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
Evidence-led training courses that make it easy to upskill staff, anytime, anywhere.
CPD Toolkit is the most effective way to virtually deliver evidence-led training and support the professional development of your staff. Downloadable courses and online 5-minute summaries provide flexibility for training, whether staff are participating as skeleton staff in-school, via video call or individually 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.