REGISTEREO COMPANY NUMBER.. 06471324 (England ond Wales) REGISTERED CFEARI7Y NUJilBER'. 1125851 REPORT OF TFIETRUSTEES AND AUDITED FINANCIAL STAIEMENTS FOR THE YEAR ENOED 31 DECEMBER2020 FOR THE MARKf1 INslliuTE OF HIGHER EDUCAIION (A COMPANY LIMIIED BY GVARANTEE)
THE MARKFIEID INsfiTufE OF HIGHER tL)UCATION CONTENTS OFTHE FINANCIAL STATEMENTS The Yeor Ended 31 De¢embef2020 Po9e Rele¥ène• and AdmInl$trull Delall$ Report of the Truslees statement of Truslee¢ Re$ponslbllMes Repdrt ol the Indèpehdent Audllors 6 to 7 stutom•nl Flnunclal AcKvlll•s balance Sheet ¢u$h How Stotem¢nl 10 Nole$ lo Ihe Cash Howsfalement Notes lo the Anunclal Slatèmenls 12 to 19 Deluled 5tat&menl r>f Flnan¢l41 A¢llvltlès 20 to 21
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION REFERENCE AND ADMINISIRATIVE DETAILS For The Ye(w Ended 31 December 2020 TRUSTEES Mr F S Muiod Prof K thrrvJd Mrs M Ahmad Drm Ahsan Drm Ruby Mr M T Abdvlah REGISTERED OFFICE Rolby Lono Mortlle Leicester Leiceslershlre LE67 9SY REGISIERED COMPANY NUMBtR 06471324 IEngk5nd and Wtslesl REGISTERED CHARITY NUMBER 1129351 AUDITORS Forhjs Jd11 LLP Cliarlered AeLounlonts ond StolutcXyJd1l0r 31 High View Close HanThllon Ollice Park Leicester LeesIerS>ryre LE4 9LJ Poge I
THE MARKFIEID INSTITUTE OF HIGHER EDUCAttON REPORT OF THE TRUSTEES FoTThe Yefjr 31 December 2020 The truslees are algo dIre¢to of charfty for the purp05e5 of Ihe Cornwnies Act 21X)6, present Ihew report wlfh ttE rinanciol statements of the choDty for the year enofed 31 llecer M. The hv5tees hav8 adopted Ihe provisions of Accounting and R8pcYthng by CharilEs= Statement ol Recommended Praclice appcOb lo chaiilies preparing ttHr accounts in accoidance WIM the Fin(Eracicsl Repothng Standard applicable in the UK ond RepUbC ot Irdand (FR5 1021 leffeclive l JarnJary20191. OBJEcllvES AND AcllvThiE5 Oblecllves (tnd alm$ The morklie Instilute of Hlgh¥ Educ00 IMIHEI wos eskJbli5hed in Seplember , wlh the objeclwe of providing Profes001 devdopmenl courses and volidote¢J Iu9hei educational piogramme5 in IslcFmic disapl'nes. The InsFtule. like olher unNersities. is regulated by Office for Students in March %)19. It is accredited by Ihe Brilish Acueditotion Council IBACI and revaewed by the Qualty Assuiance Agency for HIgr Education. MIHE ako hoWs o UKVI fier 4 and fier 2 SponsoF Status lo recruitste1S from overseas as wel os stolf. 51gnlfl¢anl o¢ltvlHe$ The ID5titute olfpts undergraduate and poslgroduote piogamme5, validated by Newman UrKversity, in ISlaC Sludies, Isknmic Educah'on, Islam and Flnants, Islam an(J Suslainabk Devdotxnent. and Islam abd Pastoral CarelCIT]plaincy. Its key activitie5 inckjde leaching and leaming. research and SchorIY uclivities. and comnwnity enoogement activities. These activilEs are atmed lo equip students wilh knovdedge and academic skiWs that woukl elKJble them lo beC0rr specialist& psu8 professional CareS. as w8M beconThng responsib clkn'zens. wha ccjn mke a volu(Jble social and econormic contribution to society. During 2019-%> cjcademic year. 61sfudents grcEduoled from Ihe Institu1¢ wrylh BA. MA. PhD degrees. ond o cerbli¢ot¢ in mU1m Choploincy. In oddilion. lh¢ Inslilut¢ delverd a numbw of sPt ecUtiv¢ progronynes ond regearch serri[S. Pvblc benefft The Instilute, Ihrough its goveming body. the 8oord ot eCtOrS. aware of ils Tespon%bilili8s as o chcjrify to act for I& public bcnclil across al of its activities and has had due rcgud to the bltrsl versii)n ol Ihe Choiity Commission's public b¢n¢lir guidanco. The Institute ¢nd¢ovours to odvance edu¢olion and knovA¢dge in lsbrfrf¢ dlsclpllntss through leamlng and teo¢hlng, scholorshlp ond re$8ar¢h for Ihe benelit of Indlvidvuls and so¢lety. It contnbufres lo Ihe devebpment of prnlpssionals ond srhnkjrs who h(Jve o bmadpJ. dp>ppr ond 'Cal derstandi[ ol Iskjm in Ihe modern contetvporary context. Such scholots would be beller equipped to piomole underslandillg and social coheslon omonqst the diverse CtsmnitlttS In soclel¥, and anawse tt)ttobglcol. 50cio1. econorruc and educational problerm laced by conterrpoiary Societies and otfercreative 501ulions to oddre5s Ihese. To develop competent graduates, the Insfvlute combtnes the richness and hlgh Strandd5 of tradEonal cjnd conteNpoiary Islorrue Scholarship wth modern eutlinq-edqe research rrElhods. academic riqour und criticol anatysis. We shive lo ensure Ihal groduoles 18ave masl&ry of a disaplinÉt. crilicol thinking. coy)c@pbJal reosoning arKI anolytiral skilL%. os wèll as advanted illen and vsbal commun10 skills, and a personal commilrrwl lo ethical arKI pialessional princples and 5tond¢Jrds. We are comtnilled to belng an open higher education insfilution that Pfoactivety Seeks oul peop capable of benefitin from higher education, mityrrises barriers to Iheir porlicip15tion and conlribijtes to Ihe eXpalon ol higher education opwlunities. nalionaly ond lntetnatiom1. Ihe Institute piowded a lirrited numbet of scl-K>larships and bursaries to help tkK>se sluder)Is wilh a h-ack record ot outstanding acaderrC performarce and a strong sense ol purpose. or to help those sludents who h1 nol be able to enler inlo higher educolion without such lintjneiol support. STRATEGIC REPORT Achlevement ond performunee Engagement wth staff Durfng 2020. t} Inslitule employed seven feM¢j and ten male ilofl from diverse bockgrounds. Staff a00Ment. crntrihijtion ond devdopmènt is voluod ond seen 0$ Iwortont In Ihe dellvery of our strotegy. We a commitFed to professional values and endeavour lo creote on1nclusive CUlre. where all glall are able to conliitxjle lo Ihe devebpmenl ol th& Instilute ¢Jnd ore supporléd In Ihor work. A slalfore er)gaged in regvlor cOUl00$ rÈkilÈd lo stralègy ond operolional tters. Ihrough o ronge of commlttees ond ¢omrwni¢olion rrtelhods, slolf wovide Input Into shopwig the prlorities OTKI diieclion of tte Instilute. Relevanf stofl devek)pment OTXI tralning is encolffoged to ensure effecfive performance, quality of teaching ond operotions, and Ihe moinlenonce of ocodemic odministrotive stoThJard5. Stoff devekjpmenl opportunitie5 are provided through a nurrber of iN-house stalr fraIrn9 sessions dwn9 the year. as well as svpport staff in taking development and troining courses with exlernol bodies. Ac<iderrxc start are alloeated lime in Iheir workload mode& to engage in schobrfyond research oclivilies. Poge 2
THE MARKPID INSTIIiITE OF HIGHER EDUCATION REPORf OF THE TRUSIEES FoTThe Yeor Ended 31 December2020 STRATEGIC REPORT A¢hlevemenl ond perloimun¢e Engagementth students Our slvdellls ore o valued port ol our community. and we are corrYThtted to ensLrfng Ihul they have Ihe best leaming expedence possib Whi $IJg wlh u5. Sludents ore sUPPOrted in Iheiracaderric work through o number of thods. or provided access to a rarye ol services including welfare service5 to ossisf trtm in Èv8rydoy issues wh1@ sluds4ng atr tkE IrlI1u1. Tr teedback at Iha mdule, course ar l111110n-W4d& V$ are caplured Ihivugli a range ol rrielhoth, wtuch lacililctte ongoing enhancen ond cn¢S. The Students, Council Coordinates and represents the sludents, voice al Ihe Acodemic Booid. Our oppeor to be soltsfied wllh Ihe educolion Ihey are receiving and with Ihe leaming envlionment provlcled by Ihe Inslllute. We obtoined hIgh positive feedback from our sludents via tlie National $Ilents, Survey INSSI in ?OXI. Cited below ore Ihe key results from Ihe 2020 NSS reportfor the mafieI Insttlufre. - 89%were sotisfied with the leochiry of ther progrorrme - 87%were satislied with the leijming opporturwties provwjed - 75%were sakn'slied wlh me1rasssments and leedbcjck obtained - weE sotisfi'ed the acadenye suppcwl provided - 73%wer¢ sotisl'ed wih th¢ l¢ornino rwou¥c¢s provided to svpport Ihelr sludSes - 81%wer& satisfièd with lh& nrgani50ticJn and mc]nog&rn&.nt of lh9rcj[se - 81 % of 51udents thalresponcled agieeol Ihe slatement'Dverall, l om sotistied with qwlityof the cOs, The Instilute provided a lrrited numberof scholarships and bursaries lo fr1p Ihos8 students wilh o trock r8ccwd of oulslanding academic pertormance and a strong see ol purpose. or lo help Ihose sludenls who ntst be to ¢ompl$le the sludieswilhoutsuch financial support. Flnonclal revlew Flnanclal poslmon Ihis financial year organisaffon ha5 rec(xded an'in year, surpkns in unrestricted funds of £41.25712019.. £236.4401. Tr& tom In suwus is m(xnly due to the decrease in gerEral donalions. Last year th& w6re som& larg8 sp&cilic donolior)s whlch were not r8COt8d during this year. Rservès poll¢y The rhaiity had unresld¢ted r*£wes of £31,782 05 Ot 31 December 20. Ihe chari does nol holcl ony fEe reserv. 7he chorivs re5erYes pdicy gim51o accumukjte free reserves equivalent to Ihree rr¥Jnkn of runn9 costs overlhe next rive year5. Ihe hustee5 have purposes for the (Jccumulotion of operoling resetves.. l. To linance the developmentol new oreyisling seT¥. 2. To enab Ihe otgonisalion to bewound up il necessary. STRUCTURE, GOVERNANCE AND MANAGEMtNT Governkng documenl Tho cliority is controllcd by Its govwning documenl, a deed ol Irusl. and ¢on$4tules a llrted ¢oNpany, IIN¥ted by ouaiantee. as deffned bylhtr Cownles Act 26. During 2019-20 ac(5dC year, a goVeanCe review ot Ihe Instilute wlh Ihe hdp of an Eixlemal cOnwan1 wa5 COmpted. This review re$Ved In moklng some chonges to our ac0derrC govertKEnce commitlee structure. and Ihese have been rellected in Ihe Bye-laws and in the terrns of reference ot the Monagemenl Boord. Academ Board and ocoderflc comrri11È8 struclwes. Two new members of 8oord were reLYuited during Ihe Y. RetrlmeNt and oppolnlmenl of new trustees Thè Boord of Tnpstees 15 responslble for Ihe eUltrnent ol new Iruslees. In seeking new InJslee5, Ihe In51ilule identifie5 experienced irrfJivicluo15 In fhe educotion. legal, cFKJrity andlor re]igious education sector ondlor p8opls with a knted track record of business m¢Jnagemenl or publiclcomiunity Ss. Organ15atlonal Slructurè The Board ol Twslées Is reipon4ble for approvlng the strolegy, budget, ocod&mk plons, qLKJnty ossurtsn Prevenl Dufy plons ond annual ieporls. orKI hos OV1ght of ol a>pects of th& In$llfe'S tscoclemlc operotiors. The 8oord opproves Ihe opp(Nntrnent ol Ihe Acodemlc 8oord, Finonce cnd HR Commlmett, ar the Monagement 8oord to rn(ge the affr5 01 tt Chorib/. The Boord meets three tir o ye(]r lo consider performare of the charity olld respond to emerging issves arKJ sks. Ihe Reclor is occounloble to the Board and is respOnb lorir¥plementing decision5 of Ihe Boord ol Tns5tees. Inductton and Iralnlng OF newfruslees Tte&S are inlroduced to Ihdr rléw role upon apporntnnt. The r&sources ovalbbl& ol lh& Chorlty Corrthssion's websltÈ ore Introclucecl $0 IPkJt Ihey ccjn lonNliorise wlh their duhes ar responsibllilEaS. Page 3
IHE MARKFIELD INSTITiITE OF HIGHER
EDUCATION
REPORT OF THI TRUSTEES
For rhe Ytr(* Ended 31 December 2020
STRUCTVRE, GOVERNANCE AND MANAGEMENT
Key monugement remunerollon
The Boaid or Trustees is reS[e f
IHE MARKFIELD INSTIIUTE OF HIGHER )UCATIO STATEMENTOF TRUST$. RESPONSIBILITIES Yor rhe Year Ended 31 Decembw2020 The fruslees (who are the directors of The M(xfiekl Inslitute of Higher Educalion foi Ihe purposes of company lawl are respolb for preparing fhe Repoit of the Trustees and the firyjncial slat8m8nts in accordance with applicable law and United Kiiigdom Accounting Standards (United Kingdom G8nerally Accepled Accounting Practicel irludIng Yinancial Repotliw Slandard l(r2'1he financial Reporting Standard applicable in Ihe UK orKI Republic of IrdarKI eOnY law raqre5 Ihs Irusté@s tts pr8par@ financiol Sto1@nlS far each finonclJl ye(w whlch glve a frue ond fijir vlew of the slate ol alluiis ol the ctriuril(Jb Luirpany (Ind ol Ihe ineorring reswrces pe0110n ol resourw, includiro the Incomtr Lind expendSlure, ol the charitable conwany lor Ihat period. In preparing those financial statements. the truslees are reqijired to seleclsuitable (5CcoUnth polictes afKI Ihen app Ihem consistenlly. obsÉxve Ihe rrefhods and principles in Ihe CharitySORP.' kejudgemenls and eslinoles Ihotare reosonoble ond prudent.. slal& whelher opplicoble ijccounling slondords have bèan followed, sutiéct to any moterial deportures dlsdosed and exroIned in tt)e linoncial slalenrnls.. prepore Iho linandol statements on oolno concem t515 vrdes$ 11 Is Inapryopmte to presu Ihut tt)e ¢fitab companyv4iU cOnnve In business. the Irustee5 are responsib for keeping prope¥ acCOnting ¥ecords which dcloSe wilh re(json(jb accuracy at any11 the financial position ol me choriloble ConY ond lo enable ttiem to ensure that Ihe linonaal StalenIS compw with Ih$ Comparues Acl 6. They oré aL%ts responSIb sarUrdIng assels ol Ihe chair10b Lowtsny and hence fur l(]kirig reosonable sfeps Ihe prevention and delection ol tr(Jud and olher ¥regulorities. Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBER5 Of
rHE MARKFI&D IN5TITUIE OF HIGHER
EDUCATION
Optnltsn
We have oudiled the l(nonciol slotemsnts oflhe hdorkli*d InshKit¥ of Higfrer Edvcotion Ith6'charitLKble companVI for Ihe year
ended 31 December vthtch conprlse the Stolement ol Rnoncl Aclivities. the Bolunce Sheèt. the Ccsh Flow Statem8nl
and nole5 to Ihe lirbonclol slolemonts, Includlng o summary ol SnINenI accounllng polcles. Thè financial r8POrting
framework that IKlS been (Jpplled In their preparatt.on is applic0e low and United Kingdom Accounling Standards Iuniled
Kingdom Generally Accepted Accounting PracCe), Includng FlrbancKJI Reping Standord I2 '1he AnotKiol Repcyling
Standard applcable in the IJK ond Republic of Irdand,.
In ouropinion the linan¢iol stol0nnI$-
give a ITue and folr W of IhE Stole of charitOb componvs aflolrs as ot al December 2020 ar)d of tls ineomin
re50ur¢es ond opFlwtion ol resoureÈs, including ils incom& ond wendilure, for Ihe yaar then ended..
have been propetl¥ pr¢pored in occordancts with UrMl¢d Kid0M G¢n¢rolly A¢¢epl¢d Accounliw Proclice. includi
Financial Reporling Slat)dard 102'ffte Flnonciol ReporlSng Slordord oppllcoble in Ihe UK ond R¢public of Irdond.: and
have been prepared in accordance wth the requirements oflhe Companles Act2tN.
Bos1$ for oplnlon
Wé conducted wr uvrfEI in accordance wilh Inlemational Standards on Auditing IUKI IisA% (UKII and
REPORT OF fME INDEPENDENT ALIDITORS TO THE MEMBERS OF THE MARKFIELD INSTITUIE OF FIIGHER EDUCAlloN Responslbllttles oltrustees As axplain8d mor8 fully in thè Stat8rnf of Irtsste&s' RÈsrx)nsibllllles, Ih& Irustees twho aro also Ihe directors of h)e chorftablth company for purposes ol CoanY Icjwl are responsible for th& preporafjon ol Ihe financial slatements ond lot belng satisfied thot Ihw givo o thve ond low view. for such Intemol control as Ihe trustees delermlne15 nece5$0ry to enab the preporoffion ol IrKnclol slolements Ihol ore Iree fvom rYuteFi05 55tateMent,WTr1efhe[ due to fra%Jd oretroi. In preporing fhe Ilnanciol 5totoments. Ihtr truslees are responsib for a5ses5ing tte charitakAe companvs ablity lo continu? 0$ a going concern. disclolng. as oppficabk. matters rdaled lo going concern and using Ihe going concern bcjsis ol occixjnting unless the trust88s 1her inlend to liquidatè the Charitab conwany Ix lo cease operalions, or have no realisllc aNerncJfve bul to do so. Our Ve$pon$IbNle$ forth audlt of the Ilnon¢lfJl slul¢m¢nts Our oblee.tivès ta obloln reasnnahlp CJSSLJranc.p ahnut whetkEr the linancial stalemen15 Q5 o whole are free trom moterial missl¢Jlemenl. whether due to fraud 01 error. and to 155ue a Reptrl of the Independent AU(fjlors that Include% our opinion. Reason0b ossuronts Is o hiuh level of 055urance. bup ts not o guarantee tt on oudit corKlucled in accordance with ISAS IUKI will afvoys delect a material misslalemenl when it exists. Misslalements Can orise trom fraud or 0[ and ore considwed moller$ il, individually or in the aggregate. Ihey coukl reaSonaY be expected to influence the econonyc decl0S ol users taker) on Ihe basis of Ihese flnancial stalemenls. Irregularities, Indudng troud, orÈ Instances of non-complianrE wilh knws ond TegLJkstions. We design proceduies irr line wlth our respurlbE1Ith"eS, cxllned obove, to detect maleiial nilternents in respecl of ItregLlarftitrs, alUdIng frtsud. The exlent lo whlch our prOcedeS are cupoble of cleteclino ittegukTrftie5. IndIng troud is detailed bek>w-. We obtained an under5t4]ncling of the lewl and ieguknfory ¥rarYEworks Ihal are OPFAICab lo the company and detemlned that the mosl &gficant ft(snEworks wch are directty rdevant so specific (J$sonS in the fina10[ StatenIS ore those Mot rdate to Ihe reporlng framework IUK GAAP ond the Companies Act %)61 and Ih¢ rel&vanl tox Complon regukntlons In the UK. We understood how the corry)tsny Is COMIn9 wAh Ihose frameworks by making enquiries of managemenl and fhose responsible foi legal and compliance piocedures. We corroboroted our enqUi&S through review of b0d rrynutes and dcuSsIonS wlh th(e clKJrg8d wlth gov8Jnanc8. W¢ ossess the susceptibility of ¢omponYs linonciol slal¢m¢nls lo molerfol $S1O1Ment. Sncludino how Sraud Mluht occur, by discusyon wlty) manogÈm&nt Irom varlous parts ol bu$£ tth undetstarKJ where Ihpy thpte was o SUSLeplibility lo Iroud. We Lonsidered Ihe PlOLedure5 arid coDlrd5 Ih(s1 the corrpony ha5 estab&shed to prevent and defect Iroud. and how Ihcs¢ arc mrilorcd by m(Jnagomont. and ako ony onhanced thsk lackn such os performtsnce taroets. Based on our understanding, we designed Our audil procedure5 to identify any non-compliance wilh laws and ¥egubtions idenfrfied in the porogaphs aLY)ve. We ako perfrned auditwork over the risk ot monagement override ol conlrols. Irthdlng tssling ofiournol 8nMes ond olher adluslm8nls for cJpproprtalén&ss, evalualing Ihe business rolkinole of signlllcanl Iransaclions outside Ihe normol course ol bulness and revwing accounting es1imc]tes for blos. A furlher e$pOn ol our r*¥r)onslblaffies for Ihe oudlt of Ihe flnondol staletrthls Is bcaled on Ihe Finonaal Reporting Councifs WEb5ile at www.lrc.org.uklouditorsrespon5ibifities. This description forrn5 part of our Reporl ol Ihe IrKlependent Audltors. Use of our veport This report is m¢Jde to Ihs cthritable corY¥Jany's members. as a body. in aecoidanc8 wilh Chapter 3 01 Pail 16 al th& Comwnies Act2m6. Ourauditw<yt has been undertaken so thotwe mighl stole lo Ihe chorilablecomponvs members thos& motters we ore requlr&d to stote to th6m In on ovdltors. reportond for no olher purpose. To the fullest trxlent pemitted by Icw, we do not occepl 01 ossvme iesponsibibty to onyonE Other Ihon the charitotle corrpany ond the chiThfrabk cornpanvs members cjs a body. forourauditwork. for tIN5 report. or lor the opinions we have lormed. Rl¢hord Bu¢kby FCA1Senlor SkntutoryAudltorl ff0 on beholl ol F¢Ylus Audit LLP Chore Accountants and St(slut(xy Auditar 31 High View Close Homillon Oflice Paik L8lc2ster Leicestershire LE4 ?LJ Date.. 25.05.2021 Poge 7
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION STATEmT OF FINANCIAI ACIIVITIE5 For The Year Ended 31 December 2020 20 Totol funds 2019 Total funds Un¥eslricted fund RestTScted fund Notes INCOME AND ENDOWMENTS FROM Donations and legacies 25.739 70.739 210.030 Olhertr(Jdino activities 5?4.846 524.846 502.(KJ8 Totrol 595,585 712038 EXPENDITURE ON Choritable Aclivilies 311181 45.000 357.181 304.275 Chorllobyè acllvltles Premi5e3 costs Adrrinistralron costs Govem(fnce cos1% 51.016 51,016 42,465 120.963 7.895 4.980 4.9 509228 554228 475,598 NEI INCOME 41,257 41,257 236,440 RECoNclATION OF FUNDS Totol lund$ brovghtforwaid C9J751 142,205 132,7 TOIAL FUNDS CARRIED FORWARD 31,782 142,%)5 173,987 132,730 CONIINUING OPERAIIOMS AE income and expenclilure has arisen fvom continIng aclivities. The notes fomi part ol Ihese linoncial slalemenls Page 8
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION (REGESTERED NUMBER.. 06471324) BAIANCE SHEET 3T December2020 2019 Nolss FIXED ASSErs Tallgib os5ets 998 CVRRENI ASSETS D8blors Cash ol b(Jnk and in hond 12 310.$34 132.838 292,613 102.51 443.372 395,123 cItEDITORS Amounts falling duewthin one year 13 1177.2801 1148.4491 NET CURRENT ASSETS 206.092 246.&74 YAl ASSETS LESS CURRENT LIABILIMES 266,177 ?47.672 CREDITORS Amounts folng due ofler more Ihon one yeor IY2,1901 1114.9421 NEf ASSEISI(LIAhlLfTIESI 173,987 132,730 FUNDS UtY&slgic16d lurds Rcstricted funds 31.782 142205 19.4751 141205 TOIAL FUND5 173.987 131730 Tre financial statemen15 were approved by the Board otTrustees authorised tor issue on 12 May %Y21 artd weTe signed on its behalf by. Dr M Ahsan- Trud The notes lorrn port ol these Ilnonclal slolemenls Page 9
THE IhARKFIELD INSTITUTE OF HIGHER EDUCAVION CASH FLOW STATEMENT ForThe Year Ended 31 December20 2019 Noles Cush flows trom operullng octlvllles Cosh g¢neraled from operolions 343 102118 Nel cash provKled byoperokng octFvIII 34,328 101118 Cosh flows fvom Invesllng actMfle5 Purchose ol langible fixed cets Net cosh provided byllus&d inl investing o¢*"vities Cash Itows fvom flhanelng a¢tlvlllè$ Loan repayNEnls in year 14,(KX)I 110.rmi Netcash ud in finarKi actities 14.(KKII 110.cmi Changè In ¢osh end ea$h equlvulents In Ihe reporllng perfod Cash and cash equlvalen15 at the beglnnlng of the reporting perlgd 30,328 91.976 lo210 10.534 Cash and cosh equlvalenls ollhe ond of thtr reporflng pwlod 132038 101510 The notes form part ol these financial stCStement5 Page 10
THE MARKFIELD INSTITtITE OF HIGHER EDUCATION NOTES TO TME CASH FLOW STATEMENY For The Ye(ty Ended 31 December %120 RECONCIUATION OF NET INCOMETO NET CASH FLOW FROM OPERATING ACTIVITIES 2019 Net Income f Ihe repothn9 peTlod las the Stotrement ol Flnonclal Ac111{e$l Adjustments lor= DesyÈcialion charge5 In¢r¢as¢ in debtors Increase1(drea$¢j in credilors 41.257 236,440 913 1102,6791 I33,61 10,079 Net co$h provlded by op*ollons 34328 102.118 ANALYSIS OF CHANGES IN NEY FLINDS At 1.1.20 Cosh flow At31.12.20 Net Cd5h Cash ol bankond In hand 102.510 28 132,838 lo210 20228 13?.838 Debt Debts falling duewilhin l year 146,(XX)I I42.0) 146,(KK)I 4mO 142,QCKJI Ttstol 56.510 34,328 90,838 The notes form port of these linanciol stotements Pagell
TKE MARKFIELD INSTITUWE OF HIGHER
EDUCATION
NOTES TO THE FINANCIAL STATEMENIS
For The ye Ended 31 December 2¢)20
ACCOUNTING POLICIES
Basls of prep¢Jlng the flnanclal st
rHE MARKFIELD INSTITUIE OF HIGHER EDUCATION NOTES TO THE FINANCIAI STATEMENTS- contlnved ForThe Yeor Ended 31 DecemlJeY2020 ACCOUNTING POLICIES- contrlnved Allocotlon and aPPOTllonment of costs CHARITABLE ACTIVITIES Charitae expendilure corrprises fhose costs incurred by the charity in the of its aclivilies ar servlces for its beriefici(Jries. 11 ineludok both costs tptat can be a1CatEd direclw to such acvItieS and Ihose costs ol an Ind¢1 nalurc n¢¢essoryto supportthem. SUPPORT COSTS Supoort eosts incMJde centrol funcllons and hove been (JkncotÈd lo oclivlty cost colegorles on a basis consistent wilh e use of resourtr. l(K exarnpEe. olocating properly costs by floor oreos. or ¢opila. slolf costs by Ihe 11n spent and Ihe olher costs by Ihew usage. GOVERNANCE COSTS These include the costs atlributable to Ihe chorffy's ComOneI wilh constilulionol ond stalutory requirerrnts. Indvdinq audit. 5trotegic mnagemoml and tsusloe's mÉefingS (]rd re1mburs8d expenses. TERMINATION PAYMENTS Terminotion payrnenls incurred In Ihe perlod have been included within woges costs. Arrunts minIng unpold ut tho end hove been occwd as reqUed. Tanglble Ilxèd a55èts Deprecian is prowded atlhe followng anwtsl rotes in order to wrfte off eo¢h oss&l over Its esllm¢Jled uselul kt8. fL%lurcs and litl¥ig> Computer eqUIpnI 20% on cost 211% on eost Trjxatlon The Charityis exempl trom COrp010n lax on Its chorilabla ocllvilles. Fvnd occounllng nrestricted lunds can be used in acc(dnce Mqlh Ihe chorlloi4e obledves ollho disu01 ol In¢ Irvstees. Reslricted tunds can be used foi parlicvlar iestricled purpos wqthin the objects of the charity. Rtsslriclions arfsa wh?tr) specified t>y Ihe donor orwhen funds ure roid l<K parlicuknrreshieted purposes. FLrther expknnoln of th& nolure ond purpos8 ofeach fund Is included in th8 noles lo the finanaal statements. Penslon c05tS other pO4e1eMenI benefils The cTrvJrilable company operales a defined conlribulion peon scheme. Contsibulions poyable to Ihe charilabEe companvs pen%on scheme ore chorgecl to the Slotemenl of Financial Activities in Ihe period to whlch theyreble. Debtroys Dobtor balarices ore recognls8d when arnOUn due lo the Chaty remain unpoid. Debtor baltsnces are reouEoi reviewed and where Ihere is reasonoble doubt that o debl wll be received frAI an appropriale Provion is made ogain5t 0* boknnce. CREDITORS Creditor boknnces reeogrllsed when Ihe chority a IKsbifjty. Provision5 are madtr when the ¢horfly Is e4)ected lo incur a lubility ry1h respecl lo evÈnls or condilions occurring to Ihe yeor erKI. Creditorbalances and wovtslons are reviewed regUkY to énsure that they or8 faidy sloted or have bsen cleored correclty. BORROWINGS Ir)terest-bearing borrowings are iniliolbrf recorded otfalr voiue, net of Iranso¢tion costs. Inlerest-bearing borrowngs <Jre subsequenlty catried ot arwi1e cost, wth the difference belween the proed8. nÈt tsf tronsoclion cosls. ond Ihe omount dLE on redemption being recognised as o chorgtr to the sto1èml of Flnorrial AclivS1iés over the p8rlod ol Ihe rekvcsnl borrowlno. InteEst experoe ig recognised on Ihe ba$ of the ellecthve inlwe5t rneth( and ks induded in interest payobk and simtiarchoroe5. Page 13 continued...
THE MARKFIELD INSTITUTE OF HIGHER EDUCAlloN NOTES TO TFIE FINANCIALSTATEMENTS contlnued For The Year Ended 37 December 2020 ACCOUNTING POLICIES- continued Debtors BorrOWa5 ore classili$d os wrsnl liabiliti&s UeSS the charity ha5 an unconditior1 righl lo cleler setHent of the obibtyforot th5t Iwdve monkn oflwthe r¢p(Yting dat¢. DONATIONS AND LEGACIES 2019 Sponsorshlp ard Sch(rShlpS Donolons 35.W4 35,735 180.1J30 70.739 210.030 orHER TRADING AcnvifiES 2019 Coutse fees other income Course development Job Relention Scheme orant 495,874 295 4W.796 1.212 100.( 3.677 524.846 502.1 CHARITABIE ACTIVITIES Olh*r Irodlng acttvltles 2019 stafl costs Sludentreuuilmenl orKJ r¢lwrol Hardship awards UK bordercontrol loes Scholatshlps Bud debt5 331,900 304,316 15.859 536 30,960 147,7961 7.185 357,181 304.215 CHARITABLE ACTIVITtES COSTS Support Direct Costs note 61 Totals Piemi5es costs Administration costs Governance costs 51.016 71.966 51,016 69.185 4.980 4,980 122,982 74.165 197.147 Page 14 continued...
THE MARKFIEID INNUre OF HIGHER EDUCATION NOTES IOTHE FINANCIAi STATEMENTS- contlnued For Tho Year Ended 31 Oerembw 2020 SUPPORf COSTS Govemance costs Admirystrolion Costs Gavernance costs 69.185 4.9WJ 74.165 NEf INCOME/{EXPENfAIuREI Net incomollexpendihKel is slaled aftercrgIryjI1[XedIthgl.' 2019 Audilors, reMation DeprecFo'on- owned assets 4,980 913 1,583 TRVSIEES. KEMUNERAllON AND BENEFirs There were no Irustees, remuneration beneffts lor Ihe year endod 31 Oe¢$mber 2020 nor for Ihe yeor ended 31 D8cerrl)er2019. Trusttrs, xpen$es There we no trwle&s' exp&nses paid for the yecr ended 31 December *)20 nor for Ihe yeor ended 31 erter 2019. STAFF COSTS 2019 Wog&s and sakjries 5oLi(Jl secumfy eosls Olher p8nsion costs 311.367 18.3 8,248 278.125 18.694 7.497 337,9 304,310 The overooe mnlhky number ol wloyees dwing Ihe yearwas as foHows'. 19 Adminislrolion No eM0vee5 received em0rrEnts lft excess ol £.{0. COMPARAllvES FOR YHE STAfEMEN¥ OF FINANCIAL Acrivints Unrestricled fund Reslricled fund Total funds INCOME AND ENDOWMENTS FROM Donolions and lewcEs 170.0 210M30 other trodlng ocffivlffi¢s Total 672.(ll8 712x138 EXPENDITURE ON Choiitobb Acllvlties 264,275 304,275 ChThltruble o¢livllles Prenises costs 41465 42.465 Page 15 conlinued...
THE MARKFIELD INSTITIITE OF HIGHEie EDUCATION NOTES TO fHE RNANCIAL STATEMENTS- conllnued FwThe ye Ended 31 Decgmber 2020 io. COMPAIIATIVES FOR IHE SFATEMENT OF FINANCIAL ACTIVITIES- contlnued Unreslrtcled Restricted fund fund Total funds AdrlIStraton ¢osls GoVn0 costs 120.963 7.895 120.9éa 7.895 Yotal 435.598 40.1 47598 NET INCOME 236,440 236,440 . RECONCILIAlloN OF FUNDS rtsful funds broughtlorword 1245.9151 142,205 1103.7101 roTAI FUNDS CARRIED FOPWARD 19,4751 142.205 I.730 rANGIBLE AXEO ASSEIS Fixtures and fillings Computer equipment Totals COST AS l Januory 21r20 and 31 Decemb¢r2Q20 8.281 17,073 25,954 DEPRECIAIION Al l January 21Y20 Charge rory[ 8.281 16.675 913 24.956 913 Al 31 08CeMb 20 8,281 17.588 25.869 NET BOOK VALUE Al 31 Oecembw 2020 85 A131 Oecember 2019 998 998 12. DE8TORS: AMOUNYS FALUNG DUE WIYHIN ONE YEAR 119 Trode debtors Ott)erdÉbtors -epa¥nts 254,357 45,741 10,436 ?36.462 45,741 10,410 310.534 292.613 Page 16 conlinued...
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION NOTES TO THE FINANCIAL STATEMENTS. eontlnvetj For The Year Ended 31 December 2020 13. CREDITORS.. AMOUNTS FALIING DVEWITHIN ONE YEAR 020 19 otherloans Isee Mte 151 Trode creditors S()eial s8curifyand other taxes Islomtc Foundalion Pension uedilor Accrued experses 42L 3,737 5,713 98.(N)4 1227 ?6Ag9 7.896 5.267 78,953 I59 9.274 177.2 148.449 CREDITORS.. AMOUNfs FALLING DUE AFTER MOREIHAN ONE YEAR 2019 Islorr¥c Foundo#on 91190 114.942 Amounts induded above do rt aNra¢l inleresl and hove specllic le rekjtiw to repuyment. Boloncos or¢ unsecured. 15. LOAN5 An LTnalsl8 oflhe Molurityol bons Is glven bek)w'. 2019 K)unts laying due wiltr*in one yecTron demand.. Olher loans 42.(KXI 46,000 16. ANALYSIS OF NET ASSETS BEIWEEN FUNDS 20%> Total funds 2019 Total funds Unrestricted fund Restricted Ivnd xÈd assels CuTrenta5sets Cuwenfliabiltie5 Long lerm li¢Jbiblies 85 201,167 1177.2801 2.1901 8S 443.372 I177.21 192.1901 998 395.123 1148.4491 142,205 31,782 142. 173.987 132,730 17. MOVEMENT IN FUNDS Net movement in funds Al 31.12.20 Al 1.1.20 Uniè$Irlcl funds General fund 19.475) 41.¥7 31,782 Reshlcted lunds Restricted 142.205 I42,5 TOIAI FUNDS 13?.730 41.257 173.987 Page 17 conlinued...
THE MARKFIELD INSTITIITE OF HIGHER EDUCATION NOTES TO THE FINANCIAL STA7EMENTS- etsnllnued ForThe Year Ended 31 December 2020 17. MOVEMENT IN FUNDS- conNnued Net moyemenlin funds. included In the above are as f0.. Incoming resources Resources expended Nlovemenl In funds Unr6sM¢ted lunds Gener(31 fund 15092281 41,257 Reslrlclèd Ivxds Reslricled 145,Q(KJl TOTAL FUNDS S95,5 1554.3281 41.257 Compurullves lor movementr In fund5 F4et movement in funds Al 31 12.19 Al 1.1.19 Unrèsmeled funds Generol lund 1245,9151 236A40 .4751 Restrfcted lunds Restricted 142,2 142.205 TOTAL FUNDS 1103.7101 236,440 13?,7J) Comparotive net movemonl in Ivnds. 1bjded in Ihe oboye are 0$ lo%)ws'. Incoming resources Rgsources expended Movement in funds Unresfrlcled funds General fund 672,(138 1435.59BI 236,440 Reslrlcled funds Roslrictad 140,0(QI TOIAL FUNDS 712.028 1475.5981 236.440 A current year12 monfh5 and pfioryw¥ 12 monlhs corybined posilion is a5 follo.. Nef movement in lunds Al 31.12.20 Al 1.1 19 Unrèstrfcled funds Ger¥eral lund 1245.9151 277.697 31.782 Resfrlcted lund$ Roslricled 142,W5 142.2)5 TOTAI FUNDS 1103.7101 277,697 173.987 Page 18 continued.
THE MARKFIELD INSTIIUTE OF HIGHER
EDiICATION
NOTES TO THE FINANCIAL STATEMENTS- contlnued
FtyThe Yeor Ended 31 December2L120
17.
MOVEMENT IN FUNDS- contlnued
A cuffent yeor 12 months pric year 12 m(1hS combined nel moverment in fund5, inckjded in the obove ore 0$
foUow5'.
Incoming
resources
Resources
expended
Movement
in ILJnds
Unwe$lrlefs
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION DETAILED STATEMENT OF FINANCIAL ACTIVITIFS For Th& Year Ended 31 December 2020 2019 INCOME AND ENDOWMENTS Donallons legacl¢$ Sponsotship ond scholiJrship5 Donations 35.CK>4 25.735 180,030 70.739 210.030 other tiadlno odMNes Course fees OlheTincome Course devdopment Job Retention Scheme grant 495,874 295 4W,796 1,212 3.677 524.846 Total In¢omlng res¥ur¢e$ 595,585 712,038 EXPENDITURE Other trodlng ttcllvlNe$ Wages and s¢Jlorics Social securitycosts staff pensions Sludent recruitment and ieleTrol Hardship awards UK bordercontrol lees Schok]rshlps 311.367 18,345 8.248 278,125 18.694 7,497 4(X) 15.859 536 30.960 147,7961 536 I I,(xyJ 7,185 357,181 304,?75 Chav51tsblè a¢tlvllles Rates and waler Insurance Lighl (Jnd heal Telephone Posloge and slolionery Adverli5ing Rent Replr$ rmlnler)onc8 TraVdrng Accomm£tiOn and subsisl8nc6 Events at)d cerenIeS Inlernet and ITexpenses Books atKI subscriptions EquipnEiithire Cleaning Bonk charoes Hlr& of prémls L¢ool ond professional Ccvnpufrer eqtsipment deFKeciathoM 5274 4.266 9.726 5,U23 1,037 9,214 12.( 1,*6 7,050 4.170 9.741 1,797 5.391 12,( 2,082 4.382 3.044 1.758 .127 1,292 1.764 7.422 1.291 35.77& 16.027 374 8.440 1.570 2,926 913 I.98? Svppowl cost5 ThSs poge does not form port ol the slatutory financial statements Page 20
IHE MARKFI&D INSTIIUTE OF HIGHEtt EDUCATION DETAILED STAfEMENI OF FINANCIAL ACTIVITIES For Tre Yeur Ended 31 December 2020 2019 Support cosls Governun¢e ¢tssts jdito, renwnerolv)n FINonciol operotior>s monogemenl Consuhan VcElidation and acCreditalTh f 4.980 2,877 13,187 3,095 45.861 74.165 70.440 Tolol resourtss eypended S54.328 475.598 Not Ineomè 41,257 23&A40 This page does not form port ol the 51otulory linonciol stolements Pagè21