Middlesex University
Financial Statements 2016/17
Year ended 31 July 2017 Notes 11. Interest and other finance costs
Interest on loans not wholly repayable within 5 years
Exchange differences Other finance costs
Net charge on pension scheme (LGPS) 29
5,472 2 3
3,101 8,578
5,472 - -
3,101 8,573
Year ended 31 July 2017
Consolidated £000
12. Analysis of total expenditure by activity Academic schools Academic services
Research grants and contracts
Residences, catering and conferences Premises
Central services and administration* Other expenses
Staff restructuring costs
77,414 44,364 5,333 5,750
27,409 24,435 3,761
188,466 805
189,271
University £000
72,465 40,580 5,333 5,750
27,409 24,435 3,890
179,862 805
180,667
5,278 234 16
3,686 9,214
5,278 - -
3,686 8,964
Year ended 31 July 2016
Consolidated £000
74,920 46,732 5,267 5,539
26,600 21,357 5,383
185,798 663
186,461
University £000
69,841 41,671 5,104 5,539
26,600 21,357 5,132
175,244 663
175,907
*Central services and administration expenditure includes expenditure incurred on student and staff facilities and amenities, and general educational expenditure.
Consolidated £000
University £000
Year ended 31 July 2016
Consolidated £000
University £000
Year ended 31 July 2017 £000
13. Taxation UK corporation tax on profits of a trading subsidiary
Foreign taxes 7
46 53
Year ended 31 July 2016 £000
-
70 70
The trading subsidiary MU Ventures Limited makes charitable donations equal to its taxable profits and therefore no tax liability arises. A tax provision is made for the year and shown as a reversal in the following year when the gift aid payment is made to the University.
The foreign tax charges arise from the activities of certain overseas trading subsidiary companies within their local regions during the year.
The University is an exempt charity within the meaning of Part 3 of the Charities Act 2011, and, as such, is a charity within the meaning of Section 506 (1) of the Income and Corporation Taxes Act 1988. The University is recognised as a charity by HM Revenue & Customs. It is therefore a charity within the meaning of Para 1 of schedule 6 to the Finance Act 2010 and accordingly, the University is potentially exempt from UK Corporation Tax in respect of income or capital gains received within categories covered by section 478-488 of the Corporation Tax Act 2010 (CTA 2010) or section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied to exclusively charitable purposes.
The Board does not believe that the University is liable for any UK corporation tax on profit arising out of its activities during the year.
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