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registered interest false more like this
date less than 2018-06-06more like thismore than 2018-06-06
answering body
Department for Education more like this
answering dept id 60 more like this
answering dept short name Education more like this
answering dept sort name Education more like this
hansard heading Academies: Finance remove filter
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Secretary of State for Education, pursuant to the Answer of 30 April 2018 to Question 138047 on Academies: Finance, what collated central information is held by (a) his Department and (b) it's agencies on related party transactions undertaken by multi academy trusts. more like this
tabling member constituency Manchester Central more like this
tabling member printed
Lucy Powell more like this
uin 150686 more like this
answer
answer
is ministerial correction false more like this
date of answer less than 2018-06-15more like thismore than 2018-06-15
answer text <p>Related party transactions involving academy trusts encompass both receipts by and payments by trusts and so there are separate totals for each. This information, including both payments made by and receipts received by academy trusts, was included for the first time in the Academies Sector Annual Report and Accounts for the academic year 2015 to 2016. The information is not collected by single-academy and multi-academy trusts and so reflects all academy trusts.</p><p> </p><p><b>Payments made by academy trusts to related parties:</b></p><table><tbody><tr><td><p> </p></td><td><p>Number of Related Party Transactions</p></td><td><p>2015/16 payments to related parties (£000)</p></td></tr><tr><td><p>£1 to £50,000</p></td><td><p>2,636</p></td><td><p>24,627</p></td></tr><tr><td><p>£50,001 to £100,000</p></td><td><p>183</p></td><td><p>12,585</p></td></tr><tr><td><p>£100,001 to £200,000</p></td><td><p>119</p></td><td><p>16,006</p></td></tr><tr><td><p>£200,001 to £250,000</p></td><td><p>25</p></td><td><p>5,662</p></td></tr><tr><td><p>£250,001+</p></td><td><p>70</p></td><td><p>61,922</p></td></tr><tr><td><p>TOTAL</p></td><td><p>3,033</p></td><td><p>120,802</p></td></tr></tbody></table><p> </p><p><b>Income received by academy trusts from related parties:</b></p><table><tbody><tr><td><p> </p></td><td><p>Number of Related Party Transactions</p></td><td><p>2015/16 receipts from related parties (£000)</p></td></tr><tr><td><p>£1 to £50,000</p></td><td><p>857</p></td><td><p>9,574</p></td></tr><tr><td><p>£50,001 to £100,000</p></td><td><p>135</p></td><td><p>9,541</p></td></tr><tr><td><p>£100,001 to £200,000</p></td><td><p>88</p></td><td><p>11,471</p></td></tr><tr><td><p>£200,001 to £250,000</p></td><td><p>16</p></td><td><p>3,565</p></td></tr><tr><td><p>£250,001+</p></td><td><p>59</p></td><td><p>39,066</p></td></tr><tr><td><p>TOTAL</p></td><td><p>1,155</p></td><td><p>73,217</p></td></tr></tbody></table><p> </p><p>As the tables above show, £120,802,000 (62%) of the total value of all related party transactions is accounted for by academy trusts making payments to related parties, whilst £73,217,000 (38%) represents income received by academy trusts from related parties. Income received from related parties includes; transactions with subsidiary companies or shared services, diocesan education authorities, related charities as well as donations or services provided by trustees, or trustees’ family members.</p><p> </p><p>This information was not previously collected in this format and we do not have comparable analysis for previous years.</p><p> </p><p>Academy trusts, including multi-academy trusts, are required to disclose all related party transactions in their audited annual accounts, which are publicly available for all years the academy trust has been in operation. The department has recently introduced additional requirements through the 2018 edition of the Academies Financial Handbook, in relation to related party transactions, which will take effect from 1 April 2019. These will require trusts to notify the department of any such transaction in advance of them occurring and to seek approval for any where the value, individually or in aggregate, exceeds £20,000.</p>
answering member constituency Stratford-on-Avon remove filter
answering member printed Nadhim Zahawi more like this
question first answered
less than 2018-06-15T12:34:27.147Zmore like thismore than 2018-06-15T12:34:27.147Z
answering member
4113
label Biography information for Nadhim Zahawi more like this
tabling member
4263
label Biography information for Lucy Powell more like this