Middlesex University


Financial Statements 2016/17


35. Related Party Transactions


During the year ended 31 July 2017 the University had transactions with a number of organisations which fell within the definition of Related Parties under FRS102. Transactions are disclosed where members of the Board of Governors and senior management disclose an interest in a body with whom the University undertakes transactions.


The University has taken advantage of the exemption within FRS102 Section 33 ‘Related Party Disclosures’ and has not disclosed transactions with other wholly owned subsidiary companies.


A Register of interests is maintained for members of the Board of Governors and senior management and included within the financial statements are the following transactions with related parties:


Income £000


Senior manager


Trustee of Chartered Institute of Personnel and Development


(Charity reg no 1079797)


Senior manager Member of the board of The Leadership Foundation for Higher Education


(Charity reg 1101959)


Senior manager Company Director of UCAS Media Limited (Company reg no 02737300)


8 - -


Expenditure £000


Balance at 31 July 2017 due to/(from) the University £000


-


16


-


-


181


-


Nature of Transactions


All income and expenditure disclosed relates to fee and supplier invoices processed through the accounts receivable and payable system received and payable in the normal course of business.


Student Union (MDXSU) Middlesex University considers the Students’ Union at Middlesex University (MDXSU) to be a related party due to the level and nature of the transactions between the organisations.


During the year the board agreed to pay MDXSU a grant of £933k (Note 10) for the year ending 31 July 2017 (2016: £943k). MDXSU (Charity registration number 1140254) is represented on the University’s board of governors. The grant was provided in accordance with the Universities normal policies and procedures. Although MDXSU receives an annual grant and the University works closely with them, they are an independent organisation which represents student interests on a local, regional and national level.


Board of Governors Expenses


The University Board of Governors members are the trustees for charitable law purposes. No Governor has received any remuneration or waived payments from the University during the year in respect of their services as a trustee (2016: nil).


The total expenses paid to 3 governors were £1,402 (2016: £2,968 to 6 governors). This represents travel and subsistence expenses incurred in attending Board and Committee meetings and University events in their official capacity.


80


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