Page 52 - 2019-20 Annual Report and Financial Statements

DIOCESE OF CHICHESTER ACADEMY TRUST
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2020
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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 £nil (2019: £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.
income Related Party Transaction
During the year, the Trust received a £25,000 conversion grant from the ESFA in respect of Sedlescombe CE Primary School. As noted in events after the reporting period, Sedlescombe CE Primary School joined the Trust on 1 December 2020. Total expenditure of the aformentioned grant was £1,233 in year leaving funds carried forward of £23,767.
No trustees' received any remuneration in the year. Details of trustees' expenses are disclosed per note 12.
Post balance sheet events
The following schools were transferred from the local authority post year end. The conversion will be recognised within the financial statements for the year ending 31 August 2021.
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Academy
Lancastrian Infants School Sedlescombe CE Primary School
Members' liability
Location
Chichester Battle
Date of conversion
1 December 2020 1 December 2020
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.
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