You are here:
Financial transparency: upcoming requirements for maintained schools
The government has confirmed changes to financial regulations for maintained schools to improve financial transparency, coming into effect in 2021. Find out what you’ll be required to do so you're prepared.
- Submit a 3-year budget forecast to your LA
- Record and declare related party transactions (RPTs)
- Submit a recovery plan to your LA if your deficit rises above 5%
- Publish the number of individuals earning over £100k, in £10k bandings, annually on your school's website
- Publish a link to the 'schools financial benchmarking' website, on your school's website
More from The Key
Upskill your staff, any time, anywhere with CPD Toolkit.
The most effective way to deliver engaging virtual training to support the professional development of your staff.
Downloadable courses and 5-minute online summaries provide flexibility for training, whether staff are participating in-school, via video call or independently at their own pace.
The Key has taken great care in publishing this article. However, some of the article's content and information may come from or link to third party sources whose quality, relevance, accuracy, completeness, currency and reliability we do not guarantee. Accordingly, we will not be held liable for any use of or reliance placed on this article's content or the links or downloads it provides. This article may contain information sourced from public sector bodies and licensed under the Open Government Licence v3.0.