beeen that whlch 18 Incurred dlrectly on edu¢alion and that whieh is incurred on maintaining the School's former bulldlngs and inftaslruclur8. Over 85% of the educational costs may be analysed as employment costs. Pérsonnel and Property costs arè the major areas of expenditure wlhln the Indlrect Of corporate 88rvlces area. For a slgnificanl part of the period under revlew, the School wa8 Impactèd by high energy costs as a result of the gener81 cost of living crisis. The Sthool also receives donation Income from churches and indlvK1uals for specifi¢ projects. Trse a 811 record8d separately 8ccording to Ih8lr 8pecifi8d use and are maintalned in separate fvnds as follows.. This Fund is used 10 5UPPOrt overseas students who are unable to raise the fees lo $ludy al the School.
BELFAST SCHOOL OF THEOLOGY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 Assistance15 also given for travel, accommodation and out of pocket living expenses for such 8tudents. Where a sludenl is supported by a church, the sludenl is obliged lo vlsil the sponsoring church regularfy al weekend5 to experience pastoral work in a Northern Iland church environment. In the year under review, no Students availed of this fund12024'. nill. Student Bursary Fund This Fund is used to support students from withln the British Isles who would otherwisg be unable to meet the costs of study at the School, Suth $ludenls ar8 assessed by a Board sul>¢ommitlee which brings ils recommendation$ lo the Board as appropriatè. During the year ended 31 August 2025, no students availed of thls fund12024.' 3 students were assisted with a loial of £3,000 of ndIng}. RESERVES POLICY By ils nature the School meets expendlturo from rts income and the mglorlty of unreslrlcted r88eTves comprl8e designalgd lunds. 11 is the Board's policy lo work towards a po8illon where General Fund reserves as Sel out in note 19 are sufficlenl to meet threè months of operating costs which amount to £189,357, wilhoul afctIng the ongolng 8ctlvltSes of the School. The reserves policy is reviewed annually. The BoaTd 1$ conlinulng lo seek lo achieve the raserves target while continuing lo deliver the Sthool'8 0ble¢tlves by selking to budg81 for a Small surplus gach yeai. The lolal reserves ol the School for charllable purposos amounted lo £674,039 8131 August 2025 of whlch 15% are reslrlcled and the balance of 85% of reserves are available for use. Plan For Future Perlods The Board was delighted In Ihg prfor yéar lo brlng fothrd a new Slr81egiG Plan coupled with the unvelllng of 8 new name for th& Sehool. The Purpose Statement Is.. 'To equip fdlowers ol Jesus for mi93lonal Impact through theological educallon and spiritual development wilhln a vlbranl academlc and worshipping Communlly." The Board desire8 to develop a'cenlre$' approach for each of the following straleglc areas.. Centre for Theological Educatlon Centre for Christian Spritual Theology CenlTe forAWogelic8 and Ethlcs The slralegi¢ objectives are.. To strengthen the School's educ811onal provision and contlnue lo improve the quality of the teaching and learning experience. To gnable all of our sludgnts lo progress in their learning, their personal development and the maturing of their Christsan character. and to help thern live out their faith as 21 $1 century disciples. To raise the profile, reach and reputallon of the School locally and inlernalionally. To seek to be a prophetic response lo contemporary i8sues facing the church and $orAety.
BELFAST SCHOOL OF THEOLOGY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 AUGUST 2025 In addition lo normal Dpèralions. other loei We a priority They included.. Moving sites frorn an oyt-of-lown campus lo Slranmillis Univer511y College within Bellast'5 univers¢Ly student5, heartland. Thè rnove is highly slralegic, from a recruitment and acadernic perspective The School commenced its occupation ol ils new academic hub at Slranmillis University Colleg& on 1 July 2025. Increasing lh8 School's profile through a series of strategic cour3e5 as well as online inputs and Church en9a9ernents. In June 2D26. BST Shall h081 an international coriler8nce on aeademic Theology. M8xirnisifyJ Ihè overall lon9-lerm financS8l sugt8lnablllty of tha School through developing a n8W buslne5S 8nd op8ralional model following thè School's relocation to ils new slle. The School comploled the sale ol ils former site 81 Glenburn House. Ounmurry. oti 19 November 2025. The net proc88ds from thg $ale ol It5 former sil8 will ensur8 tha long-tgrm financial suslairability ol the School. Comm8n¢lng th& eonslrucllon ol 8.arnIng lacililies through a bespoke e-18ainino Cenlre. Expanding the School's postgraduate learning pl8lform. induding addllional cours06 and an online 8. leaming Masl8fg degree prograrnme in Practical Theology. Glob8151udenl s¢hdafships lo launch the online MA in Pr(yclical Theology. Working towards siudenl affili8lioll with ChrlstSan Unions lieland ICUII. R•gul•tory •nd k•y p•rfomianc• Indlc•tors Thi5 year the School received endorsèment Irom QAA as Ihe School coniinuey lo rnaintBln ac8d8mic standards and enhance the Quality ol sludent learning opportunlti8S. Approv•d by th• Iloard and •lqn•d on It• b•11 by M• S Qraharn ICh•lrl rre¢tor L)
BELFAST SCHOOL OF THEOLOGY LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Directors prèsènt their report and financlal statements for the year ended 31 August 2025. The Directors h8ve adopted the provisions of the Statement of Recomrnended Practice ISORPI Accounllng and reporting by Charities IFRS1021 In preparing the Annual Report and financial statements of the Company. STATEMENT OF DIRECTORS. RESPONSIBILITIES The Dir¢clors, who also act as Trustees, are Tesponsible for preparlng the Annual Report and financial statements in accordance with applicable law and regulallon. Company law requlres the directors to prepare financial statements for each financlal year. Under that law, the Directors have prepafed the financial slalemenls in accordance wlh United Kingdom Accountlng Standards comprising FRS102 Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable18w (United Kingdom Generally Accepted Accounting Praclieel. Under company law the dlreclors must not approve the financial st8lement$ unless Ihgy are sallsfied that they give a true and fair view of the stale of the affairs of the ¢ompany and of the Incomlng resources and application of resources, Induding the In¢ome and expenditure account. of the ComnY for that year. In preparing these flnancial statements the Dlrectors are required lo.. - seled subtsble accounting pollcle8 and then apply them cons15tently'. observe the methods and principles In the Slalemènt of Recommended PracUr {FRS1021.' Aceounling and Reporting by Chanties120151', rnake judgements ond eslimaleg that 8re re8$onable and prud8nl', prepare the finanaal 5tatèmen18 on the golng cr>ncern basis unloss It is inappropriate lo presume that the ompany will continu8 in bu5ine8s', and slate whether applicable UK Aceounling Standards have bg&n followed, Subject to any malerlal d8parture$ disclosed and explained In the flnarKial slalement8. The Dlrectors are responslble for malnlainin9 Proper accounting records that are suffieient lo show and explain tho company's Iransacllons and dlsclose with reasonable accuracy al any Ilmè, the financlal position of the company and enable thom lo ensure th81 the financl81 statements comply with the Companies A¢1 2006. They 8r8 also responsible for 50f8guardlng the a$$els of the company 8nd hence for taking reasonable stèps for t pievgnllon and detectlon of fraud and other irregularilles. STRUCTURE. GOVERNANCE AND MANAGEMENT Belfast School of Theology Limlled 18 a Company Ilmlted by guarantee not havlng a share caplt81 and 13 Incorporated under the Companies Act 2008. The Company is governed by its memorandum and artlclas of association. The School is foimally recognised by HM Revenue and Customs as a Charble body under referen¢e XN47242, and is registerèd wlth the Charity Commission for Northem Iland NIC104482. The slalulory reliefs under s505 of the Income and Corporation Taxes Act 1988 are admlssible on income subject to compllance wth the terms of 8505 of the Act. Board of Olrecto The Board of Directors is responsible for the review of all activities, approval of budgets and inylemenlalion of future strategy. The Board meets five limes per annum. There are two Board sub-committees, narnely th8 Academic and Leaming Committee and th8 Finance, Audit, Risk and Human Resources Committee. The latter sub<ommittee met on a regular basi8 Ihroughoui the year and reported lo the Board ol Directors. Due to o transition in Education Governance arrangements. the Academic and Learning Committee did not me81, with its fundions beirva undertaken by the lull Board. The Senior Leadership Team is m8de up of three staff under the leadership of the Principal and is responble for all operational and day lo day matters. It recommends key decisions to the Board for approval and will 8190 provide infomialion and iecommendalions lo the Board sub-committees for consideration and approval in the relevant oPeratnal areas. This Group meets weekly.
BELFAST SCHOOL OF THEOLOGY LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The Dlfectors who served during the year and up to the date of signature of the financial 818lement$, unless otherwise nolod, were.. DT N C Moffow (resigned 13 September 20241 Ms S Graham Mr P S Hendron (resigned 18 June 20241 Mr N Jennings MrMHPItt Mrs J Smyth Mrs L Walson Prof P Flèming (resigned 5 September 2023, reappointe(121 January 20251 DrA Moorhead lappoinled 9 February 20241 MrA Roblnson lappolnled 19 March 20241 Appolntmont of Dlr•ctOfS Those serving as Dlreclors are Invbted by the 8xlsllng Board of Di¢10r8 on the grounds of their proven abllty, relevant exparlence. and personal inter861 in the work of the Schod. Prior lo joining the Board, each prospective member meets wllh the Chair and an agreed Board member, The meeting providès an overview of the School and tho role and responsibilities of each member of the Board. An Induction process for new Board m&nbers has been developed and Is used lo ensure they are farniliar wllh the objectives, aclivilies, public bgnefll and nsks facing the Sch¢JoI. A Directors Pack for the School its glven lo each new membgr whan they loin. and ongoing tralnlng is provided as required. Each mgmber of the School's Board of Trustee$ Is 8180 appolnl¢d as 8 Oirector of the Company. seM8 for spe¢ific term, retires by rotation, and upon rellremenl is eligible for re.appn1rnent. AS the Schod receives only limited flnaneial assistance from publlc funds, relying prlmarily upon fees charged lo students and upon gifts recelved from supporters, Ihfjre are no Dlrectors nominated by any publlc body or outside agency. None ol tho Directors has any beneficlal interest in the Comp8ny. All of the Directors are members of the Company and guarantee to contribute £10 each in the event of a winding up. The S¢hool employs a Principal and other fulktimè 8nd part-tlmg teaching staff, and the day-to.day operation of the *hool as 8 place of Christian educallon 15 delegated to Ihe Princlp81 and his stsff. However. the Board of Directors is ulttmalely responslble for the acilvilies of the School and are governed by the do¢lrinal statement set in paragraph 3 of the Arti¢les of A88oclalion as well as the original objects oxpressed In the Ceclaration of Trust of 8 February 2003. The School is an independent body and has no exjnslltullonal ¢onnection wlh any other School or education establishment. The professional advisors lo the Schoo5 are set out on the first page of the Annual Report. In the prior year, the School undertook an organisalional revlew with extemal assistance wtth 8 view to ensuring the School remains fil for purpose to deliver its charftable objectives and lo SUre ils Ilnanual future. The outcome of this review is being worked through with Staff, and the transformation pre$S wlll lake several years to fvlly implement, particularly change5 to academic Courses in ¢onsuttation with the School's acLrediting universty This is an exciting opportunity for the S¢hool lo meet ils stakeholders. nèeds in an inrKJvalive and relevant way in accort18nce with God'5 bMII.
BELFAST SCHOOL OF THEOLOGY LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 OBJECTIVES AND ACTIVITIES The purpose of the School 1$.. To equip 21 sl century followers of Jesus through theological education that fosters th8 ability lo communicate the Christian filth intelligently and with convictlon in word and actlon. The maln advty of the School continued lo be in the area of delivering educational progmmmes In kèeping with that pyrp05e. Throughout this year, the School successfully continued lo provlde courses leading lo.. I, Individual modules. 1 year cafiCate, 2 year DIorna, 3 year BA In Theology, and Grad Oip Iuniverslly of Cumbrba IUOCI validated coursesl. il. Postgraduate 2 year Part Mme MA in Theology Iunlverslty of Cumbria IUOCI validated course), EMPLOYEES All departments within the School havg regular stsff meellngs whereby Infomallon is dissemlnaled lo and obtained from staff by senior management. There are regular meelingg lo facilitate the exchange of this Information and also on the agenda for discussion 81 these meetings is the ¢urrenl 81allstical. quality and budgetary information for the School. RISK MANAGEMENT Risk management is ¢onsidered by the Board annually but operational oversight fesls with the Board's Finance, Audit, Risk and Human Resources Cornmlttee who Gonsider risk al eo¢h meeting. The School has developed School Strategic Risk Reglsler supported by a subsldiary Register of more minor risks and the risk management process wll continue lo develop in the incoming year. The Board has considered the financial and operational rlsks 8ssoci8led wllh running the School and considers that it has in p18ce the procedures lo manage any such ongoing rlsks. The following18 a summary of the key 8cllvltles In plaGe to mlllgate exposure to risk.. ongolng revlew of the Strategic Plan and analysls of the market for Students who wish to obtaln forynal blble based Iralning and accredilalion,. monitoring of financial information on a monthly basis with adequate plannlng and financial contrds in place., • robust reporting and Independent qualty review procedures through our accredlllng spon$ors.' • extenslve range of pollaes and procedure6 to cover all aspects of the School's activhles., organlsatsonal structure which IldeS provision for deputies lo cover key role8 and an effective succession planning process., • robust governan controls with suffiaent management 8nd reporting structures in place," arKI frequent assessment of risk lo ensure all possible consequences are considered and controls implemented.
BELFAST SCHOOL OF THEOLOGY LIMITED DIRECTORS. REPORT FOR THE YEAR ENDED 31 AUGUST 2025 The key risks lang the Sehod are set out in the Corporate Risk Reglster, but the focus of attention surrountys the followng risks.. Maintenance of a high stsndard of educats'onal quality and excellence lo support academlc achievement and Christian Service developmenl among the student population. Sustainablllly of funding lo support all School activity. ill. Maintenance of an appropriate physbcal environment for both staff and students. These rlsks 8re managed and mf(igaled through vallous mana9ement opgrolad poliue$ and procedur8s and are nom)ally overseen by the aforern8nlioned Board Cornmittees. These standing committ8e¥ arè 8upplemenled by working groups as and when required to oversee othgr risk5 and opportunities as they arise. The Finance. Audll, Risk and Human Resources Committee also looks 8t emèrglng risks suth as the Gen8ral Data Protection Regulation lo ensure the School is aware of the impact and 18 planning lo miligalé the risk if and vthen il 8rises. PUBLIC BENEFIT The Board bgligves that the pUtlC beneflls from it8 activities In the areas of the 8dvancemont of feligion and th8 advancement of educatlon through.. The training of full and part limo minlsters of religh)n, lay a8socioles and p88toral mlni8try workers Spiritual formation of18rty Teaching and spre8ding thé prfndples of the Chrisllan religion Raising awareness and understanding of Christian beliets and pr8ctlces The carrying out of missionary and outreach work The arèas In whlch the School seek8 to achieve this are:_ Through school and hl9her education l. Communlty éducallon iii. Religiou8 education Iv. Vocallonal Irainlng and Ilfe-longlgaming v. The development of individual c8pabllltie8, compelencles, skllls and understanding Thè key beneficiaries are the students who hove the opportunlty lo attend full or part time courses provided by the Sch¢¢l. In addition, the public al la¥ge may attend public ledures and part b'me School-run coums. The Directors confim they h8ve had regard lo the slalulory guidanc• in respect of the Pute Benefit Rtrquirement publlshgd by the Charity Commission for Northern Ire18nd. FUNDS HELD AS CUSTODIAN TRUSTEE ON BEHALF OF OTHERS The Gharity does not hold any funds as custodkqn for any other trustee body.
BELFAST SCHOOL OF THEOLOGY LIMITED DIRECTORS, REPORT FOR THE YEAR ENDED 31 AUGUST 2025 DISCLOSURES OF INFORMATION TO AUDITORS To the knoledge and belief of the Director8, Ihg Directors confirm Ihal there 15 no relevant inlomiatK)n that the cc*npany'5 audilot5 are not awar8 of. They lurtheT confirm Ihal they havg taken all thg Steps ne(¥8sary to 8nsu the Dirtctors 8r¢ 8waTe ol ony such rebvanl infofmaJon, and to estat4ish Ihal the company's auditors gre aware of such Infomiabon. AUOITORS HM ChÉrt8rod Accounlanls Indicated their wllllngnass to contlnu8 in offlce and a roItIOn CortrnIng thalr re.appolntrnenl vlll b6 propos8d a¢ the Annual Gener81 hA8eling. Approved by th• Board and •1gnod on h• b•hall by M• S Graham (Chalrl Dirnctor Dated.. 10-
BELFAST SCHOOL OF THEOLOGY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF BELFAST SCHOOL OF THEOLOGY LIMITED Opinlon Vve have audlted the financial statements of Belfast School of Theology Limited Ilhe 'Company'l the year ended 31 August 2025 which comprise thè statement of financl818Ctlt1e5, the statement of financial posrtion, thè statement of c88h flows and notes to thè financial statements, Including Significant accounts'ng pdicies, The finanelal reporting framework Ih8t has been applled in their preparation is applicable law and United Kingdom Accounting Standard$, including Financial Reportin9 Standard 102 The Financial Reportlng Slandard applic8bl8 In the UK 8nd Republic of lTrland (United Kingdom Generally Apted Accounting Practice}. In Ouf oynion, the financial 8lalemenls', give a true and fair view of the slate of the charitab18 compgny's affalrs 8s al 31 Augu512025 of ils incoming re80urces and application of resources, for the year then ended., have been properly prepor¢d in accordance with Unrted Kingdom Generally Acceptéd Accounllng Practits,. and have been prepared in accordance with th¢ requlremenls of the Companies Act 2006. Ba$b for oplnlon We conducted our audit in accordance with Inlematlonal Standards on Audtting IUKI IISAS {UKII and appllcable law. Our responsibilities under those standards are further described In the Audllorfs r&sponslbllilies ft)r the 8udil ol the financial statements $ecllon of our report. We are independ8nt of the Company in accofdance wlh the ethical requbremenls that are relevant lo our audll of the Ilnanual statements in the UK. Includlng the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with thése requirements. Wè belleve that th8 audit evidgnce we have obtained 18 $uffi¢i¢nt and appropriatè to provlde 8 baBls for our opinion. onclu•lon8 relatlng to golng concèrn In auditing the financial slalements, we have concluded that th• Dlrectors, use of th8 golng concern basls of accounting in the Pfeparalion of the financlal slalement81s approprtale. Based on the work wo have performed. we have not Identffied any material uncort8lnlle8 relatlng to events or condllions that. individually or collectively, may cast significant doubl on the Company's ablllly lo conllnue as a going concern for 8 period ol al least fv4elve months from when Ihe fingnci81 slalement$ are authorised for issue. Our responslbilllies and Ihe respon81bllllSes of th• Dlrector8 with rospect to going concern 8re describèd In the relovanl sèctions of this report. Other Informatlon The other informalSon comprise5 the infomation in¢lud8d In the annuol report olher than the flnarclal stslem8n18 and our auditorfs report Ihereon. The DiTeclor8 are responsible for th8 Other information containèd withln th8 annual rgpgrt. Our opinion on the financlal slalemenls does not cover the other information and we do not expies$ any Iofm of assurance condusion Ihereon. Our responsibility is to read the other infomalion and. in doing so, consider whelhgr the other infomalion is materially Inconsistent with the financial statements or our knowledge obtsin¢d in the course of the audit, or otherwise appears to be materially misslaled. If we identify such material inconsistencies or apparent material misslalemenls, we are required to detemiine whether this gives rise lo a malerHI misslalemenl in the financi81 slalemenls themsèlves. If, based on the work we hava perfomied, we Conclude that Ihero is a material misstslemenl of this other information, we are required lo report that fact. We havo nothlng lo report in this regard. Matters on whlch we are requlred lo report by excepdon We have nothing to report in respect of the followng matters In relalion 10 which the charitieSe0Unts and Reports Regulations (Northem Ireland) 2015 requbres us to report to you if. in our opinion.. the information given in the finanryal slalements is in¢on$islenl in any material respect with th¢ Dlreciors, report., or Sufflent accounting records havg not been kept., or the financial ststemenls are not Sn agreement with the accounting records.. or we have not received all the information and explanations we rèqulre for our audit. 11
BELFAST SCHOOL OF THEOLOGY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST SCHOOL OF THEOLOGY LIMITED Responslbllltl¢¥ of Dlrectors As explained more fully in the slalement of Directors. responsibilities. the DIreOr$ are responsible for the preparation of the financial stslemenls and for being sallsfied that they give a true and fair view, and for such internal control 88 the Directors detemine is necessary lo enable the preparation of financial statements that are free from malerlal misslalemenl, whether due lo fraud or efror. In preparlng the financial slalements, th8 Directors are responsible for assossing the Company's ability t¢ continue as 8 going concem. dlsclosing, as applicablo, matters Telated to going concem and using the going concem basis of accounting unless the Directors either intend to liquidate the charitable compony or lo cease operallons, or have no realistic attgmative but lo do so. Audbtorfs rospon8lbllltle8 for the audlt of tho flnanclal statsments We have been appointed as auditor under section 144 of the Charitie5 Act 2008 and r¢port In accorthnce with the Act and relevant regulallons made or having effect thereunder. Our oblective5 are to obtaln reasonable assurance about whether the finanG181 statements 88 a whokg are freè from material misstatement, whether due to fr8ud or error. and lo issue an audbtor's report that includes our oplnion. Rea80n8ble assurance Is a high level of assurance bul is not a guarantee that an audit conducted in accordance wrth ISAS IUKI wlll alway8 delecl a malerlal misslalemenl when il exists. Misstatements can arfse from fraud or erTor and are considered materi81 if. individually or in th8 aggregate. they could reasonably b0 èxpected lo influence the economic dlSIonS of users taken on the basis of these financial statements. Irregularltles. including fraud, are Instances ol non.compllance ¥Mth laws and regulations. We dèsign procedures in line ¥th our responsibllllSes, ouilin8d above, to delect material misstslemenls in respect of iTregul8rllie8, Indudlng fraud. The 8Xtenl lo which our procedur&s ar8 capable of delecling irregu18rilies, includlng fraud, is detalled below 12-
BELFAST SCHOOL OF THEOLOGY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST SCHOOL OF THEOLOGY LIMITED Our approach to identifying and assessing thè risks of material mi8ststemenl in respect of irregularities, including fraLKI and non-complian with IBw8 and regulations, was as follows.. the engagement partner ènsured that the engagement team collectively had the appropriate competen¢*, capabililies and skills lo identify or recognise non-compliance with applicable laws and regulatlons., we identified the laws ond regulaliong applicable lo the company through discussion5 Wlth directors andlor Sonlor managemgnl. and fr¢)m our commercial knowle(Ige and experience olthe sector,. We focused on specifie laws and regulations which we considered may have a dir8cl malerial effect on the financial statements or the operatsons ol the Company. Sncluding Companies Act 20C6, taxatson legislats'on, data prol8clion. anli-bribery, employment. environmental and health and safety legislation we assessed the extent of compliance wlth the 18ws and regulallon8 identified al)ove through making enquirie5 of management and inspecting legal correspondence,. and bjentsfied laws and regulations were communicated within the audit team regul8rly and thg team remained alort lo instances of non-compllance throughout the 8udil. We a88888ed t susceptlbillly of the company's flnantyal slalemenls to material mi5sts1¢ment, including oblalning an underslandlng of how fraud might occur, by., maklng enqulries of management a5 to where Ihoy considered there was suscepliblllty lo fraud, Ihelr kn058dge of actual, suspecled and alleged ftaud,. and considering the internal controls in place to miligale rfsks of fraud and non-compli8nce with laws and re9ulation5', To address the risk of fraud through manag•menl blas and ovèrrlde of control$, we.. perfomed analyti¢81 procedures to idenllfy any unusual or unexpected relalion8hips., lesled joum81 entries to idenllfy unusual transactions., ossessed whether judgements and assumptions made in delemiinlng the 8ccounling estimate8 sel out In Note 2 were indicative of potential bias., and • invesllg81ed the ratsonale behind significant or unusual Iransactlons; In r?spon$e lo the risk of irregularities and noMplIance th 18w8 and regulations, we designed procedures whlch included. bul wer8 not limited to". 8greeing financial slalemenl diselosureg lo undedying supporting document81ion', reading the minutes of meetings of those charged with govern8nce', enquiring of management as lo actual and potential liligallon and ¢laims', and reviewing correspondence with HMRC and the Gompany'8 legal advisor8', A further descripuon of our rg$ponsibilities is avallable cn the Finandal Rgporting Council's website at.. http$'.11 www.frc.org.ukJaudilorsrespon5ibilities. Thls description forms part of our audllor's report. This report is made solely lo the company's members, as a body, in accordance with section 391 of the Companies A 2006. Our audit work has been undertaken so that we might slate to the company's members those matter5 we are required lo slate lo them In an auditor's 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 company and the company's members as 8 body, for our audi( work, for this report. or for the opinlons we have formed. 13-
BELFAST SCHOOL OF THEOLOGY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF BELFAST SCHOOL OF THEOLOGY LIMITED Angela C Igan (Senlor StatLÈtory Au or) For and on behalf of HM Chartered Accountants, Statutory Auditor Chartered Accountants 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Anlrim BT1 3LP 28 May 2026 HM Chartared Accounlanls 1$ ellglble for appointment as audltor of the Company by vlrtue of 11$ elgibility for appointment as aL1t01 of a company under sectlon 1212 of the CompanlesAct 2008. 14-
BELFAST SCHOOL OF THEOLOGY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 AUGUST 2025 Unrestrlcted Restrlctod funds funds 2026 2025 Total UnrestrlGt8d R•strld•d fund8 lund8 2024 2024 Totsl 2025 2024 Notes Income from: Donations and legacies Charllable activities Inve8lmenl8 123,461 336,098 1,723 123,461 336,098 1,723 63,989 389,621 5,260 31,100 95,069 389,621 5,260 Totsl Incomè 461,282 461,282 458,870 31.100 489,970 Expendltur• on: Charitable 8Ctlvi1188 757,401 27 757,428 714.623 27 714.650 Total exp•ndltur• 757,401 27 757.428 714.623 27 714,650 Net galnslllosse$l on Investments 10 639 639 1,429 1,429 Net expondlturo and movement In fund8 1295,480) {271 1295,S071 1254,3241 31.073 1223,2511 Recon¢lllatlon of funds: Fund balance8 011 September 2024 870,309 99.237 969.548 1,124,633 68,164 1.192,797 Fund balJnco8 at 31 August 2026 574,829 99,210 674.039 870.309 99,237 969,548 All Income and ¢xpandfture derive fro continuing ath'vilies. 15-
BELFAST SCHOOL OF THEOLOGY LIMITED STATEMENT OF FINANCIAL POSITION ASAT31 AUGUST2025 2025 2024 Flx•d a8s•ts TangSble a55et8 Inve$trnents 13 14 837,133 15,372 868.947 14.733 852.505 883,680 Curr•nt a$••ts 08blors Cash at bank and In hand 18 82,027 21.789 28.974 248,873 83.818 277,847 Cr•dltorn: amount• falmng du• wl¢hln on• y•4r 17 1262,2821 11Bt.9811 N•t curr•nt 1lliblllt111o•ts 1178.4661 85,866 Totil a8•ts IM8 curr•nt IlAbllltl•8 874,038 969,546 Th• lundi of th• Cornp•ny Reglricted Income fund8 Unrastdcted fvnd$ 19 20 99,210 574.829 99,237 870,309 674.039 9,S46 Tho clpanY 18 •ntild lo the x¢mpt¥)n frorn the audll reqwrgmènt oorltoined in 8oclion 477 01 the Cornpanios Acl 2006. lor the yoar ènded 31 Augu8l 2025, atthough an audit h88 been carried out und8r $e¢llon 85 ol lfve ChtIa Act INI) 2008. The dlre¢lors gcknowledge their r8sponslbi1Slles lor complyln9 Wrth the requirém8nls of Ihe Comp8nieB Act 20C wtth respe to aceountSryJ records and the pparall0n ol financlal 8ial•ments. The rnembar8 have not required Ihe Company lo obtsin an Judil of its finanrial 8tatemgnt8 under Ihe requii¢ment8 ol tho Cgmpani88Acl 2008. for Ihe ar in quesllon in accordance with secllon 478. The finertlal statement8 havo been prepared in accOn¢ th the provisk)ns ¥pplicable to cornpanlos subje¢l to the 8rnall companSe6 giMe. The finandal statement8 wère approved by the Dlreotor5 On ........... IA¥ S Graham ICh8irl Olrector Ccmpany reglglr80n nurnb8r N1049168 INorth?rn Iralandl 16
BELFAST SCHOOL OF THEOLOGY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 AUGUST 2025 2025 2024 Note$ Cash flows from operatlng aetlvltles Cash absorbed by operations 26 1285,1021 1200,8481 Investlng actlvltlos Purchase of tangiblè fixed a88ets Investm•nl Ineome received 13,7051 1,723 14,0061 5.260 Not ca•h {u••d Inyg6n•rated from Invostlng •¢tlvtile8 (1,9821 1,254 Flnanclng actlvltl Draw down of bank loan8 80,000 Net c••h generntsd from fln•nclng actlvltl•• 60.000 Not d8cr•ao• In ¢•ih and cash equlval•nts 1227,0841 {199,594) Cash and c88h equlvalonls 8t beglnning of yg8r 248,873 448,467 Cash and Gash oqulval•nts at •nd of year 21.789 248,873 17-
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025 Accountlng policies Charity Informatlon Belfast School of Theology Limit¢d is a prlvate company Ilmiled by guarantee incorpoTated in Northem Ireland. The registered office Is 2nd Floor. Main Bullding. Stranmillis University College. Stranmillis Road, Bolfast. BT9 50Y. 1.1 statement of compllancg The fln8nu81 slalemenls have been prepared in aCCOTdanee with Ihe Companles Act 2006 and "Accountlng and Reporting by Charities., Statement of Recommended Practice applicable lo charilles preparing their accounts in accordance th the Financial Repc*rting Standard applicable In the UK and Republic of Irgland IFRS 1021. {8s amended for accounllng perlods commencing from 1 January 20181. The Company is a Publlc Beneflt Enltty as defined by FRS 102. 1.2 Ba8ls of prnparatlon The financial statements are prepared In slèrllng, whith 15 the functional wrrency of the Company, Monetary moun18 In these financial slaloments are roLtnded lo the nearest £. The finandal slalemenls have been prepared In 8ccordance with Appiicablg Accounting Standards in the Unhed Kingdom. Assets and Ilabililies are inllially recognisod al hlslorScal c051 or transaction value unl85S otherwise staled In the relevant accounting policy. The princip81 accountln9 pollcle8 adopted, whlch have been applied consI8tently, are set out below. 1.3 Golng concern The Charity reported a deficit of £295,507 and a cash ouffiow of £227,084 Includlng a nel opgrallons cash deficit of £285,102 for the year. Durlng the year, the Directors made the decision lo pul the School's former sile up for sale and a licence lo occupy a wlng of Slranmillis UniveTsily College agreed. The Dlreclors consider thi8 lo be 8 more sustainable business rnodel fof the Charity moving forward. In addition lo this, the Directors secured £100,000 of additional short term funding, The Dlrectors h8ve prepared projections and, having considered the circumstances outlined above. arè of the view that they have secured sufficient funding lo ensure that the Company can continue lo trade for the next 12 months. For thi5 reason they conllnue lo adopt the golng concern b38is in prep8rfng the finoneial slalemenl$. 1.4 Charltabl• funds Unreslricte(I funds are available for use al tho discretion of the Directors In lurthèrance of thelr charitable obje¢liv¢$. R8slrlcled fvnds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the rèstrlcled fvnds are Set out in the notés lo the financial 5ts1ernents. 1.5 Income Income is recognised in the period in which the charity is entitled lo receipt and the amount can be measured with reasonable certainly. Income is deferred only when the charity has lo fufftl conditions before becoming fully ents'tled lo it or where the donor has specrfied that the income is lo be expended In a future period. Grants, including capital gr8nts, from the govefnment and other agencigs have been included 85 incomè from 8Ctivrties in ftjrtherance of the ch8rrty s objects where these amount lo a conlracl for services. bul included a8 donations where the money is giv8n in response lo an appeal or with greater freedom of use. for example, government block grants. Donated facilib.es afe induded al the value lo the charity where this can be quantified and a third paty is bearing the cost. No amounts are Included in the financial slalements for services donated by volunteers. 18-
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 Accounting pollcles (Gontlnuedl 1.6 ExpendStur6 Expgndilure is incILe in the Statement of Financial Activitie$ on an accruals basis. Certain expendllufe is directly atlribulable lo specific activities 8nd has been included in thosè cost categories. Certain other costs, which are attributable lo more than one aclivily, are apportloned across cost categories on the b8sis of an estlmale of the proportlon of tlme spent by staff on thos8 activikn'es. 1.7 Tanglble flxed assets Tangible fixed assets are initially measur8d al co¥t and subsequ¢ntly measured al cost or valuallon, nel of depreciation and any Impaimient losses. Depfecialion is reGognlsed so as lo wrfte off the cost or valuation of assets Less their r8sldual value8 over Ihelr useful lives on the following bases.. Land Ground ren18 Buildlng8 Plant, fixtures and computers 0% 1%, 2Qk, 4% or 10% straight line 10%, 20%, 25% or 50% slralghl Ilno 1.8 Flxed as••t Investments Fsxed a$set investment$ are initially measured al Iransactlon prlce excludlng transaction costs. and are subsequently measured al falr value al each reportlng dgle. Changes in fair value are recogni¥ed In nel incomollexpendilurel for the yeai. Transacts'on costs are exp8n8ed as incurred. 1.9 Impalrment of flx•d assvts Al eaeh reporting end dale, the Company revlews th& carrying amount¥ of Ils tangible assets to determine whether there is any indicatSon th81 those assets have suffered an impairment loss. If any such IndÈallon exists, the recoverable arnounl of the asset is estimatèd In order lo delemiine the extent of tha Impairment loss Irf anyl, 1.10 C¥$h and ca•h equlval•nts Cash and cash equlvalents Indude c89h In hand, deposits h81d at C811 with banks. other short-term liquld invegtmenls with original malurilies ol three months or less, and bank overdrafts. 88nk overdrofts are sho wilhln borrowlngs in current Ilabililies. 1.11 Flnanclal In8truments The Company has elected to apply the provisions of Section 11 'Basic Finanaal Inslrumenls. and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's balance sheet when the Company bewmes party lo the contractual provisions of the instrument. Financial as$&ls and liabilities are offset, with Ihe nel amounts presented in the financial slalements, when there is 8 legally enforceable right to 8&t off the recognised amounts and Ihgr8 is an intentson lo settle on net basis or to realise Ihe asset and settle Ihg liability simultaneouY. 19-
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 AUGusf2025 Accountlng policles (Contlnuedl Baslc flnancial assets Basic financial assets, which include debtors and essh and bank balances, are initially mèasured lrans8th.on price including transaction costs and a subsequently carried at amortised cost using the effective interest mèthod unless the arrangement constitutes a financing transaction, where the Iiansaclion is measured at the present value of the future reIPtS discounted at a market Tate of interest, Finand81 assets classified as receivable within ono year are not amortised. Baslc flnanclal liabllltle$ Basic financial liabilities, including credllors and bank loans are initially recognisod at Iransadion price unless the arrangement conslilules a financing Iransactlon. where the debt Instrument is measured at the Pfesent Value of the future payments discountèd at a market rate of interest. Flnanaol IiabllilS c18ssified as payable wkhin one year are not am0d. Debt instrumtnls are subsequently carrled at amortised cost, using the effective interest rale mdhod. Tr8de creditors are obllgations lo pay for goods or $ervlces that have been acquired in the or¢Jinwy course of operatnS from suppliers. Amounts pay8bl8 are dassified as current li8billtie$ If payment is due within on• year or 1g$s. If not, they 8re presented as non4urrenl liabilities. Trade creditors are recogniged initially al Iransadion prtce and sub8equerfy measured al 8mortl8ed cost using the effgdive interest method. D•r•cognltlon of Iln8nclal Ilab1111105 Financial Ilabililies are derecogni88d when the Company's contractual obllgation$ expire or are dlgcharged or cancelled. 1.12 Employee bgngflts T6rminalion b¢nefils are recognised immediately as an gxpense when the Company Is demonstrably committed lo terminate the employment of an employee or lo providg lermlnallon bènefils. 1.13 R•tlr•ment beng11ts Payments to definod contribullon retirement benefit schemes are charged as an expense as they fall due. crftlcal 4Gcountlng 98tlmJts8 and Judgem•nts In the application of the Company's accounting policies, the DiT8Ctors are required lo make jLKlgements, èslim8tes and assumptions about the carrylng amount of assets and liabilkles that are not readily apparent from other sources. The esllmales and associated assumptions are based on historical experien and other f8Ctors that are con$idared lo b8 relevant. Actual result$ may differ trom these esb'males. The estimates and underlying assumptions are rewewed on an ongoing basis. Revislons to accountsng eslimales are r8cognised in the period In which the estimate is revised where Ihe revision aff8Cts cnly that period, or in the period of the revision and future periods where Ihg revision aff8Cts both current and fvlure periods. -20-
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST2025 crftlcal accountlng oBtlmates and judgements Icontlnuèdl Key sources of estlmatlon uncgrt•lnty The Directors do not consider there are any m818rial esllm8tes or judgements in these financial statements other than as set out below. Tanglble flxed as8els Tangible assets are depreciated over their usefvl lives taking Inlo account residual valuès where approprtale. The actual lives of the assets afe assessed annually and may vary depending on a number of la¢lors. In reassessing asset lives factors such as mainlen8nce programmes are tsken into aecount. Re*du81 valug a88es8mgnt8 consider issueB $uch as the remaining life of the asset and Ihg e811maled value in use. Debtorn Short term debtors are measured at transactlon price, less any impairment. Impairment of such debtors Involves some esllmalion uncertalnty. Incomè from donatlon• and l•gaclo8 Unrnstrlcted R•8trlcted funds funds 2026 2026 Total Unrnitrkted Restrlcted funds fund¥ 2024 2024 Totsl 2025 2024 Donation8 and glfts 123.461 123.461 63,989 31,100 95,089 Income frorn charltjble actlvltles 2026 2024 Course fees Other student income Extemal use of facilities other income 282,493 301,451 31,879 55,380 911 52,600 1,005 336.098 389.621 Investments 2025 2024 Interest receivable 1,723 5,260 21
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Not movement In lund$ 2025 2024 The net mov&ment In fvnds 1$ Slated 8fter charging.. Fees payable for the audit of the charty's financial slalemants Depreciauon of owned tangible fixed assets 4.000 35,519 3,800 40,528 Expendltur• on charltablo actlvltles 2026 2024 Staff co818 Depreciallon and Impaimenl Other actlvrtle8 undertaken dSr8ctly 377,439 35,519 201,063 363,681 40,528 236,780 614,021 640.989 Sh8re Df supp¢Jrt costs (see note 91 Sh8re of govemance costs18ee note 91 63.884 79,523 68.224 5,437 757,428 714,650 Analysls by fund Unreslri¢led lund8 Restricted fvnd8 757,401 27 714.823 27 757,428 714,650 The charitable activlty of the School Is to equip students Intellectually and spiritually for Christlan wltn855 and service throughout the worhl. The charity does Ihis by provlding trainlng al ils premlses. Dlrectorn None of th8 Dlrectors lor any pèrsons conneded wth them) received any remuneratlon or banefits from the Company during the year12024'. none).
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 Support Costs Support Governanco costs ¢ts 2026 2024 Office overh¢ads Advertlsing Flnanca InfDm)alion technology 7,896 29.786 894 25.308 7.896 29.766 4.874 38,157 8,818 20,575 2S,308 Managamenl 79,523 78,523 5,437 63,884 79,523 143,407 73,861 Analy8ed betsveen Charltable activiti•$ 83,884 79,523 143.407 73.881 10 G•ln• •nd Ios8e¥ on Inv•8tments Unre8trlct•d Urtcled funds fund• 2026 2024 GaSns arl8ing on.. Revaluatlon of inve8lm¢nts 839 1,429 11 T•xatlon The chgrty18 exempl from tsxalion on Its acllvilles b¢cause all Its income is applied for charitable purp0588. 23-
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 12 Employees Number of employees The average monthly number of èmployees durlng Ihe year was.. 2026 Numbor 2024 Number Staff employad 15 14 Employment costs 2020 2024 Wages and salaries Soc481 security costs Other penslon ¢0818 335.446 22,795 19,198 318,954 27,452 17,275 377,439 363,681 The senior mana9emenl team of the School comprised of 3 members of staff al the start of the year and 3 members of staff al the erbd of the year, The oggreg81e remunèration of Ihls group was £109,65012024.' £92.1231, Ther8 were no employees whose annual remun•ralion wa8 £60,000 or more. 13 Tanglbl• flx•d •BJet• L•nd Grwnd r•n¢• Bulldlng¥ Pl•nt. ltstu 4nd ¢omput•r• Tot•1 Cost At 1 September 2024 Addition¥ 27,568 8,450 1.382,438 318,867 1,715,123 3,705 3,705 At 31 August 2025 27,568 6.450 1,362,438 322,372 1,718,828 Depreclatlon and Imp4lrment Al I September 2024 Depreclation charged in the year 20,080 532,908 25,845 293.188 9,674 846.176 35.519 Al 31 August 2025 20,080 558,753 302,862 881,695 Carrylng amount Al 31 August 2025 7.488 6,450 803,685 19,510 837,133 At 31 Augu812024 7,488 6,450 829,530 25.479 868.947 -24-
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 14 Flxed asset Investments Llstsd Inv8stmènts Cost or valuation At 1 September 2024 v8lua0n changes 14,733 639 At 31 August 2025 15,372 Carrylng amount At 31 August 2025 15,372 At 31 Augu8t 2024 14,733 16 Dobtors 2026 2024 Amounts falllng duo wlthln one year: Trade d¢btor8 Other debtors Prepayments and 8cwed income 33,166 1,379 7,697 19,898 21,197 62,027 28,974 16 Lo•n• •nd OV•fdraft• 2026 2024 Bank loan$ 80.000 Payable withln one year 60.000 17 Crndltors: amounts falllng du• wlthln one year 2025 2024 Noto8 Bank loans Other taxation and 80clo1 sècurity Other creditors Accrual$ and deferred income 16 60,000 6,752 119,717 75.813 11.325 110,714 69,942 262.282 191,981 -25-
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 18 Rotirement b•n•fit $cheme8 2026 2024 Deflned contrlbutlon schomes Charge lo profit or1085 in respect of defined contrfbLrtlon scheme¥ 19,198 17,275 The Company operates a defined contribution penslon scheme foT all qualifying 8mployees. The a88ets of the scheme are held separately from th08e of the Company In an indgperKl8nlly administered lund. 19 Rgstrlctod funds The rastricted funds of the ¢hatY ccfflprise the unexpended balances of donallons and grants held on trust subject lo Speclfic condits'onB by donors as to h¢)w tr*y may be used. Movement In funds Incomo Expondltur• Balan¢8 at 31 August 2026 Balanc8 at 1 Septgmb•r 2024 Student bur8ary fund Global 8pon8or$hip fur WSF fund E-Learning Fund 22,959 43,625 2,853 30,000 22.9S9 43,625 2,626 30,000 1271 99,237 1271 99,210 Restricted lund8 represent those monies rècelved for 8 particular purpose 88 follo.. The Sludenl bursary fund18 used 10 5UPPOrt students from wllhln the Brftish Isle8. The Global 8ponsorship fund Is used lo Support QVgr5eas students and include a8sI918nce wllh fee$. travel and accommodation and out of pocket exp8nse8. Th¢ WSF (Women'$ Study Fellowship) ffiJnd18 U88d lo support Students attendlng this Gourse. The E-Learnlng Fund Is used to assist wlh the costs of the new fr10orning suite, including the set up for the online MA course.
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 20 Unrestricted fund8 The unrestrided funds of the charity comprise the unexpended balances of donations and grants which are )t subject lo specific condbtions by donors and grantors as to how they may be used. These include designated frJnds which have been set aslde out of unrestncted funds by the trustees for Specif purposes. Mov8m•nt In funds In¢omo Expondltur• TranEf•r 8alance at 18eptemb•r 2024 aalns and BB14n¢t •t 1068•b 31 Au9Ltyt 2025 General funds Designated funds - C8pilal projgct Designated fund8 - Land & Building8 176,357>461,282 1757,401} 25.845 109,648 837,018 839 1345,9921 109,648 811.173 125,8451 870,309 461,282 1757.4011 639 574,829 The unreslrlcled funds reprgsent th¢ frée funds of th• Charfty and comprlse general fund$ and funds which have been designated for particular purposes. General Funds - General Funds are availa10 roserves for use In th• future work of the School and lo minimise working caplt81 borrowing, the need for lch arises from time to lime, and to cover the defial of aGlivilies in any year arislng from short temi flnancial pressures. Capital Project The Board havè desbgnaled Income recelved from bequests in 2014 for a capltal projed to improve slud*nt facilities. SuGh funds are not re8lricled In nature. Land and Buildings - The net book value of land and bulldlngs are held as designated fiJnds as they represent reserves which are not readily 8vai18ble lor use In the oper8b.on of the School and are represenl8d by College property. The transfer represents the depreciation charge for the year borne by the General Fund and funds used lo Improve the School land and buildings. 21 Analygh of net ¥ss8ts between funds Unrestrleted Restrlctsd 2026 2025 Total 2025 Total 2024 Fund balances al 31 August 2025 are represented by.. T8ngible 8ssels Investments Current assetsllliabililiesl 837.133 15,372 (277,676) 837,133 15,372 1178,4661 868,947 14,733 85,868 99,210 574.829 99.210 674,039 969,546 22 Evonts after the reportlng date The School completed the sale of its fom)ef sile at Glenbum House. Dunmury. on 19 November 2025. The net proceeds from the sale of ils fomer site will ensure the long-temi financial suslairsability of trje School. 27-
BELFAST SCHOOL OF THEOLOGY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025 23 R•lated party transactlons Th8r8 were no dl$closable relatèd party transactions during the ye8r12024.' n¢e). Llablllty of mgmborn The Company 18 limll8d by guarantee and Ihereforg there 18 no share capitsl. As at 31 August 2025 the Company had nine members12024'. eighll. The liability of the members 1$ Ilmiled to £10 each In the event of thg Gompany being wound up. 25 Cash g•ngrat•d from operntlons 2025 2024 D6ficf( for th$ year {295,5071 1223,2511 Adjustments for.. Investment income recognised In $tstement of fin8ncl81 actSville Fair value 98ln8 and losses on investments Depreclation and Impalmenl of tangib18 fixed a8sels 11,7231 <6391 35,519 15,2601 11,429) 40,528 Movements In wOr'n9 capt81'. Ilncre88e)Idecre8se In debtor6 Incre88elldecr&a$el In credltors (33.0531 10,301 1,382 112,7981 Ca#h absorbed by op•ratlon• {285,1021 1200,8481 28-