Guidance

Related party transactions: information for academy trusts

Guidance for academy trusts declaring or seeking approval for related party transactions.

From:
Education and Skills Funding Agency
Published
22 March 2019
Last updated
141 JulySeptember 2023 — See all updates

Applies to England

Documents

Declare or seek approval for related party transactions: summary guidance

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Declare or seek approval for related party transactions: using the online form

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Related party transactions: glossary of terms

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Declare or seek approval for related party transactions: guidance for church academy trusts with a religious authority

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Declare or seek approval for related party transactions: guidance for a private school, college or university supplier

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Declare or seek approval for related party transactions: guidance for a state funded school or college (including academies) supplier

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Checklist: prepare evidence needed to seek approval for a related party transaction

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Academy trust model statement of assurance

ODT, 19.4 KB

This file is in an OpenDocument format

Details

FromAcademy 1trusts Septembermust 2023declare theall reportingexpenditure requirements for related party transactions (RPTs)or willseek beapproval changing.where Pleasenecessary seeusing the newrelated versionparty oftransactions theonline form.

The Academy Trust Handbook sets out reporting and approval requirements for moreacademy details.trusts in advance of transacting with a related party.

ToYou findcan outwatch more,the please join ESFA’s RPT Power Hour onbelow 2for August.more details:

AcademyRPT trustsPower mustHour

You declarecan oralso seekwatch approvalthe usingonline theform relatedtutorial for partymore transactionsdetails:

RPT online form tutorial.

You will need an IDAMS account to use the form. You can set up an account and approve other users by following the guidance How to register for an IDAMS account.

Academy trusts must continue to report all related party transactions in their end of year financial statements, following guidance set out in the Academies Accounts Direction.

Published 22 March 2019
Last updated 141 JulySeptember 2023 + show all updates

  1. We've updated the information for related party transactions for the new academic year.

  2. We've added a link to the next Academy Finance Professionals Power Hour on changes to the RPT process.

  3. From 1 September 2023 the reporting requirements for related party transactions (RPTs) will be changing. Please see the new version of the Academy Trust Handbook for more information.

  4. We have updated this page to add the slides used at the academies finance professional event on 17 February 2022 and also the model statement of assurance that academy trusts should use where goods or service provided by a related party exceed £2,500.

  5. We have updated this page to reflect changes to references in the Academy Trust Handbook.

  6. We've updated information in the documents: summary guidance, using the online form, glossary of terms and guidance for church schools. We've also added a checklist to support completion of the online form.

  7. Updated with a guide to using the online form for related party transactions and a link to the online form.

  8. First published.