On 1 April 2019, the Education and Skills Funding Agency introduced new requirements for reporting related party transactions.
What Academy Trusts need to know:
- all related party transactions are to be reported to the ESFA using a new online form
- reports must be logged prior to transactions taking place
- trusts must seek ESFA approval before agreeing any related party transactions that exceed £20,000 in a financial year to 31 August
- the £20,000 threshold can be met by one or multiple contracts
- approval requests must be submitted via the new online form
The ESFA have produced a short video to help Academy Trusts understand the new policy, it includes:
- the new requirements
- how to complete the online form
- the information required
- ESFA response times
If you have any questions on this, or any other Academy related matters, please contact Lucy Jenkins by calling 0113 297 6821 or emailing firstname.lastname@example.org.