ttEGISTERED COMPANY NUMBER: 06471324 (England and Wale5} REGISTERED CHARITY NUMBER: 1125851 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 310ECEMBER 2023 FOR THE MARKFIELD INSTITUTE OF HIGHER EDUCATION (A COMPANY LIMITED BY GUARANIEEI
THE MARKFIELD INsllruTE OF HIGHER eDUCATION CONTENTS OF THE FINANCIAL STATEMENTS For The Year Ended 31 December 2023 Poge Reference ond Admlnlstiullve Delalls Report ol Ihe Twstees Slatement ol Trustees, Responslbllltle5 Reporl ol the Independent Audltars statèm•nl of Flnantial Act1lIeS 10 Bolance Sheet Cash Flow Stotemenl Nole$ lo Ihe Cosh Flow Slatemenl 13 Notes to the Flnanclul Stalemenls 14 to 21 Delulled Stralemenl ol Finonclol Acllvitles 22 to 23
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION REFERENCE AND ADMINISTRATIVE DETAILS For The Yeor Ended 31 December 2023 TRUSTEES fvlr F S Murad Prol K Ahmod Dr S M Ahmod Dr M Ahsan Dr M Ruby r M fAbdulbh DrMMAIIy REGISTERED OFFICE Ratby Lane Markligld Leicester Leicestershire LE67 9SY REGISTERED COMPANY NUMBER 06471324 (Engknnd ond Wolesl REGISTERED CHARITY NUMBER 1125851 AUDITORS TC Group 31 High View Close Hamilton Ollice Park L8icester Leicestershire LE4 9LJ BANKERS Barclays Bank UK PIC Lelcesler Town Hall Square Leicesler LE87 2BB Page I
THE MARKFIELD INSTTTUTE OF ItIGHER EDUCAIION REPORT OF THE TRUSTEES For The Year Ended 31 December 2023 The Iwslees who ore also directors ol the charify lor Ihe purposes ol Ihe Componies Act 2(K)6. present their report wth Ihe financial statements ol the chority lor the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Slolement ol Recommended Proctice opplicable lo chorities preparing their occovnts in oecordance wth the Financial Reporting Stondord oppficable in the UK and Republic of Ireland IFRS 1021 (effective l Jonuary 20191. OBJECTIVES AND ACTIVITIES Oblecllves and alm$ The Maiklield Institute ol Higher Education IMIHEI wos established in Sept8mber 2(KQ, wilh Ihe objective ol conducling reseorch. providing prolessionol development COUTses. and validated higher educotional progrommes in IaMIC subjects. Like olher higher educolion instilvtioris. Ihe Inslilute has been regulated by the Ollice lor Sludenls IOISI since registeiing with il in Moich ?019. 11 is 0150 accredited by the 8rit15h Accreditotion Council16ACI. 11 holds o UKVI Student Route Iwilh o track iecordl and Skilled Worker Sponsor Stolus lo recruil students ond staff from overseos. Slgnlllcant o¢lfvllles The Inslilute offers undergradu(]te and poslgroduote programm85. volidaled by Newman University. in Islomic Slud1es. Islamic Educotlon. Islamic Bonking and Finonce, Islom ond Sustcjinable Development. ond Islom ond Paslorol Care/Chop10incy. It5 key oclivilies incde teaching and leorning, ro5eorch and scholarty oclivilies, and communily engagemenl. These octivilies oim to equip students wilh knowledge ond acodemic skills thal enoble them to become specialists. pursue professional careets. and become responsible citizens who con Moke voluablE sociol and economic contiibutiong to socioly. During the 2022-23 ocademic year, 60 studenls graduated from the Institute trom its dillerenl courses. In addilion, Ihe Instilute delivered some short executive programmes and reseorch seminars. Publlc benefit The Inslilule, through ils governing body. the Boord ol Direclors. is aware ol ils responsibilities as a chc5rily to oct lor Ihe public benefit acioss oll of ils aclivities ond hos had due regord lo the les1 version ol Ihe Charity Commission's public benelil guidance. The Institute endeovouig to advance education ond knowledge in 151omic disciplines through learning ond teoching, scholarship ond research for the benefit ol individvols and society. 11 contributes lo the development ol prole59ioncils ond scholars who have a broadei, deeper ond critical understanding ol Islom in the conlempoiary worfd. Such 5cholors would be betler equipped to promote underslonding ond social cohesion Omongsl the diverse communities in sociely. and onalyse Iheolooical. sociol. economic ond educolionol problemi loced by contemporary societies and oller creollve solulions to addre Ihese. To dovelop competent groduates. the Inslilule combines the rohness ond high standards of trodilional and conlemporory Islamic scholarship wilh conlempoiary culling-edge reseorch methods. academic iigour ond critical analysis. We strive lo ensure Ihat our graduotes leove with mastery ol o discipline. crilical thinking. conceptual re(ssoning ond onalyllcal skilts, os well a5 odvanced vffltten ond verbal communication skills, and o personal commitment lo elhical ond professional prin¢Sples and slandords. We ore commilled to being on open higher educotion institution that proaclwely seeks Out people capatAe ol beneliling from higher educatrion. minimises borriers to their parlicipalion and contributes to the exponsion ol higher education opportunilieg. notionolly and intemalionolw. The Inslllule provided o limited numbei ol scholorships ond bursaries lo help those sluden15 Wlth a track record ol outstanding academic performonce and o sliong lense of purpose. or lo help those sludenls who mght not bo oble to enter into higher educolion without such financiol support. Page 2
THE MARKFIELD INsfiTUTE OF HIGHER EDUCATION REPORT OF THE TRUSTEES For The Year Ended 31 December 2023 SIRAIEGIC REPORT Aehievement ond performance Engagement wllh stoff Sloll gngagement. contritiulion ond development are volued ond seen os important in the delivery ol our strotegy. We ore commilted to profegsionol values and endeovour to creote an inclusive cutture where all sloff con contribute lo Ihe devebpment of the Institute and ore supported in their work. All stoll ore engoged in regular consullotions related to Stralcgy and operolional mollers. Through a ronge of commillees and communicolion methods. stoll provide input into shopino Ihe priorities and direcllon ol Ihe Inslitut&. Relevant slall devek>pment ond frrainlng ore encouroged lo ensure ellective performance, leaching ond acadomic operolion5 qualily. and the moinlenance ol ocademic ond administrative standards. Stall devolopmenl opportunities ore providp.d through ieveral in-hovse staff training sessions during the year and supporl slall in tuking development and Iroining couises wilh externol bodies, Academic stall ore allocated lime in the workload models to engage in scholoriy ond research activilies.slall ore allocoted lime in Iheir Wc0d models to engoge in scholorfy and re5È01ch activities. Engtsgemenl with Stvdents Our students are o valued parl ol our community. and we are committed to ensuring they hove Ihe besl leorning experience possible while studying with us. Sludents ore supported in their academic work through several melhods and provided occess to various Services. including welfare serwces. to assist them in the everyday ive$ while studwng al the Inslilule. Their teedbcsck at Ihe module. course ond institution-wide levels is coplured through various methods, whlch locilitate ongoing enhoncemenls and change5. The Student5, Council coordinoles ond repre5enls the sludenls, voice al Ihe Acodemic Boord. Flnunclol revlew Flntsnelal poslllon This financial year Ihe orgonisotion has recorded on 'in yearf deficit in unreslrieled funds of £71,863 12022 £80.8191 ond 0 Surplus in restricted funds of £12.WO 12022 £10,0001. This d8licit is primarily due lo fewer donotiong recelved during the occounting period. During the year a provision of £296,(KXI was made in respect ol courses paid in advance12022- £242,383). Reserves poIIcy The charity hod Unrestrted reserves of £21.246 and restricted reseNes ol £164,205 as at 31 December 2023. The charity does not hokl any free reserve5. The charily's reserve5 policy oims lo accumulote free reserves equivalenl to Ihree months ol running costs over the next live years. The Irustees have two purposes lor the occumulation ol operuling reserves.. l. To linonce the development ol new or existlng servlces. 2. To enoble the organall0 to be wound up il necessary. STRUCTURI, GOVERNANCE AND MANAGEMeNT Govemlng document The c.harity is contTolled by 119 governing documenl. o deed ol trust, and constitutes a limited company. 1imitÈd by guarantee. as defined by the Componies Act 2006. The charity was established under o Memorondum ol AoCIatIon ond is governed in occordanc8 Wlth the object and powers set out In its governing documents. the Articles ol Association ond By-lows. The Board of Tru51ees is responsible lor approving the strotegy. budget, oudited occounts, annuol reports. oeademic plans, academic arTrd operotionol quolity ond stondords. complionce to the Prevenl Duly ond with the OIS s ongoing conditions of r8gisliation. ond any olher relevont regulotw responsibilities. The Boord meets three times yecjrly to consider the chority's pertormance and respond to emerging issues ond risks Reciullmenl und appolnlment ol new trustees The Boord of Ttustees is responsible for recruiting new Iruslees. In seeking new trustees. the Institute identifies experfeneed indivKluols in the education, legal, chority. or religious educalion sectors and people with a lesled business manogemenl or publiclcommunity services Irock record. Poge 3
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION REPORT OF THE TRUSTEES ForThe Year Ended 31 December 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Orgonlsallonal structure The Board opproves the oppointment ol the Academic Boord. Finonco and HR Committee. and the Monugemenl Boord lo monooe the alloirs ol lh8 Charity. The Board meets three times a yeor to consider lh8 charity's peif(wmonce and respond to emerging issues ond risks. The Reclor is occounlable to the Board ond is responsible lor implementing the decisions ol the Board ol Trustees. Inductlon ond Iralnlng ol new Iruslees Truglees are introduced to their roles upon appointment. updoted on the Inslilute's historical developments and current posilion. ond introduced lo the resources 0valble on the Charity Commission's website so thol they con familiare Ihemsslves wlh their dulles ond responsibilih'es. Key manogemenl remunerollon The Board ol Trustees Is responsible for selling the Rector's remunerolion pockoge. which is Tevlewed annually. Internol controls The Institute has developed a sound internal conlfol system that 15 oppropiiote to size and operolions and in occordance with best piactice. This syslem 15 designed to identify the piinLipal risks thal moy wevent or inhilit the achievement of the Inslilute's aims ond objectives. evaluate Ihe noture and exte.nt of those risks, and monoge them ellicientw, ellecliveEy, and economically. The Iruslees ensure the maintenonce of thi5 internol control system and keep il under review lo ensuTe the ongoing ellectivene ol these awongemènls. The key inlemol control aangementS to ensure compliance ond risks ore identified and monaged approptialely inclvde the Iwlanagernenl Boord. Finonce and HR Committoe. and Acod8mic Boord In oddilion to the Board of Trustees. The Board of Trustees opproveg the appointment ot these boardslcommitteei. In addition. Iru51ees ore lormol members ol Ihese key commillees/boords Ihol oversee the instilule's manog8menl. quolily. and operotions. The Rectol Is occountoble to the Boord ond responsible for implementing ils dpcisions. These a(]nOementS help oversee all acodemic operalions, risks. ond complionce mallers. They ensure the prevention ond deleclion of risk5 and ony cotruption, Iroud. bribery, ond other irregulorilies. The Trustees receive reports from the meetings of oll these committeeslboards, R15k management The Trustees receive reports to a551sI them in identilwng ond reviewing the rtskg lo which the charity is exposed cjnd ensure oppropriale controls ore in ploce lo provide reosonable ossuronce againsl Iroud and error. The Trustees reouloily review the following prcipal risk oreas.. Lega1 and financial risk5 Regulolory compliance risks Repulotion risks IT security ond inlrasliuclure risks Building mainlenonce.. risks related lo building-specilic health and 5cslely risks and longer-letm buildingleslote development plons. The Sludenl Protect Plan highlights the Inslilute's principal ris regording student5 and mitigation measures. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So for as the trustees are aware, there15 no relevant inlormolion la5 defined by Section 418 of the Componies Act 0) ot which Ihe choiitable compony's audilors are unoware, and eoch Irustee hos token oll the steps Ihot they ought to hove loken as a Iruglee in order lo moke thom oware ol any audit inlormalion ond lo eslablsh that the choritae companys ouditors are awore ol that inlormalion. AUDITORS Ihe auditors. TC Group, will be proposed for re-appointment al the forlhcoming Annual General Meeting. Poge 4
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION REPORT OF THE TRUSTEES For The Year Ended 31 December 2023 Report ol Ihe Ifuslees, incorporating o strategic report, opproved by order of the board ol tTVStees, os the company director5. on .....14..fv.ifv.Y...lol.4cJnd signed on the board's beholf by. MT F S K4urod- Twstee Dr Z Parve2- Accountable Officer Pago 5
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION sfATEMENT OF TRUSTEES, RESPONSIBILIIIES For Thè Year Ended 31 December 2023 The truslees (who are olso the directors ol The Morklield Inslilule ol Higher Educ(rtion lor the purposes ol compony ore responsible lor preparing the Roport of the Trustees and the linoncial slolements occordance xtyryth opplicoble low and United Kingdom Accounting Slondards (Uniled Kingdom Generolly Acceptred Accounling Practlcel including Finonciol R8POrting Slandord I02,he Financial Reporting Stondard opplicable in th8 UK and Republic ol keland" Compony low requires the tru51ees lo prepare Ilnanciol slalemenls lor each linonCl yeai which give a true ond lair view ol Ihe slole ol offairs ol the choritable compony ond of the incoming resources and applicolion ol resources, Including the income ond expenditure, ol the charitable company lor that period. In prepuring Ihose linancial statements. th8 trustees are required lo ielect suiloble (5ccounling Oicie5 ond then apply them consistently.. observe the methods ond principle5 in Ihe Chorily SORP.. moke judgements ond estimates Ihal are reasonable ond prudent.. slote whether opplicable accounting standords have been followed. subjecl to any material departures disclosed and explained in the financial statements., prepare the linonciol slalemenls on the going concern basis unless il ig inapprOpale lo presume that Ihe choritoble compony will continue in business. The Iruslees are responsible lor keeping pioper account1r records which disclose with rp.asonable occuracy ot ony Ilme the finonciol position of the charitoble company and to enoble them to ensure Ihot the linoncial slolements comply with the Componies Act 2006. Thoy ore also responsible loi sofeguarding Ihe ossels ol Ihe charitoble company ond hence lor lakir)g reasonoble steps lor Ihe prevenlion and delection ol fraud and olhei h[regur111eS. Poge 6
REPORI OF THE INDEPENDENT AUDifoRS TO THE MEMBERS OF THE MARKFIELD INSYITUTE OF HIGHER EDUCATION Oplnlon We have audlled lh8 lincsncial slotements ol The Morklield Inslilule of Hioher Edvcotion Ilhe 'charitab compony'l lor Ihe year ended 31 December 2023 which comprise the Slalement ol Financial Actiwties. the Bolonce Sheet. the C05h Flow Slalement ond notes lo the linanciol slatemenls, including a summary ol sioniliconl accovnting policie5. The linanciol reporting Iromework Ihat hos been applied in their prepoialion is applicable law ond Uniled Kingdom Accounting Standards juniled Kingdom Generally Accepled Accounliro Praclicol, inclL)ding Financiol Reporting Slondord 102 'The Financial Repcwting Stondard applicoble in the UK ond Republic of Ireland.. In our opinion Ihe linoncial stotements-. give a true ond la view ol the state ol the choritable company's offolrs as al 31 December 2022 ond ol ils incomlng resource5 arid opplication ol resources. Including its income and expendilure, lor the yeor then ended.. have been woperly prepared In occ(Kdance wilh United Kingdom Generolly Accppled Accovnling Pruclice, including Finoncial Rep(xling Slandord 102 'The Financiol Reporting Stondord opplicoble in the UK and Republic ol Ireland,; ond - have been prepored in accordonce wilh the requirements ol the Cornpanies Act 2006 - comply with Ihe qUeMentS ol the Office lor Students Accounts Directw)n. Basls lor opinlon We conducted our oudil in accordonce with Inlernolionol Standords on Audiling IUKI IISAS IUKII ond opplicable law. Our responsibilities under tho* slandords are further d8scribed in the Auditors. iespansibihlies for the audit ol the linanciol stotemenls section ol our report. We ore independcnl of the charitable compony in occordance with the elhal requementS that are ielÈvonl lo our audit ol Ihe finoncia1 statements in the UK, including the FRC'S Ethical Slondard. and we hove lullilled our other ethical reswnsibilities in occordonce wifrh these requirements. We believe Ihol the audit evidence we have obtained is sullicienl and oppropriole to provide a basis for our opinion. Conclvslons relollng to golng concern In oudiling the finonciol slatemenls, we hove concluded that the truslees, use ol the going concern bosis ol occounling in the preporalion ol the linuncial slolements is appropriole. Bo5ed on the work we hove performed. we have nol identified ony Moler1 uncertainties relating to events or conditions that. individually or collectively. moy cost .significonl doubt on Ihe charilable company's ability to conlinue os a going concem for o period ol ol kast twelve months from when the linanciol stotemenls are aulhorised lor issue. Cxjr responsibilities ond the respon5ibililles ol the ItU5tees with respect to going concern are described In the Televanl sections ol this report. other Information The trustees ore reswnsible lor the other Information. The other information comprisÈs Ihe inlormalion Included in the Annval Report, other than the linancial stolemenls and our Report ol the Independent Auditors Iheieon. Our opinion on the financ1 slalement5 does not cover the other information ond. except lo Ihe exFenl olherwise explicitly slated in our report. we do not express any form ol ossuronce conclusion thereon. In connection wth our audit of the linoncial slalemenls, our responsililily is to reod the other information ond, in doing so, consider whether the olher inlormalion 15 materially inconsislenl wth the linonciol statements or our knowledge obloined in the oudit or olhemise oppears lo be malerialW misslated. 11 we identify such materiol inconsistencies or cjppaienl moloiiol misslolemenls. we are required lo delemine whether this gives rise to a material misslolemenl in the linoncial stutemenls Ihemselves. 11. based on the work we have performed, we conclude that there 15 a maleriol misslatement of this other inlormalion. we are required to report thol fact. We hove nothing to report in this regard. Oplnlons on olhey malters prescribed by the Componles Act 2006 In our opinion. bosed on the work undertaken in the course ol the oudil.. the inl(xmotion gwen in the Reporl ol lh8 Truilees lor the financial year for which the linonclol slalemenls ore prepared is con51Stenl with the financial stotements". and Ihe Report ol the Tfuslees hos been prepared in occordance with opplicable goI requirements. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE MARKFIELD INSTITUTE OF HIGHER EDUCATION Mutters on whlch we are requlred to report by exceptlon In th8 light ol the knowledge and understanding ol Ihe choritoble company and Its environment oblalned in the course ol the audit. we hove not idenlilied mateiiol misstalememts in the Report ol the Trustees. We have nothing lo report in re5pecl ol the following matters where the Companies Acl 2006 requres us lo report to you il. in our QFinion'. adequote accounllng records hove not been kept or returns adequole for our audit have not been received from bronches not V151ted by us.. or the financial 51alemenls are not in ogreemenl wilh the accounting records and relums.. or - cerlain disclosures of hustees. remunerolion specified by law are not mode., or - we hove not received oll the Inf(rnatIon and explanations we requiE lor our audit. We hove nolhing to report in relotion to the Ollice for Sludenls requir8menl lor us lo report on where. the Inslilule's gronl ond fe8 income. 0$ discbsed in th8 note lo the accounls. hos been materiolly misstaled. Responslbllilles of trustees A5 explained more lu51y in Ihe Statement ol Trustees, Responsibilities. the trustees Iwho ore also the directors ol the charilable compony lor Ihg purposes ol company lowl ore responsible lor the preporolion ol the finonciol statements and lor being sotislied Ihol they give o true ond loir view. and lor such internol conlrol os Ihe Irustees determine is necessory lo enoble the preporalion ol linancial stalements Ihal are free from material mlsslolemenl, whether due to fraud N error. In preparing the finonciol itotemenls, the Irustees ore responsible lor ossessing the chaiilable company's obilily to continue os o going concein. disc105ing. 0$ applicoble. mattels reloted lo going conc¢m and using Ihe going concem ba515 01 accounling unless the trustees either intend lo IquKlate Ihe chorilable comp(Jny or to ceose operations, or hovo no reallslic ollemolive but to do so. Our responslbllltles for the avdll of the Ilnan¢lul sFotements Our objectives are lo obtoin reasonoble assuronce obout whether Ihe linanciol statements as a whole are free from moteiia1 mis51tslement, whether due to fraud or error. ond to issue (s Report ol the Independent Auditors that includes our opinion. Reasonoble assurance is o high level ol assurance, but is not a guorc)nlee that an oudit conducted in occordonce with ISA5 IUKI will olway5 delect o material misslolemenl when il e115. Misslolement5 con arise from Iravd or error and are considered moleriol il, indivKluolly or in the oggregate. they could reosonobly be expected to influence the economic decisions ol users token on the bosis ol these linanciol stotements. The extent to which our procedures ore copoble of delecting irregulorilies. incbding Iroud i% delailed below.. We obtained on vnderstondlng ol the legal and regulatory frameworks that are applicable lo the choriloble company arnd determined thal the most significant fromeworks whh are directl¥ ielevanl to specific assertions the financiol stotemenls are those thot relate lo Ihe reporting Iromewoik IUK GAAP and the Ccthponies Act 21M)01 and the reltsvonl tax complionce regulatlOn5 in the UK. We understood how the charitable company is complying with those Iramewoiks by moking enqunes ol monagemer)t and those responsible lor legol and complionce piocedures. We corroborated our enquiries through review ol board minules und discussions wth those charged with govemante. We assess the susceptibility ol Ihe charitable compony'g linonciol slotoments to maleriol misslalement. including how fraud mighl occui, by discussion wilh management from various ports of Ihe business to understand where they considered there wa5 0 susceDlit)ilily to Iroud. We considered the procodures and controls that the charitable Lompany hos estoblished lo prevent and delect fraud. and how these (Jre monitored by management. and olso any enhonced risk factor5 such os performance torgets. Bosed on our understanding. we designed our oudit procedures lo idenlily ony nan-compliance wlh lows ond regulolions identilied in the poragrophs above. Poge 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMgeRS OF THE MARKFIELD INSTITUTE OF HIGHER EDUCAIION We also performed audit work over Ihe risk of monogemenl override ol conlrols, including tesling of journal enliies and other odjustments lor appropriateness. evoluoting the business rationale ol significont Irangaclions out54de the normol course of buginess and reviewng accounting estimales lor bio5. A Ivrther descripllon ol our responsibililies lor the audit ol Ihc linoncial stotements is located on the Finoncial Reporling Council's website al www.frc.org.uk/ouditorsrespon5ibililies. This description forms part ol our Report of the Independent Audlfors. Use of our report This report is made solely to the choriloble compony's members, as a body. in occordance with Chapter 3 01 Port 16 01 the Companies Acl 2W6. Our oudit work has been undertaken so that we might slate lo the choritoble company's members frhose motters we are requlred to state lo Ihem in audilors. report ond for no other purpose. To fhe lullesl exlont permitled by law, we do not occept or a55LJme responsibility lo onyone other than the chaiilable company and the charitable companvs members as o body. lor our oudil work. lor Ihig reporl, or lor the opinions we have fomed. Dilun Mistry FCA (Senior Slalvlory Auditorl lor and on beholl ol TC Group 31 High View Close Hamilton Office Park Leiceiter LeiceslersTrryre LE4 9LJ Date.. 24 May 2024 Page g
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION STATEMENT OF FINANCIAL ACTIVIIIES For The Year Ended 31 December 2023 2023 Tolol funds 2022 Totol funds Unrestricted fund Restricled fund Notes INCOME AND ENDOWMENTS FROM Donations ond legacies 55.804 12,OC>O 67.804 115,036 Charlloble actlvllles Course lees 526,575 526.575 500.523 other trading octimlies Investment income 6,133 9.771 6.133 9.771 3.017 11,744 Total 598.283 12. 610.283 630,320 EXPENDITURE ON ChorilobLe Activities 448.609 448.609 507,120 Chorlloble actlvllle$ Premises cos1£ Administration costs Governance cosls 75.871 135.166 10.5(KJ 75.871 135,166 10.500 62.738 123.781 7.500 Tolal 670.146 670.146 701.139 NET INCOME1{EXPENDuREl 171,8631 12,OC 159,8631 170,8191 RECONCILIATION OF FUNDS Total funds brought forward 93,109 152,205 245.314 316.133 TOTAL FUNDS CARRIED FORWARD 21.246 164,205 185,451 245,314 CONTINUING OPERATIONS All income and expenditure has (Kisen from continuing acliiilies. The note% lorm porl ol these linoncial staF8menls P(5ge 10
THE MARKFIELD INsfiTUTE OF HIGHER EDUCATION (REGISTERED NUMBER.. 06471324) ALANCE SHEET 31 Deeember 2023 2023 2022 Noleg FIXED ASSETS Tangible ossels Investment property 1,448 250,000 1,102 250.000 251.448 251.102 CURRENT ASSETS Debtors Cash ol bank and in hond 302.770 109.062 2?7.315 164.316 411.832 391.631 CRED]TORS Amounts falling due within one year 16 1477.8291 1397,4191 NET CURRENT ASSETS 65,9971 5.7881 TOTAL ASSETS LESS CURRENT LIABILITIES 185.451 245.314 NET ASSETS 185.451 245.314 FUNDS Unrestricted tunds Restricted funds 18 21,246 164.?05 93.109 152.205 TOTAL FUNDS 185.451 245,314 The linanciol slolemonts were approved by the Board ol TTUStee5 and oulhorised for issue on .L4..M,fl.Y...>. . and were signed on ils beholl by: 14Ar F S Murad- Trustee Or E Porvez The notes form parl ol these financial statements Pogell
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION CASH FLOW STATEMENT For The Yeur Ended 31 December 2023 2023 20 Notes Cash flows from operating acllvllles Cosh generoted from opeiotions 54.4491 68.869 Nel cash (used Inllwovided by oper01g activities 54.4491 68,869 Cash flows Irom Snvestlng acllvltles Purchase ol tongible fixed assets 1.3391 Nel cosh used in investing actiwties Change In cash and cash equlvalenls In the reporting perlod Cash ond cash equlvalents al thè beglnnlng ol thè reportlng period 155.2541 67.530 164.316 96.786 Cosh and cash equlvulents at the end of Ihe reportlng pevlod 109,062 164,316 The notes lorN port ol these linoncial statements Poge 12
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION NOTES TO THE CASH FLOW STATEMENT For The Year Ended 31 Decembw 2023 RECONCILIATION OF NEf EXPENDITURE 10 NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net expendlture lor the reportlng perlod (as per the Sltstemenl of Flnunclol Acllvllle5} Adju51ments lor: Deprecialion charges Ilncreaselldecreose in deblors Increase in creditors 159.8631 170,8191 459 175.4551 80,410 294 118,894 20.5Q¥J Nel cosh (used In}/provlded by operatlons 54.4491 68,869 ANALYSIS OF CHANGES IN NET FUNDS At i.1.?3 Cash fk)w A131.12.23 Net cash Cosh ot bonk ond in hand 164,316 55.2541 109.062 164,316 55.2541 109.062 Total 164,316 55.2541 109.062 The notes form part ol these linonciol 5toteMents Page 13
THE MARKFIELD INSTITUTE OF HIGHER EOUCAIION NOTES TO THE FINANCIAL STATEMENTS ForThe Year Ended 31 December 2023 ACCOUNTING POLICIES Ba515 01 preparlng the Ilnancial stolements Ihe flnonciol slc51emenls ol the choriloble compony, which is o public benefit entily under FRS 102, have been prepared in accordance with the Chorities 50RP IFRS 1021 'Accounling and Reporting by Charilies.. Slalemenl ol Recommended Practice opplictsble lo charilies preporing their accounls in accord(5nce with the Financial Reporting Standard opplicable in the UK and Ropublic ol Irelond IFRS 1021 lellectlV8 l Jonuory 20191., Financial Reporting Slondard 102 'The Finonciol Reporling Standord opplicable in the UK and Republic ol Ireland. ond the Componies Act 26. The linanciol slotements hove boen prepored undei the historical cosl convention. Golng concem As at the point of oulhorising the account5. ond lor the foie5eeable future. the diTectorg consider the going concein assumption to slill be appropriate. The dKectors acknowlecjge that given the currently ropid1y chonging business and sociol environmenl. trhere ore likely to be sunilicant unknown lactors which mcjy present themselves. Such loctors are considered by the directors lo represent o generd inherent level ol risk in ielolion lo the going concem assumption albeit not quontifioble ol th lime. In oddilion lo the obove, the directors have considered Ihe omounts due to The lslomic Foundotion lolalling £83.821 12022- U8.1781. The Islamic FoundotDn is a regislered chor51y with trustees in common with The morklie Inslitute ol Higher Education. The lslomic Fovndolion hos pledged support lor the foreseeable lulure. therefore. the accounts hove been prepared on a going concem boiis. Income All income is rec¢nISed in the Stotemenl ol Financial Activities once the charity hos entitlement lo the funds. it is PTobable Ihol the incom8 will be received and the amounfr con be measured reliably. Donotlons and legocles Donations are recognised when the charity has been nolilied in writing ol both Ihe amovnt ond selllement dale. In the event that a donolion is subject to conditions Ihol require o level ol performance by the rhorily before the chtsrily is entitled to the funds. the income is defeed ond not recognised unlil eilher those condition5 ore fully mel, or Ihe lullilment of those conditions Is wholly vAthln the control of the chorily and it is probable Ihot these condilions will be lullilled In the reporting period. Legacy gifts ore rerognised on o case by case bosis following Ihe grant ol probate when the adminislralorlexeculor lor the eslole hos communicoted in wiiting bolh the omount and selllemenl dole. In the evenl Ihol the gill in the fom ol on osset olhei than cash or a financial asset troded on o recognised stock exchange. recognition 15 5ubjeLI to the value ol the gill being reliabty measuroble wilh o degree ol reosontsble accuracy and the title lo the osset having been transferred lo the charily. Donoted assets are treoted as income ond capilolised al market value at Ihe date of Ihe Iransler. Expendllure Liabililies ale recognised os expenditure as soon as there is a legol or consltuctive obligotion comTnitling the chorily lo Ihot expenditure, Il 15 proboble thol a tronsler ol economic benelils will be required in selllemenl and the amount ol Ihe obllgalion can be moosured reliobly. Expenditure is occounled lor on on accruals bosis ond has been ckn5silied under hecjdings that aggregote oll cost related tro the cot8gory. Where coils connot be directly attributed to porticular headlngs they have been allocated lo activities on o basis consistent with the use ol resource5. Charlkable ocllvltles Choritate expenditure compris&s Ihose costs incurred by the ¢hority In the delivery of its activities and services lor ils beneliciories.ltr includes both costs Ihot con be allocated directly to such oclivities ond those costs ol an indirect nolure necessory lo support them. Page 14 conlinued...
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION NOTES TO THE FINANCIAL STATEMENTS - contlnued For The Yeur Ended 310ecember 2023 ACCOUNTING POLICIES . contlnued Supporl costrs Support costs include cenlrol funcllons and have been ollocaled lo octivily cost calegories on o bosis consistent wilh the use ol resources, lor example, ollocoling property costs by floor are05, or per capita, slofl costs by the time spent and the other costs by Iheii usoge. Govèmonce cosls These include the costs allributoble to Iho choiily's compllance wryth conslilutional ond s*otL)tory requiremcnls. including oudit. 51ralegic manogement ond Iruslee's meelings ond ieimbursed expenses. Tanglble ftxed ossels Depreciation is provided ol the Idlowing annuol rates in order lo write oll each asset over its 8Stimoled useful life. Fixtures and liltings Compuler equipment 20% on cost 20% on cost Investmenl property Investment property is ghown ol most recent valuolion. Any oggregole surplus or dellcil arising from chonges in loir value is recognised in the Stolement of Finoncial Acllvilies. Taxotlon The chorlly is ex8mPt from corportslion tax on its charitabk activities. Fund uccountlng Unrostiicled funds can be used in occordance Mfjlh the chariloble objectives at the diScretn ol the trustees. Restriclod funds can only be used lor particulor restrieled purposes thin the objects ol the charily. Restrictions orise when specitied by the donor or when funds ale raised loi purlicular restricted purposes. Further explanotFon ol the nolure and purpose ol each fund is included in the notes lo the financial statements. P&nslon cosls and other p051-rellrement benelll$ The charilable compony oporates o defined contribution pension scheme. Contributions payoble lo the choritoble compony's pension scheme ore charged to the Slatement ol Finonciol Aclivilies in the period lo which they relate. Debloys Debtor bolances are recognlsed when omounls duè lo the charily remain unpoid. Debtor balances are reguloily reviewed and where Ihere 15 reasonoble doubl that o debt will be received in lull an oppropriote piovision is made against Ih(Jt bolonce. Credltor$ Creditor bolonces ore recognised when the charity incurs o liabilily. Pioviiions ore made when the charity 15 expected to incur a liobilily with respect to events or conditions occuffing prior to the yeor end. Creditor balonces ond provisions are r8viewed regularfy lo ensure thol they ore loidy slated or hove been cleared correctly. Poge 15 conlinued...
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION NOTES TO THE FINANCIAL STATEMENTS . contlnved For The Year Ended 31 December 2023 DONATIONS AND LEGACIES 023 20?2 Sponsorship and scholarships Donations 45.WO 22.804 40.000 75.036 67.804 115,036 OTHER TftADING ACTIVITIES 2023 2022 Other income 6,133 3.017 INVESTMENT INCOME 2023 2072 Rents received 9.771 11.744 INCOME FROM CHARITABLE AcfiviTIES 20?3 2022 Activity Course lees Course lees 526.575 JOO,523 CHARifABLE ACTIVITIES other trtsdlng Octlvltles 2023 2022 Stall costs Student recruilmenl ond referral Hordship owards UK border conlrol fees Scholorships Bad debts 434.744 200 428,439 250 25,665 1.156 35.500 3.(K)O 9.865 448.609 507.120 Poge 16 continued...
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION NOTES TO THE FINANCIAI STATEMENTS - contlnued For The Year Ended 31 December 2023 CHARITABLE ACIIVITIE5 COSTS Supporl costs (see note 81 Direct Costs Tolols Premise5 costs Adminislrotion costs Governance colts 75,871 132.705 75,871 135.166 10.500 ?.461 10.500 208.576 12.961 221,537 SUPPORT COSTS Governonce cos15 Adminislralion costs Governonce costs 2,461 10.5(KJ 12.961 NET INCOMEIIEXPENDifuRE) Nel incomellexpenditurel is slated ofter chargingllcredllingl.. 2023 2022 Auditors. remuneration Depreciolion- owned ossels I Cl,5 459 7,500 294 io. TRUSTEES. REMLINERATION AND BENEFITS There were no Iruslees, remunerolion or olher benefits lor Ihe year ended 31 December 2023 nor lor the year ended 31 Decernber 2022. Trustees, expenses There were no tru51ees' expenses paid for Ihe year ended 31 December 2023 nor lor Ihe yeor ended 31 December 2022. STAFF COSTS 2023 ?022 Wages and salories Social security costs other pension c0515 390.769 31.421 12,554 383,996 31.626 12.817 434.744 428.439 The overage monlhw number ol employees during the year wos as follows.. 2023 20Y2 Academic and administrolion Poge 17 conlinved...
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION NOTES TO TKE FINANCIAL STATEMENTS - conllnued For The Yeor Ended 31 December 2023 STAFF COSIS . conllnued No employees received emoluments in excess of £60,000. The tolol remuneralion package received In the yeor by the head ol provKler was-. 2023 2022 Gross solory P8nsion 8enelils in kind 46,667 2.021 45.IX)O 1,938 48.688 46.938 The head ol provider's ba51C salory 1.7 times the median pay ol sfoll, where the medion poy 15 colculoled on o lull time equivalent basis lor the solories paid by the provider to ils stall. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES 12. Unreslricted lund Reslricled fund Total funds INCOME AND ENDOWMENTS FROM Donolion5 and legcTcies 103,036 12.(K)O 115.036 Chailloble ucllvlHe5 Course lees 500,523 500.523 Olher triJdino octivities Inveslmenl income 3,017 11.744 3.017 11,744 Tolal 618.320 i 2,000 630,320 EXPENDITURE ON Charitable Activities 505.120 507,120 Chorltable octlvltle5 Premiges costs Administralion costs Governonce costs 62,738 123.781 7.5(X) 62.738 123.781 Tolal 699,139 701.139 NET INCOMt/lEXPENDifuRE) 180,8191 10,000 170.8191 RECONCILIATION OF FUNDS Tolol lunds broughl fowward As prpviously reported Prior year adjuslmenl 395.595 221,6671 142,205 537,8(K) 221.6671 As resloted 173,928 142.205 316.133 Poge 18 continued...
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION NOTES TO THE FINANCIAL STATEMENTS . conllnued For The Year Ended 31 December 2023 12. COMPARATIVES FOR THE SIATEMENT OF FINANCIAL ACTIVITIES . conllnued Uniestricled fund Reslricted fund Total funds TOTAL FUNDS CARRIED FORWARD 93.109 152.205 245.314 13. TANGIBLE FIXED ASSETS Fixtures ond Compuler equipment Totals COST At l January 223 AddIton5 8,994 18.299 805 27.293 805 Al 31 December 2023 8,994 19,104 28,098 DEPRECIATION At l January 2023 Chorge lor year 8.424 143 17.767 31 26.191 459 Al 31 December 2023 8.567 18,083 26,650 NET BOOK VALUE At 31 December 20?3 427 1.448 At 31 December 20¥2 570 532 1,102 14. INVEsfMENT PROPERTY FAIR VALUE Al l Januory 2023 and 31 December 2023 250.0( NET BOOK VALUE At 31 Oecember 2023 250,000 At 31 Cjecember 2022 250,000 15. DEBTORS: AMOUNTS FALUNG DVE WIIHIN ONE YEAR 2023 2022 Trade debtors Olher debtor5 Pr6poymenls and accnjed income 230.153 45.741 26.876 157.567 45,741 24.007 302,770 227.315 Poge 19 continued...
THE MARKFIELD INSTITUTE OF HIGHER EDUCATION NOTES ro THE FINANCIAL STATEMENTS - contirtued For The Year Ended 31 December 2023 16. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR ?023 2022 Trade creditors Social SeCu1Y and other taxes other credilors Islamic Foundation Pension creditor Acciuals ond delewed income 6,691 9.119 6,465 10,296 2.722 100.511 1,937 275,488 126.451 1.710 333,858 477.829 397.419 Included in Accwo15 ond defeed income" is deferred course lee income of £296,(KIO 12022 £242.3831. 17. ANALYSIS OF NET ASSETS BEIWEEN FUNDS 2023 Tolol funds 2022 Total funds Unrestricted fund Reslricled lund xed ossels Inveslment5 curnI ossets Current liabililles 1.448 250.0 247,627 A77.8291 1.448 250.000 411,832 477.8291 1.102 250.0 391,631 397.4191 164,205 21,246 164.205 185.451 245.314 18. MOVEMENT IN FUNDS Nel movement in funds Al 31.12.23 Al 1.1.23 UnresFrlcled funds General fund 93,109 171,8631 21,216 Reslrlcted funds Reslricled 152.205 12.( 164.205 TOTAL FLSNDS 245,314 59,8631 185,451 Net movement in funds. included in the above ore as Idlow5'. Incoming resources Resources expended Movement in funds Vnreslrfcled lunds Generas fund 598,283 1670,1461 I71,8) Restrlcled Ivnds Resliicled 12.(K)O I2,0 roTAL FUNDS 610.283 670.1461 59.8631 Poge 20 conlinved...
THE MARKFIELD INsfiTUTE OF HIGHER EDUCATION NOTES TO THE FINANCIAL STATEMENTS - contlnugd For The Year Ended 31 December 2023 18. MOVEMENT IN FUNDS - conllnued Comparollves For movemenl In lunds Prior year odjustment Nel movement in funds Al 31.12.22 At 1.1.22 Unreslrlcled funds General fund 395.595 1221.6671 180,8191 93.109 Resldcled funds Restricted 142,205 10.(x)o 152,205 TOTAL FUNDS 537.800 221.6671 70.8191 245,314 Comparative nel movement in funds. included in Ihe obove ure as follows.. Incoming resources Resources expended lovement in funds Unrestlicted lunds Gen8ral lund 618.320 1699.1391 180.8191 Restricted funds Resliicled i?.Ix)01 10,coo rorAL FUNDS 630.320 701.1391 70.8191 The specific purposes lorwPMch th6 lund5 are to be applied are as lolows.. The restrFCted funds represent donations and omounls given lo The Institute which have be8n given on the basis Ihol they will be used lor specific purp05es such 05 awards, scholarships and sponsorships ond for specific cour* development. 19. RELATED PARTY DISCLOSURES The M(5rklield Institute ol Higher Educotion IMIHEI has Trustees in common wilh The Islamic Foundotion IIFI. During the yeor. MIHE poid £38,39312022 - £31.6651 to IF in respect of renl ond vorious Other ollice expense5. Al the bolance sheel dale MIHE owed IF a net amount of £83,531 12022- £58.1781. The Al-IAedino Tiust- truslees in common The Al-medlna Trust mode donotions to MIHE during the year 01 £45.(m12022- £40,(y)01. The Modina Trvsl- trustees in common The Madino Trust mode donations to MIHE during the year ol £12.(KX)12022- £12.OCKII. Poge 21
THE MARKFIELD INsfiTUTE OF HIGHER EDUCATION DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Yeai Ended 31 December 2023 2023 20 INCOME AND ENDOWMENTS Donution5 ond legacles Sponsorship and 5cholaiihips Donations 45.0(K) 22.804 40,000 75.036 67.804 115.036 Olher trodlng acllvilles Other income 6.133 3,017 Investment Income Rent5 received 9,771 11.744 Chulltoble ocllvllles Course lee5 526.575 5CK),523 Tolal Incoming resources 610.283 630,320 EXPENDITURE Olher Iradlng actfvltles Woges ond salaries Social 5ecvrily cosls Stall pensions Student recruitmenl ond referral Hordship awords UK border control lees Scholarships Bad debts 390,769 31.421 12,554 383.996 31,626 12.817 250 25.665 800 35.500 9.865 448.609 7.120 Charitablè actlvltles Roles ond wot8r Insurance Light and heat Telephone Poslnge and stationery Advertising Renl and room hire Repairs and mointen(5nce rrovelling Accommodotion ond subslslence Events and ceremonies Sundries Inlemel ond IT expenses Books and subscriptions Carried lOpard 9.396 2,234 29.725 11.6821 1.245 3,814 14.485 5.045 4,225 8.272 4,321 10.035 2.229 16,061 1.756 2,011 6,185 12.000 6.011 8.036 4,757 2.987 46.506 1.584 129.175 36.646 4.238 112,952 This poge does not form port or the slalutory linonciol statements Poge 22
THE MARKFIELD INSTITUTE OF HIGHER EDVCAIION DETAILED STATEMENT OF FINANCIAL ACTIVITIES For The Year Ended 31 December 2023 2023 2022 Charitable aclfvllles Brought forward Equipment hire Cleoning Bank charges Validolion and accreditotion lees Legal and prolessionol Fixtures and liltings depreclolion Computei equipmenl depreciolion 129.175 1.346 12,952 2.510 10.217 1,805 52.997 3,069 143 1.710 61,789 .925 143 316 208.576 183,844 Svpport COSt5 GoveTnance costs Auditors, remunertstion Finonclal operations monog&ment 10.500 2,461 7.500 2.675 12.961 10,175 Total resources expended 670.146 701,139 Nel expendllure 59.8631 70.8191 This page does not form part ol the stotulory linancK)I slotements Page 23