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DIOCESE OF CHICHESTER ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
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Related party transactions
Owing to the nature of the academy trust and the composition of the board of trustees being drawn from local public and private sector organisations, transactions may take place with organisations in which the trustees have an interest. All transactions involving such organisations are conducted in accordance with the requirements of the AFH, including notifying the ESFA of all transactions made on or after 1 April 2019 and obtaining their approval where required, and with the academy trust's financial regulations and normal procurement procedures relating to connected and related party transactions. The following related party transactions took place in the financial period.
Expenditure Related Party Transaction
During the year, R Talbot (wife of M Talbot) received payments of £6,760 from the academy trust for SEND consultancy. Payments made were at standard market rate for the role, no special treatment was received as a result of R Talbot's relationship to the key management personnel.
No trustees' received any remuneration in the year. Details of trustees' expenses are disclosed per note 12.
Members' liability
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before he or she ceases to be a member.
Conversion to an academy
On 1 December 2018 The March CofE School converted to academy trust status under the Academies Act 2010 and all the operations and assets and liabilities were transferred to Diocese of Chichester Academy Trust from the West Sussex LocalAuthority for £nil consideration.
The transfer has been accounted for as a combination that is in substance a gift. The assets and liabilities transferred were valued at their fair values and recognised in the balance sheet under the appropriate headings with a corresponding net amount recognised as a net gain in the statement of financial activities as donations- transfer from local authority on conversion.
The following table sets out the fair values of the identifiable assets and liabilities transferred and an analysis of their recognition in the statement of financial activities.
24
25
Academy
The March CofE Primary School
Net assets transferred:
Cash
Pension scheme deficit
Location Chichester
Date of conversion 1 December 2018
-48-
2019 £
104,764 (47,000)
57,764