ARTICLE · 05 OCTOBER 2023

Related Party Transaction Reporting Requirements Are Relaxed For Academy Trusts

UHY Hacker Young LLP

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The Education and Skills Funding Agency (ESFA) has used an online form for declaring or seeking approval for related party transactions since 2019 without significant changes until now.

United KingdomConsumer Protection

Since 1 September 2023, the Education and Skills Funding Agency (ESFA) has relaxed its rules around related party transactions, which adds a significant change to the declaration and approval form that has been in place since 2019. Changes include doubling the threshold for which prior approval is required to enter into a contract.

The Education and Skills Funding Agency (ESFA) has used an online form for declaring or seeking approval for related party transactions since 2019 without significant changes until now.

Failure to comply with these rules has been one of the most common reasons for auditors issuing a modified regularity opinion in the 2021-2022 and 2022-2023 reporting periods.

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