The Schools Financial Value Standard (SFVS) is available to schools to use from September 2011. The SFVS replaces the Financial Management Standard in Schools (FMSiS), which was withdrawn by the Secretary of State with effect from 15 November 2010. The SFVS has been designed in conjunction with schools to assist them in managing their finances and to give assurance that they have secure financial management in place. Governing bodies have formal responsibility for the financial management of their schools, and so the standard is primarily aimed at governors.
Maintained schools are required to complete the SFVS once a year. Those schools which never attained FMSiS will be expected to complete and submit the SFVS to their local authority by 31 March 2012. For all other maintained schools, the first run through is required by March 2013. An annual review is required thereafter.
SFVS will not be externally assessed like FMSiS. Local authorities should use schools’ SFVS returns to inform their programme of financial assessment and audit.
You can download two versions of the SFVS assessment form from this page, one with the support notes embedded in it and one without. Schools are free to use either version. The support notes can also be downloaded from the SFVS section.
HCSS Education Ltd have designed an interactive SFVS tool which schools may find helpful when completing the standard. This tool is free of charge. You can access this SFVS interactive tool online.
SFVS with support notes number 13 REVISED (updated 7 March 2012)
Contact details
Financial management helpline
Telephone: 020 7340 7775
Email: financial.management@education.gsi.gov.uk
