The Schools Financial Value Standard (SFVS) has been available for schools to use from September 2011. 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.
Local authority (LA) maintained schools are required to complete the SFVS once a year. Those schools which never attained Financial Management Standard in Schools (FMSiS) are 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 by all maintained schools.
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 Support Notes section.
From this section you can also find information on the recent consultation responses, next steps and additional criteria that will be introduced for all local authorities from 2011 - 2012.
You can download information on:
Financial management helpline
Telephone: 020 7340 7775
Updated April 2013.
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Support note revised in April 2013.
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Information on directed revisions to schemes for financing schools.
This article includes support notes for each question of the SFVS, which governing bodies can use if they wish. The notes provide clarification of the questions, examples of good practice, and information on further support to assist schools in addressing specific issues.