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.
SFVS and embedded support notes 2013
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:
- Consultation summary responses and next steps
- Protocol on responsibilities - DfE, LAs and Schools - Accountability Statement
- DSG CFO LA Assurance Statement 2012-2013
- Directed Revisions 2012
Contact details
Financial management helpline
Telephone: 020 7340 7775
Email: financial.management@education.gsi.gov.uk
