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 S￿rItUal, 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. Edu￿tIonal Development
During 2024 the School recruited to a revalidated programme for the fourth year in succession.
This ne￿Y revalidaled degree builds on the School's kno￿edge 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 r￿arch 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 be￿een 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 I￿land 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 af￿ctIng 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 suslair*ability 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
r*re¢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 Com￿nY 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 Char￿ble body under referen¢e XN47242,
and is registerèd wlth the Charity Commission for Northem I￿land 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 respon*ble 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 oPerat￿nal 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.app￿n1rnent. 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 S￿Ure ils Ilnanual future. The
outcome of this review is being worked through with Staff, and the transformation pr￿e$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 ca￿fiCate, 2 year DI￿orna, 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 I￿l￿deS 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 la￿ng 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 pUt￿lC 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 Put￿￿e 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 knol￿edge 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 r￿oI￿tIOn Cort￿rnIng 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 financl818Ct￿lt1e5, 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$, including Financial Reportin9 Standard 102 The Financial Reportlng Slandard applic8bl8 In the UK 8nd
Republic of lTrland (United Kingdom Generally A￿pted Accounting Practice}.
In Ouf oynion, the financial 8lalemenls',
give a true and fair view of the slate of the charitab18 compgny's affalrs 8s al 31 Augu512025 of ils
incoming re80urces and application of resources, for the year then ended.,
have been properly prepor¢d in accordance with Unrted Kingdom Generally Acceptéd Accounllng Practits,.
and
have been prepared in accordance with th¢ requlremenls of the Companies Act 2006.
Ba$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 charitieS￿e0Unts 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
Suff￿lent 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 DIre￿Or$ 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 d￿lSIonS 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
kn05￿8dge 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 no￿￿MplIance ￿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 aL￿1t01 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 1lliblllt1￿￿11o•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 cl￿panY 18 •ntil￿d 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 Ch￿tI￿a
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 p￿parall0n 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.
Th￿e finertlal statement8 havo been prepared in acc￿￿On¢￿ ￿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 reglglr8￿0n 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 incIL￿e￿ 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 simultaneou￿Y.
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 re￿IPtS 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 Iiabllil￿S c18ssified as payable
wkhin one year are not am0￿￿d.
Debt instrumtnls are subsequently carrled at amortised cost, using the effective interest rale mdhod.
Tr8de creditors are obllgations lo pay for goods or $ervlces that have been acquired in the or¢Jinwy course of
operat￿nS from suppliers. Amounts pay8bl8 are dassified as current li8billtie$ 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 U￿r￿t￿cled
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
v8lua￿0n 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 $cheme8
2026
2024
Deflned contrlbutlon schomes
Charge lo profit or1085 in respect of defined contrfbLrtlon scheme¥
19,198
17,275
The Company operates a defined contribution penslon scheme foT all qualifying 8mployees. The a88ets of the
scheme are held separately from th08e of the Company In an indgperKl8nlly administered lund.
19 Rgstrlctod funds
The rastricted funds of the ¢ha￿tY ccfflprise the unexpended balances of donallons and grants held on trust
subject lo Speclfic condits'onB by donors as to h¢)w tr*y may be used.
Movement In funds
Incomo Expondltur• Balan¢8 at 31
August 2026
Balanc8 at 1
Septgmb•r
2024
Student bur8ary fund
Global 8pon8or$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 availa1￿0 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-