Financial Statements 2019/2020


MIDDLESEX UNIVERSITY NOTES TO THE ACCOUNTS (continued)


Year Ended 31 July 2020 35. RELATED PARTY TRANSACTIONS


During the year ended 31 July 2020 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


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


Independent Governor


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


Independent Governor


Company director of Wonkhe Ltd (Company reg no 08784934)


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.


Students’ 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 £1,074k (note 10) for the year ending 31 July 2020 (2019: £1,048k). 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.


– 4 – – 312 (59) – 81 –


Expenditure £’000


Balance at 31 July 2020 due to/(from) the University £’000


130


Middlesex University


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