Related Party Transactions Committee
The purpose of the Related Party Transactions Committee is to carry out a rigorous, risk based assessment of related party transactions disclosed in the business of Suffolk Academies Trust and to complete a statement of assurance to demonstrate that the supply of goods or services by a related party to the Trust are charged no more than at cost and that compliance with funding agreement obligations have been considered, satisfied and fulfilled.
The Committee shall perform the following functions delegated from the Trust Board, to include all relevant requirements in the Academies Financial Handbook (in the form published from time to time), concerning related party transactions to the Trust and from the Trust to Related Parties:
- determining if a reasonable and fair estimate of commercial price, including profit has been provided for the supply of goods or services;
- considering and determining the nature of the connection between the supplier and the Academy Trust;
- ensuring that the value of goods or services to the trust are at cost, without profit;
- considering if the value of the supply of goods or services includes direct costs and indirect costs only for the duration of the contract (i.e. over year 1, year 2, year 3 etc); executing the legal documentation of such transactions on behalf of the Trust;
- providing assurance to the Trust Board that
- the goods or services comply with the requirements of trading with connected parties as set out in the Academies Financial Handbook, and represent value for money;
- there is full compliance with the Trust’s Scheme of Delegation in the above procurement;
- an open and fair procurement and compliance with the Trust’s procurement procedures (detailed in the Trust’s Financial Regulations) have taken place;
- potential conflicts of interest within the Academy Trust have been robustly managed;
- both the Trust’s Accounting Officer (CEO) and the Chair of the Board of Trustees have agreed to trade with the connected supplier, and that the measures and safeguards above are in place.
Roger Inman - Chair
Sarah Healey Pearce
Individual Trustee attendance is recorded and monitored by the Trust Secretary.