85
City of Glasgow College Annual Report & Accounts 2020-21
CITY OF GLASGOW COLLEGE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 12 MONTHS ENDED 31 JULY 2021
28 POST BALANCE SHEET EVENTS
29 RELATED PARTY TRANSACTIONS 81
60
Purchases 3
Trinity
House 102
55
£000
Because of the nature of the College's operations and composition of its Board of Management
(being drawn from local public and private sector organisations), it is inevitable that transactions may
take place with organisations in which a member of the College's Board of Management may have
an interest. All transactions involving organisations in which a member of the Board of Management
may have a material interest are conducted at arm's length and in accordance with normal project
and procurement procedures. Board members are required to declare an interest in relevant items
on the agenda of meetings of the Board and its standing committees. The College had transactions
which in aggregate exceeded £20,000 during the year or worked in partnership with the following
bodies in which members of the Board of Management hold or held official positions as listed below.
The same disclosure of interests has been made in respect of members of the senior management
team.
The balance due to the College by the above organisations at 31 July 2021 which is included within
trade debtors is £4,000 Purchases
There were no material post balance sheet events.
The Board of Management of the College is a body incorporated under the Further and Higher
Educational (Scotland) Act 1992 and is largely funded by the Scottish Government via the Scottish
Funding Council (SFC) and the Glasgow Colleges' Regional Board (GCRB). The SFC, GCRB and
the Scottish Government are regarded as related parties. During the year the College had various
material transactions with SFC and with other entities for which the Scottish Government is regarded
as the sponsor Department such as the Student Awards Agency for Scotland. In addition the College
has had a number of material transactions with other Government Departments and other
government bodies such as Local Authorities, Local Community Planning Partnerships and other
Colleges and Universities.
Colleges Scotland
Colleges Scotland
£000
Sales
The balance due to the College by the above organisations at 31 July 2021 which is included within
trade debtors is £68,000 of which £44,000 is owed by Trinty House and £24,000 owed by Glasgow
Caledonian University
Glasgow Caledonian
University Sales 1,049
J Gallacher Emeritus Professor - Lifelong
Learning
P Little is a Younger Brother of Trinity House
Sales
Sales
S Erskine Management Team and
Consultant
Skills Development
Scotland
Glasgow Caledonian
University
J Gallacher Emeritus Professor - Lifelong
Learning