Academies: Finance

Department for Education written question – answered on 11th June 2018.

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Photo of Lucy Powell Lucy Powell Labour/Co-operative, Manchester Central

To ask the Secretary of State for Education, pursuant to the Answer of 30 April 2018 to Question 138046 on Academies: Finance, whether a contentious connected party transaction has been referred to the Education and Skills Funding Agency in the last twelve months.

Photo of Nadhim Zahawi Nadhim Zahawi The Parliamentary Under-Secretary of State for Education

As confirmed in the response of 30 April 2018, the information requested on contentious connected party transactions is contained within individual case files and not in a centrally recorded format.

My right hon. Friend, the Secretary of State confirmed in his 9 June speech to the National Governance Association, that academy trusts will have to seek approval from the Education and Skills Funding Agency (ESFA) for Related Party Transaction payments of more than £20,000 and that all transactions below £20,000 will need to be declared. The ESFA will implement the changes during the 2018-19 academic year.

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