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 Act1￿lIeS
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 I￿aMIC 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 inc￿de 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 m￿ght 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 Wc￿￿0d
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 i￿ve$ 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 Unrestr￿ted 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 organ￿all0￿ 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 A￿oCIatIon 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 0val￿ble on the Charity Commission's website so thol
they con familiar￿e 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 a￿angementS 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 pr￿cipal 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 chorita￿e 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 linonC￿l 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 inapprOp￿ale 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[regu￿r111eS.
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 ￿qU￿eMentS 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 elh￿al requ￿ementS 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 Moler￿1 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 financ￿1 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
e￿115. 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 wh￿h 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{EXPEND￿uREl
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 oper01￿g 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 2￿6. 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 defe￿ed 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
Choritat￿e 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 diScret￿n 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 2￿23
AddIt￿on5
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 SeCu￿1Y 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 defe￿ed 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
cu￿rnI 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 lOp￿ard
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