What is a 'related party'?
You yourself are a related party of the District Council, as well as:
- Close members of your family. These are people who may be expected to influence you, or who may be influenced by you. They include:
- Your children, spouse or domestic partner;
- Children of your spouse or domestic partner; and
- People who are dependent on you, or your spouse or domestic partner for support.
- And partnerships, companies, trusts, businesses or any other entities over which you or your close family members (as defined above) have a controlling interest, significant influence or is a member of the key management personnel of that entity.
You should disclose a related party even if you believe there have been no transactions during the year.
What is a 'material transaction'?
Material transactions cover any significant financial or contractual relationships in place between 01 April 2024 to 15 May 2025. An example of a "material transaction" would be a large contract for building works between Cherwell District Council and a business that was owned or part owned by a councillor or officer. Cherwell District Council would have to disclose this in its annual accounts.
Disclosure is required if the transaction is material to the council, to you, your close family member, or to a related organisation. Material transactions are those that individually or in total form a significant part (10% or more) of:
- Your income; or
- The income of your close family member; or
- The income of an entity over which you or your close family member has a controlling interest.
Material transactions do not include:
- The ordinary provision of services (such as education or social care) to you or your close family member as a member of the community; or
- The payment of salaries or allowances to you.
However, unusual service arrangements and specific allowances or benefits may need to be included if they are material.
