Middlesex University


Financial Statements 2015/16


Year ended 31 July 2016 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) 30


5,278 234 16


3,686 9,214


5,278 – –


3,686 8,964


Year ended 31 July 2016


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


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


5,255 –


228


3,136 8,619


5,255 –


226


3,136 8,617


Year ended 31 July 2015


Consolidated £000


69,544 43,378 4,934 5,264


26,777 21,624 6,950


178,471 931


179,402


*Central services and administration expenditure includes expenditure incurred on student and staff facilities and amenities, and general educational expenditure.


University £000


65,502 40,546 4,788 5,264


26,777 21,901 6,129


170,907 931


171,838


Consolidated £000


University £000


Year ended 31 July 2015


Consolidated £000


University £000


Year ended 31 July 2016 £000


13. Taxation Foreign taxes


70 70


Year ended 31 July 2015 £000


69 69


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 schedule 2 of The Charities Act 1993 and, as such is a charity within the meaning of section 506(1) of the Taxes Act 1988. Accordingly the University is potentially exempt from taxation in respect of income or capital gains received within categories covered by sections 478 - 488 of the Corporation Tax Act 2010 (CTA 2010) (formally enacted in section 505 of the Taxes act 1988) or section 256 of the Taxation and Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes. The University receives no similar exemption in respect of Value Added Tax.


The Board does not believe that the University or its UK trading subsidiary companies were liable for any UK corporation tax on profit arising out of their activities during the year.


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