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Financial transparency: requirements for maintained schools
Get up to speed with the changes to financial regulations for maintained schools to improve financial transparency. Find out what you’re required to do, so you can make sure you're compliant.
- 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
This article is based on the government response to the 2019 consultation on financial transparency of local authority (LA) maintained schools.
Submit a 3-year budget forecast to your LA
When: Between 30 May and 1 June of each year, starting in 2021/22
There’ll understandably be a degree of uncertainty when providing a 3-year forecast, so the DfE recommends planning for a range of scenarios.
This is set out in the government response to proposal 3.
Record and declare related party transactions (RPTs)
When: By the end of the financial year 2021/22 (i.e. submitted to LAs by the end of March 2022)
There’ll be additional columns in the chief financial officer (CFO) assurance statement where you’ll need to declare the number of RPTs and
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