Financial Statements 2017/18


34.Related Party Transactions (continued)


Income £’000


Senior manager


Trustee of Chartered Institute of Personnel and Development (Charity reg no 1079797)


Senior manager


Director/Trustee of The Leadership Foundation for Higher Education (Charity reg no 1101959)


Senior manager


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


Senior manager


Company director of MURTC Limited (Company reg no 068342180)


Senior manager


Company director of Whitefield School (Company reg no 07697281)


Independent Governor


LLP member at CMS Cameron McKenna Nabarro Olswang LLP (Company reg no OC310335)


– 16


An independent Governor has a role as a Colleague and Network techology Director in Lloyds Banking Group. Lloyds Bank plc is the main banker for the University, providing lending, deposit and transaction banking services.


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 £951k (Note 10) for the year ending 31 July 2018 (2017: £933k). MDXSU (Charity registration number 1140254) is represented on the University’s board of governors. The grant was provided in accordance with the University’s 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 Independent Governor has received any remuneration or waived payments from the University during the year in respect of their services as a trustee (2017: nil).


The total expenses paid to three Independent Governors were £1,293 (2017: £1,402 to 3 Independent Governors). This represents travel expenses incurred in attending Board and Committee meetings and University events in their official capacity.


Middlesex University 95 – – 4 – – 24 (8) – 40 (6) – 9 (4) 26 13 26


Expenditure £’000


Balance at 31 July 2018 due to/(from) the University £’000


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