Financial Statements 2019/2020


MIDDLESEX UNIVERSITY NOTES TO THE ACCOUNTS (continued)


Year Ended 31 July 2020


Deferred tax is provided in full on timing differences that exist at the statement of financial position date and that result in an obligation to pay more tax, or a right to pay less tax in the future. The deferred tax is measured at the rate expected to apply in periods in which the timing differences are expected to reverse, based on the tax rates and laws that are enacted or substantively enacted at the statement of financial position date. Unrelieved tax losses and other deferred tax assets shall be recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax assets and liabilities are not discounted.


Q. Financial Instruments


FRS 102 sections 11 basic financial instruments and section 12 other financial instruments have been adopted in full.


Financial assets that are debt instruments including deposits and investments and financial liabilities including all loans are classified as basic instruments and held at amortised cost using the effective interest rate method or cost and are subject to an annual impairment review in accordance with FRS 102.


Other, more complex financial instruments and transactions are held at fair value, with changes in fair value taken direct to the statement of comprehensive income.


R. Reserves


Reserves are classified as restricted or unrestricted. Restricted endowment reserves include balances which, through endowment to the University, are held as a permanently restricted fund which the University must hold in perpetuity.


Other restricted reserves include balances where the donor has designated a specific purpose and therefore the University is restricted in the use of these funds.


Middlesex University


95


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