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 l.jenkins@sagars.co.uk.