Financial Statements 2018/19


Year ended 31 July 2019 Notes 11. Interest and other finance costs


Interest on bank loans not wholly repayable within 5 years


Exchange differences Other finance costs


Interest charge on pension enhancement provision Interest charge on net LGPS pension scheme deficit


21 29


4,191 32 52


155


2,381 6,811


4,191 –


52 155


2,381 6,779


Year ended 31 July 2019


Consolidated £’000


12.Analysis of total expenditure by activity Academic faculties


Academic services Research grants and contracts


Residences, catering and conferences Premises


Central services and administration* Other expenses


Staff restructuring costs


88,330 43,183 4,359 9,494


26,411 30,138 2,405


204,320 2,024


206,344


University £’000


77,371 42,828 4,160 9,494


26,411 30,138 2,670


193,072 2,024


195,096


4,342 –


101 149


2,625 7,217


4,342 –


101 149


2,625 7,217


Year ended 31 July 2018


Consolidated £’000


83,485 41,462 5,221 9,432


26,465 28,705 3,184


197,954 1,097


199,051


University £’000


74,165 41,928 5,089 9,432


26,465 28,705 2,932


188,716 1,097


189,813 *Central services and administration expenditure includes costs of student and staff facilities and amenities, and general education expenditure.


Year ended 31 July 2019 £’000


13. Taxation UK corporation tax on profits of a trading subsidiary


Foreign taxes –


65 65


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.


The foreign tax charges arise from the activities of certain overseas trading subsidiary companies within their local regions during the year.


Year ended 31 July 2018 £’000


(7) 36 29


Consolidated £’000


University £’000


Year ended 31 July 2018


Consolidated £’000


University £’000


84


Middlesex University


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