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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
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